| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0546 |
| 来源ID | Working Paper 0546 |
| Taxation, Portfolio Choice, and Debt-Equity Ratios: A General Equilibrium Model | |
| Alan J. Auerbach; Mervyn A. King | |
| 发表日期 | 1980-08-01 |
| 出版年 | 1980 |
| 语种 | 英语 |
| 摘要 | This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk-aversion, emphasizing the role of constraints on individual and firm behavior in ensuring the existence of and characterizing portfolio equilibrium. Under certain conditions on the securities available in the market, which also are required for shareholders to be unanimous in supporting firm value maximization, investors will be segmented by tax rate into two groups, one specialized in equity and the other in debt. Though the relative wealths of the two groups determines the aggregate debt-equity ratio, each firm will be indifferent to its financial policy. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w0546 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/557728 |
| 推荐引用方式 GB/T 7714 | Alan J. Auerbach,Mervyn A. King. Taxation, Portfolio Choice, and Debt-Equity Ratios: A General Equilibrium Model. 1980. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w0546.pdf（195KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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