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A valuation model for corporate tax liabilities is developed and used to derive a relationship for the relative yields of taxable and tax-exempt debt. The model incorporates both the incomplete tax loss offset of the U.S. corporate tax code and the resulting probabilistic marginal tax rate. The...
Persistent link: https://www.econbiz.de/10005813945
This paper demonstrates that the impact of the existing tax law is not uniform across projects with different variances of payoffs. A bias exists against projects with greater uncertainty of payoffs, which leads to an underinvestment in high risk projects. The bias against higher variance...
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