| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9289 |
| 来源ID | Working Paper 9289 |
| Employee Stock Options, Corporate Taxes and Debt Policy | |
| John R. Graham; Mark H. Lang; Douglas A. Shackelford | |
| 发表日期 | 2002-10-21 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, the median marginal tax rate is 31 percent when option deductions are ignored but falls to 5 percent when one accounts for the deductions. For S&P firms, however, option deductions do not affect marginal tax rates to a large degree. In the spirit of DeAngelo and Masulis (1980), option deductions are important nondebt tax shields that can affect corporate policies. We find evidence consistent with option deductions substituting for interest deductions in corporate capital structure decisions. This evidence explains in part why some firms appear to be underlevered. |
| 主题 | Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w9289 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566903 |
| 推荐引用方式 GB/T 7714 | John R. Graham,Mark H. Lang,Douglas A. Shackelford. Employee Stock Options, Corporate Taxes and Debt Policy. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9289.pdf（176KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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