political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a … departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides … backof-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision. -- Debt …

sufficient, for constrained efficiency. We also provide restrictions on the fundamentals sufficient to guarantee that equilibria … discuss the nature of welfare improving policies. -- Human capital ; Efficiency ; Labour Supply … wohlfahrtssteigernde Politikmaßnahmen. -- Human capital ; Efficiency ; Labour Supply …