| Title | Takeovers and taxes: Estimates from a two-sided matching model |
| Date | February 17, 2022 (Thursday) 16:30-18:00 |
| Location | via Zoom |
| Abstract | Taxes can affect the efficient working of the market for corporate takeovers. Tax implications from takeovers depend on joint characteristics of firms involved in reorganization, but sorting among firms render the assessment of tax influence difficult. We take advantage of the development in econometrics of matching models, and estimates a model that explicitly account for sorting behaviors. We examine a sample of mergers and acquisitions between publicly-traded corporations in Japan from 1996 to 2018. The estimates suggest a limited influence of losses carried forward and debt finance. The analytical framework in our paper can be extended to cross-border M&As and other issues in public economics. |
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| Note | Please register via https://zoom.us/meeting/register/tJcqd-yuqDIqEtCt63sVDS4AoW7Ik6S3HNYR |