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Tax Asymmetries, the Cost of Capital and Investment: Some Evidence from United Kingdom Panel Data

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Author Info
Devereux, Michael P

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Abstract

A measure of the cost of capital is developed that incorporates the dynamic effects of tax changes and tax asymmetries. Estimates of the cost of capital are made using an unbalanced panel of 1987 U.K. quoted companies over the period 1971 to 1984. There is wide cross-sectional variation in the cost of capital. The measure is used in estimating an equation where this cross-sectional variation is found to be a significant determinant of the level of company investment. Copyright 1989 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 99 (1989)
Issue (Month): 395 (Supplement)
Pages: 103-12
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Handle: RePEc:ecj:econjl:v:99:y:1989:i:395:p:103-12

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  1. John Creedy & Norman Gemmell, 2008. "Behavioural Responses to Corporate Profit Taxation," Department of Economics - Working Papers Series 1029, The University of Melbourne. [Downloadable!]
  2. Michael P. O'Malley, 1996. "Tax exhaustion, firm investment, and leasing; a test of the Q model of investment," Finance and Economics Discussion Series 96-31, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  3. Pierre-Pascal Gendron & Gordon Anderson & Jack M. Mintz, 2003. "Corporation Tax Asymmetries and Firm-Level Investment in Canada," International Tax Program Papers 0303, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto. [Downloadable!]
  4. Giampaolo Arachi & Federico Biagi, 2005. "Taxation, Cost of Capital and Investment: Do Tax Asymmetries Matter?," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 64(2-3), pages 295-322, November. [Downloadable!]
  5. John Creedy & Norman Gemmell, 2008. "Corporation Tax Asymmetries:Effective Tax Rates and Profit Shifting," Department of Economics - Working Papers Series 1028, The University of Melbourne. [Downloadable!]
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