Taxes, Investment and Q
统一分析了不同融资政策下税收对边际q均衡值的影响，并考察了平均q与边际q的关系，发现英国和美国的税收规则下，清算可能性阻止了均衡中的持续低估。
This paper attempts to provide a unified analysis of the effects of taxation on the equilibrium value of marginal q under alternative financial policies. It is shown that the q approach does not avoid all the specification problems associated with analyses based on the cost of capital. The (theoretically and empirically) crucial relationship between average and marginal q is also examined, and it is shown that, under UK and US tax rules, the possibility of winding up precludes persistent undervaluation in equilibrium.