international property, increased levels of debt, incorporating property development activities via use of stapled securities … 1996-2006, the changing risk profile of LPTs is assessed. Since 2003, while the "expectation" was for higher LPT risk … levels, there has been no evidence of increased levels of LPT risk, particularly in the international LPT and stapled …

may lead some firms to take less risk which could lower their use of debt and in turn lower the probability of default. We …We examine the impact of aggregate tax policy uncertainty on firm-level default risk. Due to uncertainties associated … with tax policies, firms could have difficulties in determining their optimal debt level and use too much debt to increase …