Taxes, the Cost of Capital and the Theory of Investment

Richard C. Stapleton

45 citations0/0 files storedThe Economic Journal

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Corporate Taxation and Avoidance Corporate Finance and Governance Capital Investment and Risk Analysis

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R. C. Stapleton; Taxes, the Cost of Capital and the Theory of Investment, The Economic Journal, Volume 82, Issue 328, 1 December 1972, Pages 1273–1292, https://

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1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1958The Cost of Capital, Corporation Finance and the Theory of Investment 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1961Dividend Policy, Growth, and the Valuation of Shares 1970Marginal Stockholder Tax Rates and the Clientele Effect 1969The Cost of Capital.1967The Firm's Optimal Debt-Equity Combination and the Cost of Capital 1968THE EFFECT OF SHARE REPURCHASE ON THE VALUE OF THE FIRM*

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