Michael Overesch Dissertations

Tassius, Alexander (2016) Capital Market Effects of Taxes and Corporate Tax Avoidance. PhD thesis, Universität zu Köln.

Abstract

This thesis consists of four essays: The first essay entitled “Tax Effects on Asset Pricing – New Evidence from Tax Reform Announcements in Germany”, co-authored with Michael Overesch, Chair of Business Taxation at the University of Cologne, not only presents price effects for German shares given rumors about lowering the German corporate tax rate but also shows price effects for bonds following a substantial cut in the German personal interest tax rate. The second essay “Capital Income Taxes and the Ex-Day Premium – New Evidence from a Cross-Country Analysis”, again co-authored with Michael Overesch, presents new evidence on the tax status of the marginal investor and whether the ex-day price drop equals the dividend payment. The third essay “Corporate Tax Planning and the Payout Ratio of Firms – Is the Dividend Penalty Linked to ETRs?”, co-authored with Pia Olligs, doctoral research assistant at the University of Cologne, sheds light on the question whether corporate tax avoiding firms do also react more sensible to their shareholders’ personal dividend tax rates. The concluding essay “Capital Market Reaction to Tax Avoidance: Evidence from LuxLeaks”, co-authored with Birgit Hüsecken, doctoral research assistant at the University of Cologne, and Michael Overesch, shows robust evidence that the revelation of corporate tax avoidance, when there is no threat of back taxes or penalties, does increase firm value.

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Olligs, Pia (2016) Determinants of Tax Planning. PhD thesis, Universität zu Köln.

Abstract

This thesis consists of three essays. The first essay “Public Disclosure of Foreign Subsidiaries and International Tax Avoidance”, co-authored with Michael Overesch and Tanja Krapat, analyzes the influence of public disclosure of group structures in Exhibit 21 on tax avoidance of U.S. MNEs. The second essay “Corporate Tax Planning and the Payout Ratio of Firms – Is the Dividend Tax Penalty Linked to ETRs?”, co-authered with Alexander Tassius, investigates whether those firms being sensitive about their corporate tax burden are also sensitive about their shareholders’ tax payments. The final essay “Corporate Taxes and the Location of U.S. Trademarks”, co-authored with Michael Overesch and Jost Heckemeyer, analyzes where the ownership of U.S. trademarks is located and whether tax considerations play a decisive role in the decision where to locate the ownership.

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