TY  - SER
AU  - Langenmayr,Dominika
AU  - Lester,Rebecca
TI  - Taxation and corporate risk-taking
KW  - Contabilidad
KW  - Publicaciones seriadas
KW  - Impuestos
KW  - Riesgo (Finanzas)
N2  - We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect to use losses, and a weak negative effect for those that cannot. Thus, the sign of the tax effect on risky investment hinges on firm-specific expectations of future loss recovery
ER  -