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Essay Details:
Essay text:
If the marginal tax rates are the increasing function of the firms pre-tax value, then as long as the cost of the hedging is not too high, firms can increase their expected post-tax value if they can reduce the variability of their pre-tax values by hedging. It implies that, when there is a convex tax function, volatility of income provides low tax payments in some periods while it leads to high tax payments in other periods and this situation causes firm to pay more than it would pay on a stable stream of income. Firms will have more incentive to hedge as the convexity of the tax function.
On the other hand, firms have to take the cost of hedging transactions into consideration...
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Common topics in this essay:
- HEDGING POLICIES
- What Do Managers Do? Critically discuss the following statement: “The work and skills of managers are the same irrespective of their position within the organisation.”
- dynamics facing the managers of today are different from those facing the managers of Taylor's time
- Managers, Management and What Managers Do
- Gm Hedging
- Hedging
- Hedging
- Hedging
- Derivatives and Hedging
- Hedging Risks
- Currency hedging
- Currency hedging
- Currency Hedging
- Hedging Advatages
- Currency Hedging
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