منابع مشابه
Tax Policy and Corporate Borrowing
Aggregate statistics readily indicate why so many observers of financial markets in the United States are concerned about the balance between debt and equity in the corporate financial decision. Exceeding zero in most years before 1984, net equity issues by U.S. nonfinancial corporations have been negative in each year since. Net redemptions averaged approximately $80 billion annually during th...
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Increasingly, public policymakers have turned to taxing tobacco products as a method of raising revenue and saving lives. Last year, the American Heart Association (AHA), American Cancer Society, and American Lung Association, united as the Coalition on Smoking OR Health, embarked on what at the time appeared to be a long-shot public policy initiativeseeking to raise the cigarette tax by as muc...
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This paper studies the impact of corporate tax policy on the economy in the presence of both convex and nonconvex capital adjustment costs in a dynamic general equilibrium model. We show that corporate tax policy generates both intensive and extensive margin effects via the channel of marginal Q. Its impact is determined largely by the strength of the extensive margin effect, which in turn depe...
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We model a capital market in which some proportion of investors get utility from owning firms that undertake spending on corporate social responsibility (CSR). We also assume different categories of firms: those with good CSR fundamentals and those with poor CSR fundamentals. We develop an equilibrium in which investors’ CSR considerations influence their financial portfolio decisions, influenc...
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There is growing empirical evidence showing that taxes encourage use of debt in large profi table fi rms and discourage it in less profi table fi rms. There has been debate, though, on the source of any non-tax costs from debt fi nance offsetting the tax advantages of debt. This paper lays out competing hypotheses, notes that the existing empirical evidence is more supportive of a “lemons” mode...
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ژورنال
عنوان ژورنال: Brookings Papers on Economic Activity
سال: 1987
ISSN: 0007-2303
DOI: 10.2307/2534488