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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26476
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| Title: | | Taxes and the efficiency costs of capital distortions  |
| Authors: | | Weichenrieder, Alfons J. Klautke, Tina |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2431 |
| Abstract: | | Tax neutrality towards alternative financing instruments for corporate investment is a ubiquitous demand in the political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides backof-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision. |
| Subjects: | | Debt-equity choice capital structure excess burden of taxation |
| JEL: | | H25 G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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