발표주제_The Value of Corporate Coinsurance to the Shareholders of Diversifying Firms:Evidence from Marginal Tax Rate
일 시 : 2014년 10월 24(금) 오후 5:00~6:30
장 소 : 자본시장연구원 대회의실(여의도 금융투자협회 19층)
발표자 : 심형섭 교수(울산과학기술대학교)
사회자 : 김중혁 교수(고려대학교)
토론자 : 정무권 교수(국민대학교)
Abstract
We predict the change in equity value due to corporate coinsurance in mergers and test
whether conglomerate mergers produce higher coinsurance gains to shareholders than
horizontal mergers. Conglomerate mergers have higher bidder, target, and size-weighted
average marginal tax rates than horizontal mergers. The higher marginal tax rates in
conglomerate mergers provide extra returns to combined shareholders around merger
announcement. Investigating the change in leverage and cash holdings after merger
completion, we find higher marginal tax rates of diversifying mergers help the consolidated
firm to reduce cash holdings more than horizontal mergers, but they have no impact on
the change in leverage.
Keywords: Diversification, Mergers and acquisitions, Taxation, Financial leverage,
Cash holdings
학회소식
[2014년 제 4차] The Value of Corporate Coinsurance to the Sharehold
작성자 : 관리자
조회수 : 2934
게시일 :
2014-10-25
