Corporate Debt Management and the Value of the Firm
比较了三种公司债务管理政策对总企业价值预测的差异，认为根据新信息定期调整债务水平的政策逻辑最一致，并据此重新解释了债务“税收效应”的实证证据。
Three alternative characterizations of corporate debt management policy, which have had wide currency in the literature, are examined. They are shown to give rise to substantial differences in their predictions of total-firm value. This study concludes that, of the three, the one that assumes that management periodically rebalances the firm's debt levels in response to evolving new information on expected future operating cash flows is the most logically consistent. On that basis, a reinterpretation of the available empirical evidence on the “tax effect” of debt is indicated.