Merger Policy and Tax Competition

Haufler, Andreas; Schulte, Christian

doi:10.5282/ubm/epub.2074

2007

DOI: 10.5282/ubm/epub.2074

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Merger Policy and Tax Competition

Andreas Haufler

Christian Schulte

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2010

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Ownership Efficiency and Tax Advantages: The Case of Private Equity Buyouts

2010

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractPrivate equity firms are drivers of the ongoing international restructuring process.Extensive use of leverage gives private equity firms a tax advantage in the market for corporate control. We show that with limited deductibility of acquisition costs, these tax advantages will affect the efficiency of the market for corporate control: a private equity firm can outbid more efficient incumbent bidders. These inefficiencies can be substantial if bidding competition or competition in the product market is limited. We also show that there are too many buyouts and acquisitions in a double taxation system because acquisitions create deductions for buyers.

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Ownership Efficiency and Tax Advantages: The Case of Private Equity Buyouts

2010

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Merger Policy and Tax Competition

Cited by 1 publication

References 20 publications

Ownership Efficiency and Tax Advantages: The Case of Private Equity Buyouts

Ownership Efficiency and Tax Advantages: The Case of Private Equity Buyouts

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