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Management Buyouts: Evidence on Taxes as a Source of Value
Abstract
This paper estimates the value of tax benefits in 76 management buyouts of public companies completed in the period 1980 to 1986. The median value of tax benefits, estimated at the time the buyout company goes private, has a lower bound of 21% and an upper bound of 143% of the premium paid to pre‐buyout shareholders. The estimated value depends on the rate buyout debt is repaid and the tax rate applied to the interest deductions. The paper also presents evidence on the actual taxes paid and debt repayment rates by these companies after the buyout. The results in this paper suggest that tax benefits are an important source of the wealth gains in management buyouts.
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Cites
Miller, M. H. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03267.x · Cited by 2,898
Cited by
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Bharath, S. T., & Dittmar, A. K. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq016 · Cited by 247
Managerial discretion, organizational structure, and corporate performance
Denis, D. J., & Denis, D. K. (1993) · Journal of Accounting and Economics · doi:10.1016/0165-4101(93)90011-4 · Cited by 123
Going-Private Decisions and the Sarbanes-Oxley Act of 2002: A Cross-Country Analysis
Kamar, E., Karaca-Mandic, P., & Talley, E. (2007) · Journal of Law, Economics, and Organization · doi:10.1093/jleo/ewn019 · Cited by 117
Delistings and the costs of governance: a study of European stock exchanges 1996–2004
Thomsen, S., & Vinten, F. (2014) · Journal of Management & Governance · doi:10.1007/s10997-013-9256-7 · Cited by 40
Metadata
- Authors
- KAPLAN, S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1989-07
- Volume
- 44
- Issue
- 3
- Pages
- 611-632
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2144307834
- Cited by
- 469
- References
- 1
- FWCI
- 74.34
- Type
- journal article
- Language
- en
- Open access
- closed
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