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(How) do taxes affect capital structure?
- Format:
- Book
- Thesis/Dissertation
- Author/Creator:
- MacKinlay, Andrew C.
- Language:
- English
- Subjects (All):
- Finance.
- 0508.
- Penn dissertations--Finance.
- Finance--Penn dissertations.
- Local Subjects:
- Penn dissertations--Finance.
- Finance--Penn dissertations.
- 0508.
- Physical Description:
- 56 pages
- Contained In:
- Dissertation Abstracts International 73-09A(E).
- System Details:
- Mode of access: World Wide Web.
- text file
- Summary:
- I find the effect of taxes on firms' overall debt usage to be insignificant. Rather than influencing the total debt in firms' capital structure, taxes affect the relative composition of debt. Firms shift from private intermediated debt to public bond debt in response to increases in marginal tax rates. Firms' debt policy is most sensitive to tax rates in high interest rate environments. In policy experiments, I find that proposed tax law changes would likely have little effect on debt usage.
- Notes:
- Thesis (Ph.D. in Finance) -- University of Pennsylvania, 2012.
- Source: Dissertation Abstracts International, Volume: 73-09(E), Section: A.
- Adviser: Michael R. Roberts.
- Local Notes:
- School code: 0175.
- ISBN:
- 9781267355072
- Access Restriction:
- Restricted for use by site license.
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