Baldenius and Ziv (2003), emphasize the role played by corporate taxes in the context of a multi-period setting that features project selection and incentive issues. In this discussion, I employ a parametric example to illustrate the intuition behind their findings, as well as to delineate their incremental contribution and to speculate on the robustness of the results. I also highlight the differences between the residual income framework employed in their paper and traditional models of agency.
Review of Accounting Studies – Springer Journals
Published: Oct 2, 2004
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