Debt and taxes. A multiperiod investigation

Amir Barnea; Eli Talmor; Robert A. Haugen

doi:10.1016/0378-4266(87)90023-9

Debt and taxes. A multiperiod investigation

Amir Barnea^*, Eli Talmor, Robert A. Haugen

^*Corresponding author for this work

Coller School of Management

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Abstract

This paper extends the Miller bond market equilibrium analysis to a multiperiod setting. From the model developed we derive several predictions relating optimal financial leverage to firm characteristics and to the business cycle. The analysis also reveals some interesting determinants of the market value of the tax subsidy associated with corporate debt.

Original language	English
Pages (from-to)	79-97
Number of pages	19
Journal	Journal of Banking and Finance
Volume	11
Issue number	1
DOIs	https://doi.org/10.1016/0378-4266(87)90023-9
State	Published - Mar 1987

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title = "Debt and taxes. A multiperiod investigation",

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Debt and taxes. A multiperiod investigation

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