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- W2015373607 startingPage "1185" @default.
- W2015373607 abstract "Corporate finance researchers have long been puzzled by low corporate debt ratios given debt's corporate tax advantage. This article recognizes that firm value typically reflects a growing stream of earnings, while current debt reflects a nongrowing stream of interest payments. Debt to value is therefore a distorted measure of corporate tax shielding. Even with very small debt-related costs, this may explain the observed magnitude and cross-sectional variation of debt ratios. Since this variation may be independent of tax shielding, debt ratios provide an inappropriate framework for empirically examining the trade-off theory of capital structure." @default.
- W2015373607 created "2016-06-24" @default.
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- W2015373607 date "1995-10-01" @default.
- W2015373607 modified "2023-10-16" @default.
- W2015373607 title "The Capital Structure Puzzle Revisited" @default.
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- W2015373607 doi "https://doi.org/10.1093/rfs/8.4.1185" @default.
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