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Taxes and the choice between risky and risk-free debt: on the neutrality of credit default taxation

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  • Kay Blaufus

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  • Jochen Hundsdoerfer

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Abstract

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Suggested Citation

  • Kay Blaufus & Jochen Hundsdoerfer, 2008. "Taxes and the choice between risky and risk-free debt: on the neutrality of credit default taxation," Review of Managerial Science, Springer, vol. 2(3), pages 161-181, November.
  • Handle: RePEc:spr:rvmgts:v:2:y:2008:i:3:p:161-181
    DOI: 10.1007/s11846-008-0020-3
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    File URL: http://hdl.handle.net/10.1007/s11846-008-0020-3
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    References listed on IDEAS

    as
    1. Stiglitz, Joseph E, 1974. "On the Irrelevance of Corporate Financial Policy," American Economic Review, American Economic Association, vol. 64(6), pages 851-866, December.
    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. Harrison, J. Michael & Pliska, Stanley R., 1981. "Martingales and stochastic integrals in the theory of continuous trading," Stochastic Processes and their Applications, Elsevier, vol. 11(3), pages 215-260, August.
    4. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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    Citations

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    Cited by:

    1. Kiesewetter, Dirk & Rumpf, Dominik, 2009. "Was kostet eine finanzierungsneutrale Besteuerung von Kapitalgesellschaften?," arqus Discussion Papers in Quantitative Tax Research 71, arqus - Arbeitskreis Quantitative Steuerlehre.
    2. repec:eee:quaeco:v:65:y:2017:i:c:p:346-354 is not listed on IDEAS
    3. Marko Volker Krause & Alexander Lahmann, 2016. "Reconsidering the appropriate discount rate for tax shield valuation," Journal of Business Economics, Springer, vol. 86(5), pages 477-512, July.
    4. Rumpf, Dominik, 2013. "Zinsbereinigung bei der Dualen Einkommensteuer," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 32, number urn:isbn:9783161528699.
    5. Schönemann, Kristin, 2009. "Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften," arqus Discussion Papers in Quantitative Tax Research 94, arqus - Arbeitskreis Quantitative Steuerlehre.

    More about this item

    Keywords

    Tax neutrality; Default risk; Capital structure; Firm valuation; Financial neutrality; G32; G33; H25;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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