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Miller's Equilibrium and Uncertainty

Author

Listed:
  • Jones, C.

Abstract

This paper highlights the arbitrage by firms in Miller's (1977) equilibrium when consumers face (short) selling constraints to restrict tax arbitrage. In this competitive equilibrium firms create risky tax-preferred securities that divide investors into strict tax clienteles; any changes in debt-equity ratios by individual firms have no real effects on consumers because other firms undo them.

Suggested Citation

  • Jones, C., 1999. "Miller's Equilibrium and Uncertainty," Papers 373, Australian National University - Department of Economics.
    • Handle: RePEc:fth:aunaec:373
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    More about this item

    Keywords

    CAPITAL ; BUSINESS FINANCING ; ARBITRAGE;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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