000			01844nab a2200229 c 4500
999			_c140572 _d140572
003			ES-MaIEF
005			20230613152354.0
007			ta
008			190508t2019 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_966907 _aUtke, Steven
245		4	_aThe effect of shareholder - level taxes on organizational form and stock ownership _bevidence from equity carve-outs of master limited partnerships _c Steve Utke
260			_c2019
500			_aResumen.
520			_aIt examine the role of heterogeneous shareholder-level taxes in organizational form decisions and in subsequent changes in investor stock ownership. Specifically, I investigate the decision to form a master limited partnership (MLP), which is a tax-advantaged entity for tax-sensitive shareholders, but a tax-disadvantaged entity for tax-exempt shareholders. Consistent with shareholder-level taxes influencing organizational form decisions, I find that firms owned by more tax-exempt shareholders are less likely to carve-out MLPs. Consistent with shareholder-level taxes influencing stock ownership, I find that tax-sensitive investors, on average, decrease their ownership in the parent and hold a relatively larger ownership share in the MLP than in the parent after the carve-out. In contrast, tax-exempt investors own less of the MLP than of the parent. These results provide evidence that firms cater to investors' shareholder-level taxes in making organizational form decisions and that investors sort on tax characteristics inherent to organizational form.
650		4	_948466 _aSOCIEDADES DE RESPONSABILIDAD LIMITADA
650		4	_9973 _aACCIONISTAS
650		4	_947460 _aIMPUESTOS
773	0		_9160227 _oOP 698/2019/1 _tThe Accounting Review _w(IEF)69008 _x 0001-4826 _g v. 94, n. 1, 2019, p. 327-351
942			_cART