search query: @author Hayn, C. / total: 4
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Author: | Hayn, C. |
Title: | Tax attributes as determinants of shareholder gains in corporate acquisitions. |
Journal: | Journal of Financial Economics
1989 : JUN, VOL. 23:1, p. 121-153 |
Index terms: | TAXATION RETURN ON INVESTMENT MERGERS |
Language: | eng |
Abstract: | Tax attributes of target firms are significant in explaining the abnormal returns to shareholder of both target and acquiring firms following acquisition announcements. The most prominent tax attribute in tax-free acquisitions is the amount of net operating loss carry forwards and tax credits due to expire. The most important tax attribute in taxable acquisitions is the step-up in the acquired asset's basis. Tax considerations motive acquisitions. Specifically, obtaining tax-free status for the proposed acquisition increases its likelihood of competition. Suggestions for further research are also provided. |
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