Taxation, Portfolio Choice, and Debt-Equity Ratios: A General Equilibrium Model
研究不同税率和风险厌恶程度的投资者的投资组合行为，强调约束条件对均衡存在性的作用，发现投资者按税率分为两组，分别专攻股权和债务，而企业财务政策无关紧要。
This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk aversion, emphasizing the role of constraints on individual and firm behavior in ensuring the existence of and characterizing portfolio equilibrium. Under certain conditions on the securities available in the market, which also are necessary for shareholders to be unanimous in supporting firm value maximization, investors will be segmented by tax rate into two groups, one specialized in equity and the other in debt. Though the relative wealths of the two groups determine the aggregate debt-equity ratio, each firm will be indifferent to its financial policy.