Assignment:
Find the annual report for some publicly listed high-technology company that has losses. Refer to the tax footnote in the report to extract the NOL carryforward. Assume an after-tax discount rate of 10%. Calculate the firm’s marginal explicit tax rate using the Manzon (1994) market-value approach. Discuss and explain your result.
Provide complete and step by step solution for the question and show calculations and use formulas.