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- How Prevalent is Tax Arbitrage?
- Although tax arbitrage is central to the literatures on tax capitalization, implicit taxes, and even capital structure, there is little empirical evidence of the extent to which firms actually engage in tax arbitrage. This paper provides some evidence on the topic by focusing on a simple and observable corporate arbitrage...
- White papers 2002-08-07
- How Prevalent Is Tax Arbitrage? Evidence From the Market for Municipal Bonds
- Although tax arbitrage is central to the literatures on tax capitalization, implicit taxes, and even capital structure, there is little empirical evidence of the extent to which firms actually engage in tax arbitrage. This paper provides some evidence on the topic by focusing on a simple and observable corporate arbitrage...
- White papers 2002-08-01
Additional Resources
- Evidence From Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements
- Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor's tax rate exceeds that of the lessee. This paper presents a research that employs a sample of effectively tax-exempt REIT lessors to explore alternative leasing motives. Changes...
- White papers 2005-02-01
- Geared equity investments: a case study of tax arbitrage down under
- Abstract: Geared Equity Investment (GE1) contracts are an over-the-counter financial derivative product offered by Macquarie Bank, Ltd. to individual investors in Australia and New Zealand as a managed-risk investment in local shares carrying significant tax shield benefits. Upon issuance, a geared equity contract has three stakeholders: (1) the investor;...
- Research articles 2003-06-01
- Split contributions to yield tax benefits.
- Oct 14, 2003 (The Australian Financial Review - ABIX via COMTEX) Proposed changes to Australian superannuation for couples would introduce a retirement tax arbitrage. That is according to Peter Haggstrom of Deutsche Asset Management, who also admits the proposed measures, allowing a high-income...
- Research articles 2003-10-14
- The Case Against Stock in Public Pension Funds
- Invoking a transparent accounting framework based on economics rather than actuarial and accounting traditions, Bader (2003) concludes that shifting the corporate plan investments from equities to bonds adds value for shareholders a tax arbitrage gain and for participants benefit security gain). Nonetheless, the paper shows that parallel reasoning leads to...
- White papers 2004-11-19
- Tax Act Creates Opportunities for Private Equity Investors
- Tax the provisions of the Act are very positive and provide some significant opportunities to private equity investors (" PEI" s). This article discusses about several key points which includes capital structure, tax treatment arbitrage, recapitalization etc. The 10 year, $330 billion tax cut temporarily reduces individual tax rates on...
- White papers 2003-08-05
- Tax-exempt financing: traps for the unwary executive. (Taxing Issues).(tax-exempt bonds)
- Has your organization ever utilized tax-exempt bonds to finance a facility? Are you contemplating cheaper tax-exempt borrowing alternatives to help cover various improvements? if the answer is or has been "yes," there are a number of tax rules you must comply with to preserve the bonds'...
- Research articles 2002-11-01
- Cities may benefit from IRS simplification of arbitrage rules. (Internal Revenue Service)
- The Internal Revenue Service last week proposed a significant overhaul and simplification of its current arbitrage rules which could give cities an unexpected new exemption from rebate requirements on municipal tax exempt bonds. The proposed rules are not only simpler and shorter than the...
- Research articles 1992-11-09
- CBA settles feud with ex-traders
- COMMONWEALTH Bank has settled a potentially explosive court action brought by two former high-profile traders, days before the NSW Supreme Court was to begin hearing the case. Former treasury and markets boss Marten Touw and his expert trader, Vincent Hua, launched breach-of-contract proceedings against the bank after they were summoned...
- News items 2009-10-27
- CBI boss Richard Lambert stands up for the City
- Richard Lambert, Director-General of the CBI, the employers' body, last night rebuked Lord Turner of Ecchinswell, chairman of the Financial Services Authority, FSA for his assertion that some bankers are socially useless. "In a free society, it's not the job of a politician — or, for that matter, of a...
- News items 2009-09-03
- Brazil's New Real Tax: Minimizing Exposure Through ADRs
- Marc Chandler submits:Investors continue to grapple with the 2% front-end tax on Brazilian Real purchases for bond and equity investments. One might expect that the efficiency of the market is such that arbitrage will keep the ADR in line with what one would pay for the local shares,...
- External links 2009-11-04
- A New Summary Measure of the Effective Tax Rate on Investment
- This paper derive explicitly how revenue figures can be used to construct an estimate of the true effective tax rate on capital income, and how this measure and existing measures are affected by several factors, including resale of assets churning, risk, pure profits, debt finance and arbitrage, and choice of...
- White papers 2003-03-04
- The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can We Learn From the 2003 Dividend Tax Cut?
- This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, the paper finds that the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut....
- White papers 2005-06-01
- Everyone's a winner.
- Byline: Daryl Dixon Jan 17, 2007 (AFR Smart Investor - ABIX via COMTEX) -- The Board of Taxation is inquiring into share buybacks. Its findings will be relevant for pension funds, including do-it-yourself superannuation funds. Limiting the settlement period on buybacks would help...
- Research articles 2007-01-17
- [2272] Tax Office website updates.
- Byline: Terry Hayes Dec 20, 2006 (Weekly Tax Bulletin - ABIX via COMTEX) -- A range of new documents have been added to the Australian Taxation Office's web site. They include the minutes of a number of recent meetings, including the SME Sub-Committee,...
- Research articles 2006-12-20
- IRS, UK revenue sharing info on abusive tax arbitrage.
- Byline: Audrey Nutt Byline: Audrey Nutt
- Research articles 2007-01-11
- Stock indexes: baskets of goodies and basket cases. (includes related article on arbitrage armistice)
- Analysts say monetary policy, tax policy and earnings are driving stocks. They just disagree on how and why. But markets thrive on uncertainty, and analysts see enough to keep traders entertained for a while. They see higher volatility ahead and offer some clever...
- Research articles 1991-12-01
- Idea exchange exhibitors list
- Company ...
- Research articles 2008-06-01
- InterContinental Exchange Q2 2007 Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions And we'll go first to Daniel Harris, Goldman Sachs. Daniel Harris - Goldman Sachs Hi, good morning. How are you? Jeff Sprecher Good morning. Daniel Harris - Goldman Sachs I was wondering if you could give us a status update on the clearing...
- Earnings calls 2007-07-26
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