The Shipping CV: On Route to 20% Return on Your Investment?
The Influence of Tax Incentives on the Capital Structure of a Shipping CV and the Leverage - Return Relationship
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In theory the shipping CV should be an excellent example to prove the Modigliani Miller propositions of 1958 to be true. Due to a special taxation that does not encourages taking on debt and benefitting from a tax shield, the choice of capital structure of this Dutch legal construction should be completely irrelevant. Practise though seems to indicate otherwise. Do Modigliani and Miller´s propositions not hold for shipping CVs? In this book I will explain the Modigliani Miller propositions and show their effects by simulating several scenarios for a typical shipping CV. Among several aspects ...
In theory the shipping CV should be an excellent example to prove the Modigliani Miller propositions of 1958 to be true. Due to a special taxation that does not encourages taking on debt and benefitting from a tax shield, the choice of capital structure of this Dutch legal construction should be completely irrelevant. Practise though seems to indicate otherwise. Do Modigliani and Miller´s propositions not hold for shipping CVs? In this book I will explain the Modigliani Miller propositions and show their effects by simulating several scenarios for a typical shipping CV. Among several aspects of shipping CVs in general I will especially discuss how tax policy gave many opportunities to create extra high returns. The found observations will be tested for consistency with a dataset of over 200 Dutch shipping CVs. The author originally performed the research as a thesis project at the Erasmus University of Rotterdam in the Netherlands.
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