Essays on taxes, financial markets and the corporate sector
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- Tez No: 402677
- Danışmanlar: DR. V. V. CHARI
- Tez Türü: Doktora
- Konular: Ekonomi, Maliye, İşletme, Economics, Finance, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2008
- Dil: İngilizce
- Üniversite: University of Minnesota
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 80
Özet
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Özet (Çeviri)
This dissertation consists of two chapters that analyze the effect of fiscal policy reforms on US corporate sector. In the first essay, I analyze the link between the changes in macroeconomic volatility and dividend taxes observed in early-1980s. In the United States, business cycle volatility has declined during the last two decades. During the same period, dividend taxes fell roughly from 43% to 17% as a result of the changes in the US income tax system that took place in early 1980s. I investigate the extent to which the observed changes in macroeconomic volatility can be accounted for by the decline in dividend taxes. I develop a model in which firms finance investment through external equity and internal funds, and face costs of reducing labor input. Dividend taxes reduce the amount of external equity that new firms raise, so they start small and grow over time by using internal funds to a greater extent. Such firms respond more to the business cycle shocks since they are affected less from labor reduction costs because of their growing labor demand on their life cycle. Contrarily, old and large firms respond less to business cycle shocks since they completed their growth process. With lower dividend taxes, there are fewer small, volatile firms, and therefore lower macroeconomic volatility. In the second essay, I analyze the link between the changes in corporate debt markets and dividend tax rates observed in early 1980s. In the United States, corporate debt, as a fraction of corporate GDP, increased roughly from 55% to 77% in mid-1980s. During the same period, marginal dividend tax rates fell roughly from 43% to 17% as a result of the changes in the US income tax system. I investigate the extent to which observed changes in debt markets can be accounted for by the decline in dividend tax rates. I develop a model with borrowing limits, where outstanding debt is constrained by value of corporations. Dividend taxes lower corporate values, therefore outstanding debt of firms. The decline in dividend tax rates can account for 94% of the increase in outstanding debt in corporate sector.
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