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• W1569832096 abstract "Publisher Summary This chapter presents a unified framework within which different aspects of taxation can be analyzed and discusses results from the literature on taxes and capital structure. The securities and capital structure equilibria are derived for the main tax systems. A capital structure equilibrium is derived in a multinational setting. Firms in countries with relatively higher corporate tax rates and inflation rates have a comparative advantage issuing debt and should therefore be more highly levered. The chapter focuses on the identification and analysis of two distinct effects of uncertainty. First, stochastic earnings tend to make interest tax shields risky and may therefore lead to firm-specific interior optimal debt levels. The second effect of uncertainty implies that different bonds are not perfect substitutes. High-risk high-coupon bonds offer an expected mix of taxable versus nontaxable income that differs from that of low-risk low-coupon bonds. This introduces bondholder tax clienteles such that investors in low tax brackets hold high-risk bonds and investors in higher tax brackets prefer low-risk bonds." @default.
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• W1569832096 date "1995-01-01" @default.
• W1569832096 modified "2023-09-27" @default.
• W1569832096 title "Chapter 24 Financial structure and the tax system" @default.
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• W1569832096 doi "https://doi.org/10.1016/s0927-0507(05)80068-4" @default.
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