Debt and taxes: A multiperiod investigation

Debt and taxes: A multiperiod investigation

This paper extends the Miller bond market equilibrium analysis to a multiperiod setting. From the model developed we derive several predictions relating optimal financial leverage to firm characteristics and to the business cycle. The analysis also reveals some interesting determinants of the market...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Journal of banking & finance 1987-03, Vol.11 (1), p.79-97
Hauptverfasser: Barnea, Amir, Talmor, Eli, Haugen, Robert A
Format: Artikel
Sprache:eng
Schlagworte:
Bond markets
Capital budgeting
Capital structure
Corporate
Debt
Leverage
Mathematical analysis
Tax planning
Taxation
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:This paper extends the Miller bond market equilibrium analysis to a multiperiod setting. From the model developed we derive several predictions relating optimal financial leverage to firm characteristics and to the business cycle. The analysis also reveals some interesting determinants of the market value of the tax subsidy associated with corporate debt.
ISSN:0378-4266
1872-6372
DOI:10.1016/0378-4266(87)90023-9