| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5170
|
| DP5170 Optimum Income Taxation and Layoff Taxes |
| Pierre Cahuc; Andre Zylberberg
|
| 发表日期 | 2005-08-23
|
| 出版年 | 2005
|
| 语种 | 英语
|
| 摘要 | In a recent paper, Fernandez (2004a) argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the literature. It implies that, even though the capital market is complete, value-additivity is violated. As a consequence, adjusted present value formulae of a standard sort cannot be used. Also, it implies that the value of the tax saving differs from conventional estimates by a considerable amount. We reconcile Fernandez's results with standard valuation formulae for the tax saving from debt. We show that, as one would expect, the value of the debt tax saving IS the present value of the tax savings from interest. The apparent violation of value-additivity in the Fernandez paper comes from mixing the Miles-Ezzell and Miller-Modigliani leverage policies. |
| 主题 | Financial Economics
|
| 关键词 | Tax shields
Leverage
Adjusted present value
|
| URL | https://cepr.org/publications/dp5170
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534055
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推荐引用方式
GB/T 7714 |
Pierre Cahuc,Andre Zylberberg. DP5170 Optimum Income Taxation and Layoff Taxes. 2005.
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