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文章基本信息

  • 标题:Optimal Investment and Financial Strategies under Tax Rate Uncertainty
  • 本地全文:下载
  • 作者:Fedele, Alessandro ; Panteghini, Paolo M. ; Vergalli, Sergio
  • 期刊名称:Journal of Agribusiness
  • 印刷版ISSN:0738-8950
  • 出版年度:2010
  • 出版社:Journal of Agribusiness
  • 摘要:In this paper we apply a real-option model to study the effects of tax rate uncertainty on a firm's decisions. In doing so, we depart from the relevant literature, which focuses on fully equity-financed investment projects. By letting a representative firm borrow optimally, we show that debt finance not only encourages investment activities but can also substantially mitigate the effect of tax rate uncertainty on investment timing.
  • 关键词:Capital Levy;Corporate Taxation;Default Risk;Real Options
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