Miller's Equilibrium and Uncertainty.

This paper highlights the arbitrage by firms in Miller's (1977) equilibrium when consumers face (short) selling constraints to restrict tax arbitrage. In this competitive equilibrium firms create risky tax-preferred securities that divide investors into strict tax clienteles; any changes in debt-equity ratios by individual firms have no real effects on consumers because other firms undo them.

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Year of publication:	1999
Authors:	Jones, C.
Institutions:	College of Business and Economics, Australian National University
Subject:	CAPITAL \| BUSINESS FINANCING \| ARBITRAGE

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Extent:	application/pdf
Series:	ANU Working Papers in Economics and Econometrics.
Type of publication:	Book / Working Paper
Notes:	17 pages
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; G38 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005734295