Do Taxes Affect Corporate Financing Decisions?
用新方法和数据研究税收对公司融资选择的影响，发现非债务税盾会挤出利息抵税，从而降低债务融资的吸引力，并指出以往研究因方法不当而未能发现税收效应。
A new empirical method and data set are used to study the effects of tax policy on corporate financing choices. Clear evidence emerges that non-debt tax shields "crowd out" interest deductibility, thus decreasing the desirability of debt issues at the margin. Previous studies which failed to find tax effects examined debt-equity ratios rather than individual, well-specified financing choices. This paper also demonstrates the importance of controlling for confounding effects which other papers ignored. Results on other (asymmetric information) effects on financing decisions are also presented.