| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1286 |
| 来源ID | Working Paper 1286 |
| How Big is the Tax Advantage to Debt? | |
| Alex Kane; Alan J. Marcus; Robert L. McDonald | |
| 发表日期 | 1984-03-01 |
| 出版年 | 1984 |
| 语种 | 英语 |
| 摘要 | This paper uses an option valuation model of the firm to answer the question, "What magnitude tax advantage to debt is consistent with the range of observed corporate debt ratios?" We incorporate into the model differential personal tax rates on capital gains and ordinary income. We conclude that variations in the magnitude of bankruptcy costs across firms can not by itself account for the simultaneous existence of levered and unlevered firms. When it is possible for the value of the underlying assets to junip discretely to zero, differences across firms in the probability of this jump can account for the simultaneous existence of levered and unlevered firms. Moreover, if the tax advantage to debt is small, the annual rate of return advantage offered by optimal leverage may be so small as to make the firm indifferent about debt policy over a wide range of debt-to-firm value ratios. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w1286 |
| 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/558514 |
| 推荐引用方式 GB/T 7714 | Alex Kane,Alan J. Marcus,Robert L. McDonald. How Big is the Tax Advantage to Debt?. 1984. |
| 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 | ||
| w1286.pdf（352KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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