part because of difficulties in constructing an effective proxy for the firm's tax benefit of debt. We examine leverage … decisions across taxable and nontaxable real estate firms — firms for which we can measure the relative tax benefit of debt with … little error. The tax hypothesis implies that for firms with similar asset portfolios, taxable firms should have more debt …

This paper studies pension fund design in the context of investment in the debt and equity of a firm. We employ a …

reality. Using a sample of leverage increasing cases resulting from public debt issuances in US markets between 1996 and 2006 … with the fact that, in practice, more profitable firms usually have easier access to debt markets. …

Because the personal tax treatments of interest and dividend income likely affect the relative cost of debt and equity … equity income tax cut on firms' debt usage. Because this tax cut affected only individual investors, we can use a difference …

's Protestant religiosity leads to a 0.4% lower leverage and less frequent debt issuances. This religiosity also has significant …

aggressiveness. The model’s testable implications are supported empirically. Debt use is inversely related to corporate tax … credit crisis period. For the most profitable firms, debt and tax aggression are complements. Our results extend the …

This paper provides additional evidence on the relationship between corporate taxes and debt using panel data on … time-series variation. The paper tests whether taxes encourage the use of debt by analysing incremental financing decisions … financing decisions. The MTR may either overstate or understate the fiscal benefit of debt financing according to whether, at …

We provide updates to and perspectives on the enduring topic of debt and taxes. The recent decade brought us new …