. The model captures several other features prevalent in infrastructure financing such as government co-investment, tax …

We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage …. Contrary to prior research, we find that corporate leverage rises after tax cuts for small private firms. An estimated dynamic … thresholds and lower credit spreads. These effects outweigh the lower interest tax deduction and lead to higher optimal leverage …

Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held … firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell … fifteen percent between 2004 and 2018. In contrast, leverage among public firms rose during this period. The decline in …

unified explanation for a wide range of corporate policies such as leverage, share repurchases, M&A payment method, cash …

This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data … payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high … higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit …