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Tax Reform, Investment, and the Value of the Firm

Author: James R Jr Hines; Alan J Auerbach; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1986.
Series: Working paper series (National Bureau of Economic Research), no. w1803.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the consequences of postwar U.S. tax changes in a dynamic model which incorporates costs of adjustment and investor expectations of future tax reforms and macroeconomic variability. When viewed in a dynamic context, the tax code can have very different incentives than those implied by the usual static  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: James R Jr Hines; Alan J Auerbach; National Bureau of Economic Research.
OCLC Number: 756572873
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w1803.
Responsibility: Alan J. Auerbach, James R. Hines Jr.

Abstract:

The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the consequences of postwar U.S. tax changes in a dynamic model which incorporates costs of adjustment and investor expectations of future tax reforms and macroeconomic variability. When viewed in a dynamic context, the tax code can have very different incentives than those implied by the usual static analysis. Simulation results suggest that investment is sensitive to future tax changes and business-cycle movements. The paper also illustrates the implications of this analysis for the design of tax reforms.

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