This paper examines the impact of capital gains taxation on firms’ investment and financing decisions. We develop a real options model in which the timing of investment, the decision to default, and the firm’s capital structure are endogenouslyand jointly determined. Our analysis shows that...

Die Kapitalstruktur, insbesondere das Finanzierungsverhältnis Fremdkapital/Eigenkapital (Financial Leverage), hat einen entscheidenden Einfluss auf die Fremdkapital- und Eigenkapitalkosten...