New Australian interest withholding tax regime for offshore capital markets issues

Article Abstract:

The Commonwealth Parliament of Australia enacted amendments to s 128f of the Income Tax Assessment Act 1936 (Cth). Found in Act No 95 of 1997 (Cth) which look effect June 30, 1997, the new law created a self-assessment regime which mandates a public offer test instead of the former exemption certificate regime. Under the new law, Australian residents are no longer required to use the funds sought in offshore capital markets for the sole function of financing Australian business. Funds can also be utilized for home lending.

Tax Law, Public Finance Activities, Interpretation and construction, Australia

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Debt and market incompleteness

Article Abstract:

A theory of capital structure has been developed in an economy where corporations function as financial intermediaries where personal borrowing is restricted. This analysis provides insight into the cross-sectional and time-series behavior of capital structure. Insight is gained on the reason that debt was used during the pre-corporate tax era as well as for Miller's theory that there has been no significant changes in US debt ratios in relation to changes in the Internal Revenue code.

Finance, Corporations, Debt, Corporate finance, Incompleteness theorems

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Corporate governance and board effectiveness

Article Abstract:

An analysis of corporate governance and board effectiveness reveals that boards may also take on agency cost of debt and social agency costs aside from addressing agency cost of equity. The study reveals that factors affecting board effectiveness include size, composition, CEO turnover and compensation structure and that a substitution effect may be observed regarding external and internal factors affecting managerial control.

Research and Development in the Social Sciences and Humanities, Management Science, Research, Corporate directors, Corporate governance

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