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The tax (dis)advantage of a firm issuing options on its own stock

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  • McDonald, Robert L.
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    File URL: http://www.sciencedirect.com/science/article/B6V76-4967HN1-4/2/042aa4d6f12bf691edc09f7281e466ad
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Public Economics.

    Volume (Year): 88 (2004)
    Issue (Month): 5 (April)
    Pages: 925-955

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    Handle: RePEc:eee:pubeco:v:88:y:2004:i:5:p:925-955

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    Web page: http://www.elsevier.com/locate/inca/505578

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Scholes, Myron, 1976. "Taxes and the Pricing of Options," Journal of Finance, American Finance Association, vol. 31(2), pages 319-32, May.
    2. John R. Graham, 2000. "How Big Are the Tax Benefits of Debt?," Journal of Finance, American Finance Association, vol. 55(5), pages 1901-1941, October.
    3. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    4. Hull, John & White, Alan, 1995. "The impact of default risk on the prices of options and other derivative securities," Journal of Banking & Finance, Elsevier, vol. 19(2), pages 299-322, May.
    5. James J. Angel & Gary L. Gastineau & Clifford J. Weber, 1997. "Using Exchange-Traded Equity "Flex" Put Options In Corporate Stock Repurchase Programs," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(1), pages 109-113.
    6. Core, John E. & Guay, Wayne R., 2001. "Stock option plans for non-executive employees," Journal of Financial Economics, Elsevier, vol. 61(2), pages 253-287, August.
    7. Paul A. Samuelson, 1964. "Tax Deductibility of Economic Depreciation to Insure Invariant Valuations," Journal of Political Economy, University of Chicago Press, vol. 72, pages 604.
    8. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
    9. Graham, John R., 1996. "Proxies for the corporate marginal tax rate," Journal of Financial Economics, Elsevier, vol. 42(2), pages 187-221, October.
    10. Cox, John C. & Ross, Stephen A. & Rubinstein, Mark, 1979. "Option pricing: A simplified approach," Journal of Financial Economics, Elsevier, vol. 7(3), pages 229-263, September.
    11. Cornell, Bradford & French, Kenneth R, 1983. " Taxes and the Pricing of Stock Index Futures," Journal of Finance, American Finance Association, vol. 38(3), pages 675-94, June.
    12. Johnson, Herb & Stulz, Rene, 1987. " The Pricing of Options with Default Risk," Journal of Finance, American Finance Association, vol. 42(2), pages 267-80, June.
    13. T. Clifton Green & Stephen Figlewski, 1999. "Market Risk and Model Risk for a Financial Institution Writing Options," Journal of Finance, American Finance Association, vol. 54(4), pages 1465-1499, 08.
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    Cited by:
    1. Oyer, Paul & Schaefer, Scott, 2006. "Costs of broad-based stock option plans," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 511-534, October.
    2. Eberhart, Allan C., 2005. "Employee stock options as warrants," Journal of Banking & Finance, Elsevier, vol. 29(10), pages 2409-2433, October.
    3. Oyer, Paul & Schaefer, Scott, 2004. "Why Do Some Firms Give Stock Options To All Employees?: An Empirical Examination of Alternative Theories," Research Papers 1772r, Stanford University, Graduate School of Business.
    4. Paolo M. Panteghini, 2008. "Corporate Debt, Hybrid Securities and the Effective Tax Rate," Working Papers 0804, University of Brescia, Department of Economics.
    5. Oyer, Paul & Schaefer, Scott, 2005. "Accounting, Governance, and Broad-Based Stock Option Grants," Research Papers 1821r1, Stanford University, Graduate School of Business.

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