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Contribution Details

Type Bachelor's Thesis
Scope Discipline-based scholarship
Title Tax and Leverage: Recent Comparative Evidence
Organization Unit
Authors
  • Yannick Brühlmann
Supervisors
  • Kjell G. Nyborg
  • Lilia Mukhlynina
Language
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 44
Date 2017
Abstract Text The research on the effects of taxes on capital structure has its origins in the paper of Miller and Modigliani (1958) and has been an important field of research until now. Despite a huge body of research on whether an increased tax rate leads to increased levels of financial leverage in the firms, the evidence is not yet conclusive. This thesis pursues the goal to review the most important capital structure theories and examine whether financial leverage positively correlates with the tax rate. The gathered data also allow to analyze if the effective tax rate differs from the statutory tax rate and to quantify this gap for the examined countries. Procedure The
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