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How Big is the Tax Advantage to Debt?
16 references·16 citing·35 second hopsampled
How Big is the Tax Advantage to Debt? (1984)How Big is the Tax Advantage to Debt?Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms (2004)Investment–Cash Flow Sensitiv…Debt Policy and the Rate of Return Premium to Leverage (1985)Debt Policy and the Rate of R…Optimal capital structure under corporate and personal taxation (1980)Optimal capital structure und…Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure (1978)Corporate Income Taxes, Valua…A MEAN‐VARIANCE THEORY OF OPTIMAL CAPITAL STRUCTURE AND CORPORATE DEBT CAPACITY (1978)A MEAN‐VARIANCE THEORY OF OPT…The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determination of Financia…Determinants of corporate borrowing (1977)Determinants of corporate bor…DEBT AND TAXES* (1977)DEBT AND TAXES*Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The option pricing model and the risk factor of stock (1976)The option pricing model and …Option pricing when underlying stock returns are discontinuous (1976)Option pricing when underlyin…A Theory of Optimal Capital Structure (1976)A Theory of Optimal Capital S…The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…An Intertemporal Capital Asset Pricing Model (1973)An Intertemporal Capital Asse…A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE (1973)A STATE‐PREFERENCE MODEL OF O…Optimum consumption and portfolio rules in a continuous-time model (1971)Optimum consumption and portf…Does oil price uncertainty affect corporate leverage? Evidence from China (2021)Does oil price uncertainty af…Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation (2019)Optimal capital structure and…The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies (2018)The Impact of Capital Structu…The determinants of capital structure: Evidence from public listed companies in Malaysia, Singapore and Thailand (2017)The determinants of capital s…Firm characteristics, corporate governance and capital structure adjustments: A comparative study of listed firms in Sri Lanka and India (2017)Firm characteristics, corpora…A theory of LBO activity based on repeated debt-equity conflicts (2015)A theory of LBO activity base…The Profits–Leverage Puzzle Revisited (2014)The Profits–Leverage Puzzle R…Refinancing, profitability, and capital structure (2014)Refinancing, profitability, a…Absence of an Optimal Capital Structure in the Famous Tradeoff Theory! (2013)Absence of an Optimal Capital…Can real options explain financing behavior? (2008)Can real options explain fina…Institutional and individual investor preferences for dividends and share repurchases (2007)Institutional and individual …How big is the debt overhang problem? (2006)How big is the debt overhang …Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects (2005)Measuring Investment Distorti…An Ebit-Based Model of Dynamic Capital Structure (1998)An Ebit-Based Model of Dynami…Debt in Industry Equilibrium (1997)Debt in Industry EquilibriumManagerial Preference, Asymmetric Information, and Financial Structure (1987)Managerial Preference, Asymme…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Lifetime Portfolio Selection By Dynamic Stochastic Programming (1969)Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case (1969)LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING (1975)An equilibrium characterization of the term structure (1977)A Theory of the Term Structure of Interest Rates (1985)The Determinants of Capital Structure Choice (1988)Market Timing and Capital Structure (2002)The cost of capital, corporation finance and the theory of investment (2008)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure (1979)The Determinants of Firms' Hedging Policies (1985)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)THE 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.] (1975)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Law and Finance (1998)Option pricing: A simplified approach (1979)The Value of Waiting to Invest (1982)The Pricing of Options on Assets with Stochastic Volatilities (1987)Asset pricing and the bid-ask spread (1986)Theory of Financial Decision Making. (1988)The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States (2013)
this work references cited by second hop· second hop is a sample of the most-cited connections

References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1977Determinants of corporate borrowing13,160 cited
  • 1973An Intertemporal Capital Asset Pricing Model6,557 cited
  • 1971Optimum consumption and portfolio rules in a continuous-time model5,966 cited
  • 1976Option pricing when underlying stock returns are discontinuous5,965 cited
  • 1977The Determination of Financial Structure: The Incentive-Signalling Approach4,163 cited
  • 1980Optimal capital structure under corporate and personal taxation2,906 cited
  • 1977DEBT AND TAXES*2,896 cited
  • 1973A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE2,598 cited
  • 1976The option pricing model and the risk factor of stock1,239 cited
  • 2004Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms1,042 cited
  • 1976A Theory of Optimal Capital Structure666 cited
  • 1978A MEAN‐VARIANCE THEORY OF OPTIMAL CAPITAL STRUCTURE AND CORPORATE DEBT CAPACITY564 cited
  • 1978Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure453 cited

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  • 1985Debt Policy and the Rate of Return Premium to Leverage229 cited
  • Cited by

    • 2014Refinancing, profitability, and capital structure155 cited
    • 2005Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects155 cited
    • 2006How big is the debt overhang problem?135 cited
    • 2013Absence of an Optimal Capital Structure in the Famous Tradeoff Theory!131 cited
    • 1998An Ebit-Based Model of Dynamic Capital Structure117 cited
    • 2018The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies115 cited
    • 2008Can real options explain financing behavior?110 cited
    • 1997Debt in Industry Equilibrium103 cited
    • 2007Institutional and individual investor preferences for dividends and share repurchases103 cited
    • 2017Firm characteristics, corporate governance and capital structure adjustments: A comparative study of listed firms in Sri Lanka and India102 cited
    • 2017The determinants of capital structure: Evidence from public listed companies in Malaysia, Singapore and Thailand100 cited
    • 2019Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation93 cited
    • 2015A theory of LBO activity based on repeated debt-equity conflicts89 cited
    • 2014The Profits–Leverage Puzzle Revisited83 cited
    • 1987Managerial Preference, Asymmetric Information, and Financial Structure78 cited
    • 2021Does oil price uncertainty affect corporate leverage? Evidence from China76 cited