UNANTICIPATED INFLATION, TAXATION, AND COMMON STOCKS
研究未预期通胀在公司税和历史成本折旧制度下对股票市场价值的影响，发现存在唯一的债务与股权组合可实现通胀中性，而通胀对股东的影响取决于资产折旧率与债务摊销率的相对关系。
This paper focuses on the effects of unanticipated inflation on the market value of equity in a system with corporation tax and historic cost depreciation. It is shown that there exists a unique combination of debt and equity under which inflation neutrality is obtained, Whether or not unanticipated inflation hurts or benefits the stockholders in a particular firm depends upon a number of conditions. These include the depreciation rate of its assets relative to the amortization rate of its debt. Finally, the present tax system is contrasted with a fully indexed system involving replacement cost depreciation and indexation