This paper analyzes the effects of the 2014-15 Chilean tax reform on firms' incentives to retain earnings and finance their operations with equity versus debt. The analysis comprises a comparison with the situation of the pre-reform period, and draws some conclusions about firms' valuation. The approach consists of analyzing the effects of the tax reform on total taxes paid and cash flows received by investors. Although the final effects are specific...
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2016/10/17
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Documento de trabalho sobre pesquisa de políticas
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WPS7861
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1
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1
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2016/10/17
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Disclosed
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Firm financing in Chile after the 2014-15 tax reform: debt or equity ? debt or equity?
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personal income tax rate
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