G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w0594
来源IDWorking Paper 0594
Taxes and Corporate Capital Structure in an Incomplete Market
Robert A. Taggart, Jr.
发表日期1980-12-01
出版年1980
语种英语
摘要This paper extends Merton Miller's 1977 analysis of corporate capital structure decisions to the incomplete capital markets case. As in Miller's model, aggregate demand for corporate leverage is curtailed as interest rates on taxable bonds rise. Unlike Miller's model, however, capital structure is not a matter of indifference to all equilibrium shareholders. Market incompleteness and tax arbitrage restrictions combine to prevent marginal rates of substitution from being equalized for all investors and hence their preferences are not unanimous. In addition, costs associated with debt induce a tendency for lower cost firms to issue a larger proportion of total corporate debt.
主题Financial Economics
URLhttps://www.nber.org/papers/w0594
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/557792
推荐引用方式
GB/T 7714
Robert A. Taggart, Jr.. Taxes and Corporate Capital Structure in an Incomplete Market. 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
w0594.pdf(1062KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Robert A. Taggart, Jr.]的文章
百度学术
百度学术中相似的文章
[Robert A. Taggart, Jr.]的文章
必应学术
必应学术中相似的文章
[Robert A. Taggart, Jr.]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w0594.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。