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dc.contributor.authorFeld, Lars P.en_US
dc.contributor.authorHeckemeyer, Jost Henrichen_US
dc.contributor.authorOveresch, Michaelen_US
dc.date.accessioned2011-05-25en_US
dc.date.accessioned2011-06-29T11:20:40Z-
dc.date.available2011-06-29T11:20:40Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/46522-
dc.description.abstractThis paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures like the simulated marginal tax rate (Graham (1996a)) avoid a downward bias in estimates for the debt response to tax. Moreover, debt characteristics, econometric specifications, and the set of control-variables affect tax effects. Accounting for misspecification biases by means of meta-regressions, we predict a marginal tax effect on the debt ratio of 0.3.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Public Finance 3400en_US
dc.subject.jelG30en_US
dc.subject.jelH32en_US
dc.subject.jelF23en_US
dc.subject.ddc330en_US
dc.subject.keywordcapital structureen_US
dc.subject.keywordcorporate income taxen_US
dc.subject.keywordmeta-analysisen_US
dc.subject.stwKörperschaftsteueren_US
dc.subject.stwSteuerwirkungen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwFremdkapitalen_US
dc.subject.stwMeta-Analyseen_US
dc.subject.stwWelten_US
dc.titleCapital structure choice and company taxation: A meta-studyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn660161966en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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