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Tax Reform and Adjustment Costs: The Impact on Investment and Market Value Author info | Abstract | Publisher info | Download info | Related research | Statistics Auerbach, Alan J
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This paper provides an effective tax rate measure that is valid in the presence of adjustment costs and anticipated tax changes and a measure of the impact of tax changes on market value that may be decomposed into the effects on discounted pure profits and normal returns to capital. Changes in the value of capital may, in turn, be decomposed further into changes in the marginal value of new capital and changes in the relative value of new and existing capital. These new measures are used to evaluate tax changes similar to those introduced by the recent U.S. tax reform. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review .
Volume (Year): 30 (1989)
Issue (Month): 4 (November)
Pages: 939-62
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Handle: RePEc:ier:iecrev:v:30:y:1989:i:4:p:939-62Contact details of provider: Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297 Phone: (215) 898-8487 Fax: (215) 573-2057 Email: Web page: http://www.econ.upenn.edu/ier More information through EDIRC
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References listed on IDEAS 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.: Abel, Andrew B., 1982.
"Dynamic effects of permanent and temporary tax policies in a q model of investment ,"
Journal of Monetary Economics ,
Elsevier, vol. 9(3), pages 353-373.
[Downloadable!] (restricted)
Alan J. Auerbach & James M. Poterba, 1986.
"Tax Loss Carryforwards and Corporate Tax Incentives ,"
NBER Working Papers
1863, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Alan J. Auerbach, 1983.
"Corporate Taxation in the United States ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 14(1983-2), pages 451-514.
[Downloadable!]
Altshuler, Rosanne & Auerbach, Alan J, 1990.
"The Significance of Tax Law Asymmetries: An Empirical Investigation ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 105(1), pages 61-86, February.
[Downloadable!] (restricted)
Other versions: Alan J. Auerbach & James R. Hines Jr., 1986.
"Tax Reform, Investment, and the Value of the Firm ,"
NBER Working Papers
1803, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Judd, Kenneth L, 1985.
"Short-run Analysis of Fiscal Policy in a Simple Perfect Foresight Model ,"
Journal of Political Economy ,
University of Chicago Press, vol. 93(2), pages 298-319, April.
[Downloadable!] (restricted)
Other versions: Hayashi, Fumio, 1982.
"Tobin's Marginal q and Average q: A Neoclassical Interpretation ,"
Econometrica ,
Econometric Society, vol. 50(1), pages 213-24, January.
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Other versions:
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references Cited by : (explanations , 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.)
Alvarez JR, Luis & Kanniainen, Vesa & Södersten, Jan, 2000.
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2000:4, Uppsala University, Department of Economics.
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"Explaining the investment boom of the 1990s ,"
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2000-11, Board of Governors of the Federal Reserve System (U.S.).
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"A retrospective evaluation of the effects of temporary partial expensing ,"
Finance and Economics Discussion Series
2006-19, Board of Governors of the Federal Reserve System (U.S.).
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Alan J. Auerbach, 2003.
"Fiscal Policy, Past and Present ,"
NBER Working Papers
10023, National Bureau of Economic Research, Inc.
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Other versions: Rochelle M. Edge & Jeremy B. Rudd, 2005.
"Temporary partial expensing in a general-equilibrium model ,"
Finance and Economics Discussion Series
2005-19, Board of Governors of the Federal Reserve System (U.S.).
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David Altig et al., 2001.
"Simulating Fundamental Tax Reform in the United States ,"
American Economic Review ,
American Economic Association, vol. 91(3), pages 574-595, June.
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David F. Bradford, 1996.
"Consumption Taxes: Some Fundamental Transition Issues ,"
NBER Working Papers
5290, National Bureau of Economic Research, Inc.
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Other versions: Seppo Kari & Hanna Karikallio & Jukka Pirttilä, 2008.
"Anticipating Tax Changes: Evidence from the Finnish Corporate Income Tax Reform of 2005 ,"
Discussion Papers
447, Government Institute for Economic Research Finland (VATT).
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Other versions: Alan J. Auerbach & James R. Hines Jr., 1988.
"Investment Tax Incentives and Frequent Tax Reforms ,"
NBER Working Papers
2492, National Bureau of Economic Research, Inc.
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Other versions:
Auerbach, A.J. & Hines, Jr.J.R., 1988.
"Investment Tax Incentives And Frequent Tax Reforms ,"
Papers
135, Princeton, Woodrow Wilson School - Public and International Affairs.
Auerbach, Alan J & Hines, James R, Jr, 1988.
"Investment Tax Incentives and Frequent Tax Reforms ,"
American Economic Review ,
American Economic Association, vol. 78(2), pages 211-16, May.
[Downloadable!] (restricted) Rosanne Altshuler & Jason Cummins, 1998.
"Tax Policy and the Dynamic Demand for Domestic and Foreign Capital by Multinational Corporations ,"
Departmental Working Papers
199808, Rutgers University, Department of Economics.
[Downloadable!]
Other versions: Hansen, Sten, 1999.
"Agency Costs, Credit Constraints and Corporate Investment ,"
Working Paper Series
79, Sveriges Riksbank (Central Bank of Sweden).
[Downloadable!]
Cummins, J.G. & Dey, M., 1998.
"Taxation, Investment, and Firm Growth with Heterogeneous Capital ,"
Working Papers
98-07, C.V. Starr Center for Applied Economics, New York University.
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Alan J. Auerbach & Kevin Hassett, 1992.
"Tax Policy and Business Fixed Investment in the United States ,"
NBER Working Papers
3619, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Andrew B. Lyon, 1989.
"The Effect Of The Investment Tax Credit On The Value Of The Firm ,"
NBER Working Papers
2537, National Bureau of Economic Research, Inc.
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Other versions: Strulik, Holger & Trimborn, Timo, 2008.
"Anticipated Tax Reforms and Temporary Tax Cuts: A General Equilibrium Analysis ,"
Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover
dp-406, Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
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Darrel Cohen & Kevin A. Hassett & R. Glenn Hubbard, 1999.
"Inflation and the User Cost of Capital: Does Inflation Still Matter? ,"
NBER Working Papers
6046, National Bureau of Economic Research, Inc.
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Other versions: Alan J. Auerbach, 2005.
"Who Bears the Corporate Tax? A review of What We Know ,"
NBER Working Papers
11686, National Bureau of Economic Research, Inc.
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Other versions: Alan J. Auerbach & Kevin Hassett, 1991.
"Taxation and Foreign Direct Investment in the United States: A Reconsideration of the Evidence ,"
NBER Working Papers
3895, National Bureau of Economic Research, Inc.
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Other versions: Alan J. Auerbach & Kevin Hassett & Jan Sodersten, 1996.
"Taxation and Corporate Investment: The Impact of the 1991 Swedish Tax Reform ,"
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