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An Implicit Clientele Test of the Relationship between Taxation and Capital Structure

Author: Paul Strebel; Paul Grier; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1980.
Series: Working paper series (National Bureau of Economic Research), no. w0481.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper presents a test for the existence of debt clienteles in which the latter are represented by progressive personal tax brackets. The test generates some evidence consistent with the implication of debt clientele theory that, over time, firms' debt ratios should vary with the relative tax incentives which their investors have to hold debt. Changes in the relative structure of taxes, however, at best only  Read more...
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Additional Physical Format: Print version:
Grier, Paul.
Implicit clientele test of the relationship between taxation and capital structure.
Cambridge, Mass. : National Bureau of Economic Research, 1980
(OCoLC)220413142
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Paul Strebel; Paul Grier; National Bureau of Economic Research.
OCLC Number: 756574124
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w0481.
Responsibility: Paul Grier, Paul Strebel.

Abstract:

This paper presents a test for the existence of debt clienteles in which the latter are represented by progressive personal tax brackets. The test generates some evidence consistent with the implication of debt clientele theory that, over time, firms' debt ratios should vary with the relative tax incentives which their investors have to hold debt. Changes in the relative structure of taxes, however, at best only partially account for the time series behavior of debt ratios, especially in the case of high debt firms.

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