TAXES, REGULATIONS AND THE CORPORATE DEBT MARKET

• 成果类型: Article
• 署名作者: Atesagaoglu, Orhan Erem
• 署名单位: State University of New York (SUNY) System; Stony Brook University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2012.00708.x
• 发表日期: 2012
• 页码: 979-1004
• 关键词: dividend

摘要

Outstanding credit market debt in the U.S. corporate sector increased dramatically over the second half of the 20th century. During this period, tax rates on dividend distributions and corporate income decreased. This article argues that the observed decline in dividend and corporate income tax rates generated an improvement in the collateral value of corporate assets and led to an increase in U.S. corporate debt. To analyze this conjecture, we build a general equilibrium model with enforcement constraints that induce endogenous limits on debt financing. We find that the model can account for the time-series features of U.S. corporate debt data.