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SUMMARY:Optimal Corporate Taxation Under Financial Frictions - Benjamin He
 bért (Stanford Graduate School of Business)
DTSTART;VALUE=DATE-TIME:20201014T160000
DTEND;VALUE=DATE-TIME:20201014T170000
UID:https://talks.ox.ac.uk/talks/id/d20172ca-387a-423c-a6b1-e33b485b00b3/
DESCRIPTION:This paper studies the optimal design of corporate taxes when 
 firms are financially constrained. We identify a corporate taxation princi
 ple: taxes should be levied on unconstrained firms\, which value resources
  inside the firm less than constrained firms. Under complete information\,
  this principle fully characterizes the optimal corporate tax policy. Unde
 r incomplete information about firms’ future investment opportunities\, 
 the government uses firms’ payout decisions to elicit whether a firm is 
 constrained or not\, setting taxes accordingly. We show that a constant co
 rporate payout tax\, levied on both dividend payments and share repurchase
 s\, is optimal in static and dynamic environments. Quantitatively\, we fin
 d that a revenue-neutral switch to a payout tax would increase the overall
  value of existing firms and new entrants by 7%.\nSpeakers:\nBenjamin Heb
 ért (Stanford Graduate School of Business)
LOCATION:By Zoom
TZID:Europe/London
URL:https://talks.ox.ac.uk/talks/id/d20172ca-387a-423c-a6b1-e33b485b00b3/
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DESCRIPTION:Talk:Optimal Corporate Taxation Under Financial Frictions - Be
 njamin Hebért (Stanford Graduate School of Business)
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