ONE OF THE MOST contentious issues in the theory of finance during the past quarter
century has been the theory of capital structure. The geneses of this controversy were the …

ABSTRACT A signalling equilibrium with taxable dividends is identified. In this equilibrium,
corporate insiders with more valuable private information optimally distribute larger …

This paper reviews recent theoretical and empirical contributions on the impact of taxation
on corporate financial behavior, focusing on debt and dividend decisions. Generalizing the …

The role of differential personal taxes on capital gains and dividend income is studied to
establish a positive relationship between financial leverage and dividend policy measures …

We empirically investigate the impacts of central government debt and local government
debt on corporate debt in the Chinese domestic financial market during 2008–2019. We find …

The traditional view is that interest deductibility encourages firms to use debt financing;
however, some argue that the personal tax disadvantage to interest offsets the corporate tax …

This paper traces developments in the theory of corporate finance over the past 25 years.
These include a shift from consideration of how the value of a given cash flow stream is …

I examine the anomalous behavior of the taxable and tax-exempt yield curves. Long
municipal yields appear too high relative to the equivalent after tax yield that can be earned …

We investigate how political uncertainty around US gubernatorial elections affects local
government borrowing costs. Municipal bond yields sharply increase by 7 basis points …

Implicit tax rates priced in the cross section of municipal bonds are approximately two to
three times as high as statutory income tax rates, with implicit tax rates close to 100% using …