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.

引用

页码：438 / 468

页数：31

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