Optimal Investment and Financial Strategies under Tax-Rate Uncertainty

被引：1
作者：
Fedele, Alessandro [1 ]
Panteghini, Paolo M. [2 ]
Vergalli, Sergio [3 ]
机构：
[1] Univ Brescia, Dept Econ, I-25122 Brescia, Italy
[2] CESifo, Munich, Germany
[3] FEEM, Milan, Italy
来源：
GERMAN ECONOMIC REVIEW | 2011年 / 12卷 / 04期
关键词：
Capital levy; corporate taxation; default risk; real options; OPTIMAL CAPITAL STRUCTURE; BOND COVENANTS; AGENCY COSTS; IRREVERSIBILITY; DEBT; RISK; NEUTRALITY; POLICY;
D O I：
10.1111/j.1468-0475.2010.00529.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper, we apply a real-option model to study the effects of tax-rate uncertainty on a firm's decision. In doing so, we depart from the relevant literature, which focuses on fully equity-financed investment projects. By letting a representative firm borrow optimally, we show that debt finance not only encourages investment activities but can also substantially mitigate the effect of tax-rate uncertainty on investment timing.
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页码：438 / 468
页数：31
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