Taxes, Leverage, and the Cost of Equity Capital

By Dan S. Dhaliwal, Shane Heitzman. 2006

298 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/55c2139d2f730727b490ef7f026be66f66b01e3d

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Citations in the corpus

Corporate Environmental Responsibility and the Cost of Capital: International Evidence (2016, methodology): “Following Hail and Leuz (2006), Dhaliwal et al. (2006), and El Ghoul et al. (2011), we estimate the cost of equity capital implied by analysts’ earnings forecasts and stock prices using the four models developed by Claus and Thomas (2001, KCT), Gebhardt et al. (2001, KGLS), Ohlson and…”
Political connections and the cost of equity capital (2012, unknown): “Second, the variance of analysts' forecasts, which is measured with the natural log of standard deviation of the first-year analyst forecasts divided by mean earnings forecasts (LNDISPERTION), is expected to be positively related to the cost of equity capital (Dhaliwal et al., 2006).”
Does Religion Matter to Equity Pricing? (2012, unknown): “These descriptive statistics fairly closely resemble those reported in Hail and Leuz (2006) and Dhaliwal et al. (2006).”
Customer Concentration Risk and the Cost of Equity Capital (2016, methodology): “We follow previous research in the cost of equity capital literature by outlining the different methodologies of estimating the cost of equity (Chen, Chen, and Wei, 2011; Dhaliwal et al., 2006).”
Tax Avoidance and Ex Ante Cost of Capital (2017, unknown): “…+ β12 PPEGTi,t + β13 GrossStocki,t + year indicator variables + industry indicator variables + ei,t (1) Dependent variable Consistent with prior literature (Dhaliwal et al. 2005, 2006; Daske et al. 2008; Hail and Leuz 2009; Callahan et al. 2012; and Hutchens and Rego 2013), we calculate…”
Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location (2010, unknown): “Fourth, reinforcing prior theory (Modigliani and Miller, 1958) and evidence (Dhaliwal et al., 2006), we find a positive and significant effect of leverage (D/A) on equity pricing.”
Enterprise Risk Management and the Cost of Capital (2016, unknown): “…with the previous literature, we collect analysts' forecasts from the I/B/E/S database as of June in the following year, and we calculate the ICC as of June of that year (see, e.g., Gebhardt, Lee, and Swaminathan, 2001; Dhaliwal, Heitzman, and Li, 2006; Pástor, Sinha, and Swaminathan, 2008).”
Corporate social responsibility, the cost of equity capital and ownership structure: An analysis of Chinese listed firms (2015, methodology): “We therefore follow Dhaliwal et al. (2011) and estimate the cost of equity using three different models, i.e. those constructed by Claus and Thomas (2001) (RCT), Gebhardt et al.”
The dark side of CEO ability: CEO general managerial skills and cost of equity capital☆ (2014, unknown): “BVMV, LEVERAGE, growFE and dispFE all load with positive and significant coefficients, consistent with the previous literature (Dhaliwal et al., 2006; El Ghoul et al., 2011).”
Do the Big 4 and the Second-tier firms provide audits of similar quality? (2010, methodology): “Consistent with prior research (Gebhardt et al., 2001; Dhaliwal et al., 2006), we focus on the equity risk premium (i.e., the excess of the ex ante cost of equity capital over the yield on the 10-year US Treasury bond) as our research metric.17 As before, the test variable BIG4 is equal to 1 if the…”