1 option
Do Taxes Affect Corporate Financing Decisions? / Jeffrey MacKie-Mason.
- Format:
- Book
- Author/Creator:
- MacKie-Mason, Jeffrey.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2632.
- NBER working paper series no. w2632
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1988.
- Summary:
- A new empirical method and data set are used to study the effects of tax policy on corporate financing choices. Clear evidence emerges that non-debt tax shields "crowd out" interest deductibility, thus decreasing the desirability of debt issues at the margin. Previous studies which failed to find tax effects examined debt-equity ratios rather than individual, well-specified financing choices. This paper also demonstrates the importance of controlling for confounding effects which other papers ignored. Results on other (asymmetric information) effects on financing decisions are also presented.
- Notes:
- Print version record
- June 1988.
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