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Collateral, Taxes, and Leverage

delete2016-06-01
delete91
PRE
AI
S
Shaojin Li
T
Toni M. Whited *
Y
Yufeng Wu
DOI：10.1093/rfs/hhw008delete
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摘要

摘要

En 中文
We quantify the importance of collateral versus taxes for firms' capital structures. We estimate a dynamic model in which a taxable firm seeks financing for investment, and a dynamic contracting environment motivates endogenous collateral constraints. Optimal leverage stays a safe distance from the constraint, balancing the tax benefit of debt with the cost of lost financial flexibility. We estimate this flexibility cost to be 7.2% of firm assets, a percentage that is comparable to the tax benefit. Models with different tax rates fit the data equally well, and leverage responds to the tax rate only when taxes are low.
Keyword:
CAPITAL STRUCTURE
FINANCIAL FLEXIBILITY
GMM ESTIMATION
DEBT
INVESTMENT
RISK
AGENCY
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期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

S
Shanghai University of Finance and Economics
学者数:
2.0K
论文数: 2.5K
被引数: 4.0K
N
National Bureau of Economic Research
学者数:
2.0K
论文数: 2.4K
被引数: 1.1W
U
university of michigan system
学者数:
9.1W
论文数: 8.6W
被引数: 133
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