The Relative Yields on Taxable and Tax-Exempt Debt
构建了一个公司税负估值模型，推导出应税与免税债务相对收益率的关系，并用回归分析验证了模型的有效性。
A valuation model for corporate tax liabilities is developed and used to derive a relationship for the relative yields of taxable and tax-exempt debt. The model incorporates both the incomplete tax loss offset of the U.S. corporate tax code and the resulting probabilistic marginal tax rate. The relationship is then tested using regression analysis; the results are both positive and strong. Copyright 1986 by Ohio State University Press.