Calculate a company's marginal explicit tax rate using the Manzon (1994) market.

Find the annual report for a publicaly listed high-tech 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 results.

Under the Manzon (1994) approahc, first calcuate expected annual taxable income: TI=MVE*r, where MVE is the market value of equity of the firm and r is the after-tax discount rate. 

Next calculate s=NOL/TI

Then calculate mtr=str(subtext s)/(l+r)to the S power 

Discuss and explain your result...