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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w0594 |
来源ID | Working 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 |
URL | https://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. |
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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 |
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