Agency and Tax Explanations of Security Issuance Decisions
实证检验代理问题和税收因素在企业债务与股权发行决策中的相对作用，利用英国税收体系无债务税收优势的特点，发现两者均重要。
This paper is an empirical examination of the relative roles of agency and tax considerations in corporate debt versus equity issuance decisions. Unlike earlier work, we conduct our tests on a sample of UK firms since the UK system of taxation does not create an obvious tax advantage to debt and hence affords an opportunity to evaluate the relevance of tax arbitrage considerations. We find that both tax and agency issues are important determinants of security issuance decisions. In addition, we demonstrate that our specification is robust to a variety of alternative explanations which have appeared in the empirical literature.