Taxation and Corporate Financial Policy
将公司财务政策模型纳入哈伯格一般均衡模型，分析公司所得税对债务权益比率和股利支付率的扭曲，并计算风险溢价变化，发现取消或整合公司税对非公司投资者的收入提升更大，其累退性低于普遍认知。
A model of corporate financial policy (debt-equity ratios and dividend payout rates) is included in the Harberger general equilibrium model of incidence of the corporate income tax. Illustrative calculations of the distortions of financial policy and increases in risk premiums induced by the corporate tax are provided. Because risk premiums on corporate securities would be reduced, eliminating the corporate tax or integrating it into the personal tax would increase the income of noncorporate investors relatively more than that of investors in corporate securities, and is therefore less regressive than is commonly thought.