Financial Innovations and Excesses Revisited: The Case of Auction Rate Preferred Stock
回顾1980年代金融创新浪潮中的拍卖利率优先股，分析其如何利用股息扣除税收条款降低优先股融资成本，对研究金融创新与监管的学者有参考价值。
An unprecedented surge in financial innovation took place during the 1980s. One of these innovations was the creation of a family of securities designed to lower the cost of preferred stock financing by widening the availability of the dividends-received deduction (a provision of the tax code that allows corporations to avoid paying taxes on a portion of the dividends that they receive from other corporations).