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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

Yussel De Kraa

ISBN 10: 3843362726 / ISBN 13: 9783843362726
Published by LAP LAMBERT Academic Publishing, 2010
Condition: Good Soft cover
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Bibliographic Details

Title: The Shipping CV: On Route to 20% Return on ...

Publisher: LAP LAMBERT Academic Publishing

Publication Date: 2010

Binding: Paperback

Book Condition:Good

About this title


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.

About the Author:

Yussel de Kraa (1986) is expected to graduate as an MSc in Financial Economics at the Erasmus University in 2010. He was inspired to write this work on shipping CVs as it allowed for combining famous economic concepts as the Modigliani Miller propositions (1958) with a Dutch taxation-driven, complex investment product in ship financing.

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