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Inflation and Capital Structure

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  • Jose Noguera

    (CERGE-EI)

Abstract

This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.

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File URL: http://128.118.178.162/eps/fin/papers/0111/0111001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0111001.

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Length: 15 pages
Date of creation: 04 Nov 2001
Date of revision:
Handle: RePEc:wpa:wuwpfi:0111001

Note: Type of Document - Acrobat PDF; pages: 15
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Web page: http://128.118.178.162

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Keywords: inflation tax; capital structure; firm value; debt-capital ratio;

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  1. Kim, Moon K & Wu, Chunchi, 1988. "Effects of Inflation on Capital Structure," The Financial Review, Eastern Finance Association, vol. 23(2), pages 183-200, May.
  2. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
  3. Dokko, Yoon, 1989. "Are Changes in Inflation Expectations Capitalized into Stock Prices? A Micro-firm Test for the Nominal Contracting Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 71(2), pages 309-17, May.
  4. Hodder, James E & Senbet, Lemma W, 1990. " International Capital Structure Equilibrium," Journal of Finance, American Finance Association, vol. 45(5), pages 1495-1516, December.
  5. Kelly, William A, Jr & Miles, James A, 1989. "Capital Structure Theory and the Fisher Effect," The Financial Review, Eastern Finance Association, vol. 24(1), pages 53-73, February.
  6. Franks, Julian R & Schwartz, Eduardo S, 1991. "The Stochastic Behaviour of Market Variance Implied in the Prices of Index Options," Economic Journal, Royal Economic Society, vol. 101(409), pages 1460-75, November.
  7. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
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