| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0576 |
| 来源ID | Working Paper 0576 |
| Taxation and Corporation Finance | |
| Roger H. Gordon; Burton G. Malkiel | |
| 发表日期 | 1980-11-01 |
| 出版年 | 1980 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the effects of the federal tax structure on corporate financial and investment behavior. We first develop a model of corporate behavior given taxes, taking into account both uncertainty and costs of bankruptcy. Simpler models abstracting from bankruptcy costs had clear counterfactual implications. The forecasts from our model proved to be consistent with both the observed cross-sectional variation in debt-equity ratios and the time series pattern of debt-equity ratios (data that were constructed in the paper). We then attempted to measure the efficiency costs created by corporate tax distortions as implied by the model. The forecasted efficiency cost of the distortion favoring debt finance seemed to be quite large, while the tax distortion affecting investment seemed to be less important than others have claimed. The paper concludes with a study of the efficiency implications of various proposed corporate tax changes. |
| 主题 | Financial Economics ; Macroeconomics |
| URL | https://www.nber.org/papers/w0576 |
| 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/557770 |
| 推荐引用方式 GB/T 7714 | Roger H. Gordon,Burton G. Malkiel. Taxation and Corporation Finance. 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 | ||
| w0576.pdf（1246KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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