The Taxation of Risky Assets
重新审视税收对风险资产的影响，强调资产价格变动的重要性，指出早期研究假设折旧率恒定和未来资本品价格确定会误导对公司税效应的理解，并探讨风险环境下的经济折旧概念，实证表明调整折旧扣除以考虑资产价格风险对税负和非中性有重要影响。
This paper reconsiders the effects of taxation on risky assets, recognizing the importance of variations in asset prices. We show that earlier analyses which assumed that depreciation rates are constant and that the future price of capital goods is known with certainty are very misleading, as guides to the effects of corporate taxes. We then examine the concept of economic depreciation in a risky environment, and show that depreciation allowances, if set ex-ante, should be adjusted to take account of future asset price risk. Some empirical calculations suggest that these adjustments are large, and have important implications for the burdens of, and non-neutralities in, the corporate income tax.