| 000 | 02305cam a22003377 4500 | ||
|---|---|---|---|
| 001 | w0576 | ||
| 003 | NBER | ||
| 005 | 20211020115437.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s1980 mau fo 000 0 eng d | ||
| 100 | 1 |
_aGordon, Roger H. _911692 |
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| 245 | 1 | 0 |
_aTaxation and Corporation Finance / _cRoger H. Gordon, Burton G. Malkiel. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c1980. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w0576 |
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| 500 | _aNovember 1980. | ||
| 520 | 3 | _aThis 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. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aG - Financial Economics _2Journal of Economic Literature class. |
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| 690 | 7 |
_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class. |
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| 700 | 1 | _aMalkiel, Burton G. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w0576. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w0576 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0576 |
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| 942 |
_2ddc _cW-PAPER |
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| 999 |
_c348030 _d306592 |
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