Measuring the Impact of the Safe Harbor Lease Law on Security Prices
研究1981年美国安全港租赁法允许企业买卖税收折旧和投资税收抵免，以及1982年该法被废除对相关企业证券价格的影响，发现该法鼓励财务困难企业进行资产重组。
As part of the Economic Recovery Tax Act of 1981 Congress enacted a lease law that allowed firms to sell tax depreciation deductions and investment tax credits to other firms. The law was repealed a year later in the Tax Equity and Fiscal Responsibility Act of 1982 because of charges of ineffectiveness and excessive cost to the Treasury. Prior research has investigated the allocation of tax benefits in safe harbor leases by examining the amounts that firms were willing to pay for the tax benefits.1 In this study, I extend this line of research by (1) examining the attributes of firms entering into the leases; (2) evaluating the effects of the enactment and repeal of the law on the security prices of these firms; and (3) evaluating the effects of announcements of specific lease transactions on the share prices of both lessees (sellers of tax benefits) and lessors (buyers of tax benefits). My results indicate that the law encouraged firms in financial stress to effect asset restructurings. At least 60% of NYSE firms (68) reporting tax losses and over $50 million of capital expenditures in 1980 disclosed