| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w2537
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| 来源ID | Working Paper 2537
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| The Effect Of The Investment Tax Credit On The Value Of The Firm |
| Andrew B. Lyon
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| 发表日期 | 1988-03-01
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| 出版年 | 1988
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| 语种 | 英语
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| 摘要 | A change in the tax law that increases investment incentives for new assets may result in excess returns on new investment, causing firm value to increase. Alternatively, because the investment incentives apply only to new investments, the value of existing assets that compete with these investments may decline. A model is developed in this paper which shows that in general investment incentives have a theoretically ambiguous effect on firm value. Models proposed by Abel (1982), Auerbach and Kotlikoff (1983), and Feldstein (1981) are shown to be special cases of this more general model. Empirical tests examine the changes in firm value to repeated changes of the investment tax credit. Cross-sectional teats find the changes in firm value are positively related to the expected receipt of investment tax credits. No evidence is found to support a relationship between expected changes in the value of a firm's existing assets and changes in firm value. |
| 主题 | Macroeconomics
; Financial Economics
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| URL | https://www.nber.org/papers/w2537
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559793
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推荐引用方式
GB/T 7714 |
Andrew B. Lyon. The Effect Of The Investment Tax Credit On The Value Of The Firm. 1988.
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文件名：
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w2537.pdf
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格式：
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Adobe PDF
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