The Effects of Different Taxes on Risky and Risk‐free Investment and on the Cost of Capital
分析决定税收如何影响风险资产价值和资本成本的主要因素，并展示这些影响的大小甚至方向如何取决于模型中几个关键参数的取值。
ABSTRACT This paper analyzes the major factors which determine the effects of taxation on the value of risky assets and on the cost of capital, and shows how the magnitudes and even the signs of these effects depend on the values assumed for a few key parameters in the model. Using plausible values for these parameters, it is shown that the results obtained are frequently counter‐intuitive.