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- W3195605710 abstract "We incorporate fixed and variable costs into a cash flow based CAPM to investigate how each type of cost affects the cost of equity capital. A decrease in fixed costs always reduces cost of capital. With positive fixed costs, a decrease in the variable cost rate reduces cost of capital despite also increasing covariance risk. We then model income tax expense as containing both a fixed component (like a tax credit) and a variable component (a tax rate). Unlike other costs, the fixed tax component may be negative. Any decrease in the fixed tax component always reduces cost of capital. The effect of a decrease in the tax rate depends on the sign of the fixed tax component. With a negative fixed tax component, such as a tax credit, a decrease in the tax rate increases cost of capital. Results of empirical tests are generally consistent with our predictions." @default.
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- W3195605710 date "2020-01-01" @default.
- W3195605710 modified "2023-09-24" @default.
- W3195605710 title "Fixed and Variable Tax Expense and the Cost of Equity Capital" @default.
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- W3195605710 doi "https://doi.org/10.2139/ssrn.3575256" @default.
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