<> "The repository administrator has not yet configured an RDF license."^^ . <> . . . "Ownership, Taxes and Default"^^ . "This paper determines ownership and leverage of two units facing a tax-\r\nbankruptcy trade-o�. Connected units have higher leverage and lower tax burden,\r\nbecause of internal support through both bailouts and corporate dividends. Owner-\r\nship adjusts to additional tax provisions. A hierarchical group with a wholly-owned\r\nsubsidiary results from Thin Capitalization rules. The presence of corporate divi-\r\ndend taxes generates horizontal groups, or a Special Purpose Vehicle, or a private\r\nequity fund. Combinations of tax provisions contain tax savings, debt and default\r\nin connected units. No bailout provisions, such as the Volcker rule, succeed in\r\nreducing leverage and default."^^ . "2015-07" . . "7" . . "IMT Institute for Advanced Studies Lucca"^^ . . . . . . . . . "Luca"^^ . "Regis"^^ . "Luca Regis"^^ . . "Giovanna"^^ . "Nicodano"^^ . "Giovanna Nicodano"^^ . . . . . . "Ownership, Taxes and Default (PDF)"^^ . . . . . . "WP_2015_7 (1).pdf"^^ . . . "Ownership, Taxes and Default (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "Ownership, Taxes and Default (Other)"^^ . . . . . . "preview.jpg"^^ . . . "Ownership, Taxes and Default (Other)"^^ . . . . . . "medium.jpg"^^ . . . "Ownership, Taxes and Default (Other)"^^ . . . . . . "small.jpg"^^ . . "HTML Summary of #2735 \n\nOwnership, Taxes and Default\n\n" . "text/html" . . . "HB Economic Theory"@en . . . "HG Finance"@en . .