Management Buyouts: Evidence on Taxes as a Source of Value
估计了1980至1986年间76起上市公司管理层收购的税收收益价值，发现其下限和上限分别占收购前股东溢价的21%和143%，表明税收收益是财富增长的重要来源。
ABSTRACT This paper estimates the value of tax benefits in 76 management buyouts of public companies completed in the period 1980 to 1986. The median value of tax benefits, estimated at the time the buyout company goes private, has a lower bound of 21% and an upper bound of 143% of the premium paid to pre‐buyout shareholders. The estimated value depends on the rate buyout debt is repaid and the tax rate applied to the interest deductions. The paper also presents evidence on the actual taxes paid and debt repayment rates by these companies after the buyout. The results in this paper suggest that tax benefits are an important source of the wealth gains in management buyouts.