Cost of capital and valuation in the public and private sectors: Tax, risk and debt capacity

Brealey, Richard A.; Cooper, Ian; Habib, Michel A.

doi:10.1111/jbfa.12413

Cited by 5 publications

(3 citation statements)

References 45 publications

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“…First, the weak form indicates that the prices of stocks in the market reflect the previous records and past and historical information. Similarly, Brealey et al (2020) stress that the first form might be due to the possibility of determining the stock price from the data with regard to the historical prices. There are many arguments about market efficiency in the weak form.…”

Section: The Weak Formmentioning

confidence: 99%

“…However, Brealey et al (2020) states that many researchers believe that markets in the strong form are very likely to be inefficient. This is due to the fact that there are a certain number of people, such as the managers or insiders, who might be able to access the private information of the company, and this is not available to everyone.…”

Section: The Strong Formmentioning

confidence: 99%

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A Critical Review of the Market Efficiency Concept

Mustafa

Ahmed

2020

Shirkah

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The market efficiency hypothesis has attracted a notable number of economists to conduct investigations in this field. It could be considered as an effective method of driving investors towards the right direction while trading in the security market. A large number of researches believe that the market is efficient in some of its forms, while others take a different view. Drawing on previous theoretical and empirical studies investigating market efficiency and its three forms, this paper critically examines the concept of market efficiency through a critical review from different points of views. Moreover, it highlights a number of empirical tests and their results with regard to the three forms of market efficiency. It also focuses on the influence of market efficiency on the security prices. This paper concludes that the market seems to be more efficient in regards to its weak form instead of the strong and semi- strong forms, as a result, it is difficult to predict future security prices and obtain abnormal profits by only analyzing historical records.

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Section: The Weak Formmentioning

confidence: 99%

Section: The Strong Formmentioning

confidence: 99%

A Critical Review of the Market Efficiency Concept

Mustafa

Ahmed

2020

Shirkah

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“…Concerning the tax treatment of betting agreements, the literature [18] analyzes the different tax results as compensation considerations and deferred prices under different terms of betting agreements. According to [19], the tax treatment of profit payment plans should distinguish between the compensation or purchase price of the contingent consideration, which is subject to a lower capital gains tax rate and a higher ordinary income tax rate, which will have different benefits for both parties and should therefore be clarified in advance. The Australian tax treatment in literature [20] is mainly reflected in the separation of equity income and uncertain future income, which is then used as an adjustment to the initial investment cost after the occurrence of uncertain future events, but this Australian practice has a time limit, i.e., the adjustment of compensation to the initial cost cannot be extended for more than four years.…”

Section: Introductionmentioning

confidence: 99%

Assessment of tax-related risks in corporate betting agreements based on vector autoregressive model

Zhang

2023

Applied Mathematics and Nonlinear Sciences

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This paper is based on the vector autoregressive (VAR) model, and the model optimization is completed by determining the lag order to eliminate the autocorrelation in the error term through model comparison. The variables in the tax-related risk of the betting agreement are formed into a vector form, the parameters are estimated by least squares or maximum likelihood estimation, and the interrelationship of the variables is analyzed by impulse response function. The vector autoregressive model was used to evaluate the tax-related risk of the betting agreement of Company M, and 12 factors were obtained. Among them, the factors that have more than 80% influence on tax-related risk are the lack of research on the betting agreement and the backwardness of the theoretical aspects of the handling of the betting agreement, with the influence of 87.89% and 84.98%, respectively. Therefore, the vector autoregressive model can effectively assess the tax-related risks in corporate betting agreements and provide a reference for companies diversifying into restructuring and mergers.

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Intelligent Assessment Method of Enterprise Tax Risk Based on Deep Learning

Guo¹

2022

Wireless Communications and Mobile Computing

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Enterprise tax risk involves many aspects. In order to accurately realize enterprise tax risk assessment, an intelligent assessment method of enterprise tax risk based on deep learning is proposed. Collect enterprise tax risk information; reasonably distinguish the same type of risk information according to category, type, and appearance; extract the correlation characteristics of enterprise tax risk assessment; use the correlation characteristics to build a deep learning enterprise tax risk assessment model; search the best parameters of the automatic encoder; build a stacked automatic encoder based on the automatic encoder; combine it with the classifier; and complete the design of enterprise tax risk intelligent evaluation model. The experimental results show that the deviation ratio of Receiver Operating Characteristic (ROC), the risk assessment index of the proposed method, is less than 0.38 as a whole. Therefore, the enterprise tax risk intelligent assessment method based on deep learning is better.

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Cost of capital and valuation in the public and private sectors: Tax, risk and debt capacity

Cited by 5 publications

References 45 publications

A Critical Review of the Market Efficiency Concept

A Critical Review of the Market Efficiency Concept

Assessment of tax-related risks in corporate betting agreements based on vector autoregressive model

Intelligent Assessment Method of Enterprise Tax Risk Based on Deep Learning

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