Miller's Equilibrium and Uncertainty
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.
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|Date of creation:||1999|
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Web page: http://economics.anu.edu.au/economics.htm
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