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A Financial Analysis of the ESOT
Harry A. Lund, Walter J. Casey and Philip K. Chamberlain
Financial Analysts Journal
Vol. 32, No. 1 (Jan. - Feb., 1976), pp. 55-61
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4477897
Page Count: 7
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Can the ESOT, which transfers part of the ownership of a company from the shareholders to the employees, benefit the shareholders? Tax effects aside, the shareholder cannot gain unless the employee loses. On the other hand, unless the employee gains there can be no effective reduction in corporate taxes.
Financial Analysts Journal © 1976 CFA Institute