| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18263 |
| 来源ID | Working Paper 18263 |
| As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes | |
| Florian Heider; Alexander Ljungqvist | |
| 发表日期 | 2012-07-26 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We use a natural experiment in the form of 121 staggered changes in corporate income tax rates across U.S. states to show that tax considerations are a first-order determinant of firms' capital structure choices. Over the period 1990-2011, firms increase long-term leverage by 104 basis points on average (or $32.5 million in extra debt) in response to an average tax increase of 131 basis points. Contrary to static trade-off theory, the tax sensitivity of leverage is asymmetric: firms do not reduce leverage in response to tax cuts. Using treatment reversals, we find this to be true even within-firm: tax increases that are later reversed nonetheless lead to permanent increases in a firm's leverage - an unexpected and novel form of hysteresis. Our findings are robust to various confounds such as unobserved variation in local business conditions, union power, or unemployment risk. Treatment effects are heterogeneous and confirm the tax channel: tax sensitivity is greater among profitable and investment-grade firms which respectively have a greater marginal tax benefit and lower marginal cost of issuing debt. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w18263 |
| 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/575939 |
| 推荐引用方式 GB/T 7714 | Florian Heider,Alexander Ljungqvist. As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes. 2012. |
| 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 | ||
| w18263.pdf（553KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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