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Read More. Financial leverage refers to the extent to which a company finances its operations The Effect of Taxes on Debt In many tax jurisdictions, interest on debt financing is a deduction made before arriving at the taxable income of a company.
Question Which of the following sources of capital is most likely affected by taxes? Preferred stock B. Common equity C.
Debt Solution The correct answer is C. Subscribe to our newsletter and keep up with the latest and greatest tips for success. Our videos feature professional educators presenting in-depth explanations of all topics introduced in the curriculum.
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A great curriculum provider. Capital structures in developing countries. Journal of Finance, 56 1 , Bradley, M. On the existence of an optimal capital structure. Journal of Finance, 39 3 , Brealey, R. Principles of Corporate Finance. New York: McGraw-Hill. Chen, A. Theories of corporate debt policy: A synthesis. Journal of Finance, 34 2 , Cooper, I. The value of tax shields IS equal to the present value of tax shields. Journal of Financial Economics, 81 1 , Damodaran, A.
Damodaran on Valuation. Deangelo, H. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8 , Fama, E. Taxes, financing costs, and firm value. Journal of Finance, 53 3 , Fernandez, P. The value of tax shields is not equal to the present value of tax shields.
Journal of Financial Economics, 73 , A more realistic valuation: adjusted present value and WACC with constant book leverage ratio. Journal of Applied Finance, 17 2 , Frank, M. Trade-off and pecking order theories of debt. Espen eckbo ed. North-Holland: Elsevier, Handbooks in Finance series, vol.
Givoly, D. Taxes and capital structure: Evidence from firms' response to the Tax Reform Act of Review of Financial Studies, 5 , Gordon, M. Corporate finance under the MM theorems. Financial Management, 18 2 , Gordon, R. Effects of the Tax Reform act of on corporate financial policy and organizational form. Slemrod ed. Cambridge: MIT Press.
Graham, J. Debt and the marginal tax rate. Journal of Financial Economics, 41 1 , How big are the tax benefits of debt? Journal of Finance, IV 5 , The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60 , Taxes and corporate finance: A review. Review of Financial Studies, 16 , Taxes and corporate finance.
Espen Eckbo ed. Debt, leases, taxes, and the endogeneity of corporate tax status. Journal of Finance, 53 , Green, R. The personal-tax advantages of equity. Journal of Financial Economics, 67 , Grinblatt, M.
Debt policy, corporate taxes, and discount rates. Journal of Economic Theory, 1 , Financial markets and Corporate strategy. Harris, R. Risk-adjusted discount rates: extensions from the average risk case. Journal of Financial Research, 8 , Hovakimian, A. Determinants of target capital structures: the case for dual debt and equity issues. Journal of Financial Economics, 71 , Huizinga, H. Capital structure and international debt shifting. Journal of Financial Economics, 88 1 , Kane, A.
How big is the tax advantage of debt? Kaplan, S. The valuation of cash flow forecasts: An empirical analysis. Journal of Finance, 50 4 , Korteweg, A. The net benefits of leverage. Journal of Finance, 65 6 , Kraus, A. A state-preference model of optimal financial leverage. Journal of Finance, 28 4 , Kemsley, D. Valuation and the debt tax shield. Journal of Finance, 57 5 , Lemmon, M.
Back to the beginning: Persistence and the cross-section of corporate capital structure. Journal of Finance, 63 4 , Luehrman, R. Using APV: A better tool for valuing operations. Harvard Business Review, 75 , Mackay, P. How does industry affect firm financial structure? Review of Financial Studies, 18 4 , MacKie-Mason, J.
Do taxes affect corporate finance decisions? Journal of Finance, 45 5 , Masulis, R. Stock repurchase by tender offer: An analysis of the causes of common stock price changes. Journal of Finance , 35 2 , Miles, J. The weighted average cost of capital, perfect capital markets, and project life: a clarification. Journal of Financial and Quantitative Analysis, 15 3 , Reformulating the tax shield: A note.
Journal of Finance, 40 5 , Miller, M. Debt and taxes. Journal of Finance, 32 2 , The modigliani-Miller propositions after thirty years. Journal of Economic Perspectives, 2 4 , Modigliani, F. The cost of capital, corporation finance and the theory of investment. American Economic Review, 48 3 , Corporate income taxes and the Cost of Capital: a Correction. The American Economic Review, 53 3 , MM -- Past, present, and future.
Myers, S. Interactions of corporate financing and investment decisions -- Implications for capital budgeting. Journal of Finance, 29 , The capital structure puzzle.
Journal of Finance, 34 , Capital structure. Journal of Economic Perspectives, 15 2 , Corporate financing and investment decisions when firms have information the investors do not have. Journal of Financial Economics, 13 , Rajan, R. What do we know about capital structure choice? Some evidence from international data. Journal of Finance, 50 5 , Ross, S. Capital structure and the cost of capital. Journal of Applied Finance, 15 1 , Ruback, R.
A note on capital cash flow valuation. Boston: Harvard Business Publishing, Note Capital cash flows: a simple approach to valuing risky cash flows. Financial Management, 31 2 , Scott, J. A theory of optimal capital structure. Bell Journal of Economics, 7 1 , Shyam-Sunder, L.
Testing static trade-off against pecking-order models of capital structure. Journal of Financial Economics, 51 , Stiglitz, J.
A re-examination of the Modigliani-Miller theorem. American Economic Review, 59 5 , Information and the Change in the Paradigm in Economics.
New york: Columbia University. Titman, S.
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