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| Author: | Moore, N. H. Pruitt, S. W. |
| Title: | The market pricing of net operating loss carryforwards : implications of the tax motivations of mergers. |
| Journal: | Journal of Financial Research
1987 : SUMMER, VOL. 10:2, p. 153-160 |
| Index terms: | MERGERS COMPANY TAXATION USA |
| Language: | eng |
| Abstract: | Performance differentials of net operating loss (NOLs) carryforwards and non-NOL firms are assessed with an empirical analysis of market pricing, tax consideration, mergers and substantial merger premiums. Restrictive anti-merger tax-transfer provisions are also examined. The study argues that NOLs are partially priced in the absence of a merger. Six equations and two Tables are given: both referring to the Tax Reform Act of 1976. |
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