Discounting methods and personal taxes
提出了纳入个人税的估值模型，可处理不均衡现金流、债务水平变化及权益与债务成本变化，模型与CAPM及考虑个人税的MM命题一致。
Abstract We advance models of valuation that incorporate personal taxes. The models are general in allowing for uneven cash flows, changes in debt levels, and changes in the costs of equity and debt. The models are mutually consistent, are consistent with the CAPM, and are consistent with the Modigliani and Miller propositions allowing personal taxes.