The Resource How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
Resource Information
The item How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- Summary
- The Allowance for Corporate Equity (ACE) introduced in Italy in 2011 has decreased the fiscal distortion between the costs of equity and debt by introducing the deductibility from taxable income of a notional return on capital increases. This paper estimates the impact of the ACE on the leverage ratio of Italian manufacturing firms. Using a novel instrumental variable approach to identify the causal effect, the authors find that the introduction of the incremental ACE has substantially reduced the leverage ratio of its beneficiaries. The effect of the reform increases with age and decreases with the size of the enterprise. These results suggest that an incremental ACE may be an effective policy tool to reduce the leverage ratio of European firms
- Language
- eng
- Extent
- 181 p.
- Isbn
- 9789279753565
- Label
- How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
- Title
- How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
- Language
- eng
- Summary
- The Allowance for Corporate Equity (ACE) introduced in Italy in 2011 has decreased the fiscal distortion between the costs of equity and debt by introducing the deductibility from taxable income of a notional return on capital increases. This paper estimates the impact of the ACE on the leverage ratio of Italian manufacturing firms. Using a novel instrumental variable approach to identify the causal effect, the authors find that the introduction of the incremental ACE has substantially reduced the leverage ratio of its beneficiaries. The effect of the reform increases with age and decreases with the size of the enterprise. These results suggest that an incremental ACE may be an effective policy tool to reduce the leverage ratio of European firms
- http://library.link/vocab/creatorName
-
- Branzoli, N
- Caiumi, A
- Geographic coverage
-
- European Union
- Europe
- Index
- no index present
- Language note
- English
- Literary form
- non fiction
- Series statement
- Taxation papers : working paper
- Series volume
- 72-2018
- http://library.link/vocab/subjectName
-
- allowance for corporate equity
- debt
- equity capital
- Label
- How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
- Extent
- 181 p.
- Isbn
- 9789279753565
- Isbn Type
- (pdf)
- Label
- How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns
- Extent
- 181 p.
- Isbn
- 9789279753565
- Isbn Type
- (pdf)
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/How-effective-is-an-incremental-ACE-in-addressing/bcjuMv864OI/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/How-effective-is-an-incremental-ACE-in-addressing/bcjuMv864OI/">How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/How-effective-is-an-incremental-ACE-in-addressing/bcjuMv864OI/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/How-effective-is-an-incremental-ACE-in-addressing/bcjuMv864OI/">How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
