The Puzzle of Financial Leverage Clienteles
实证发现高负债公司股票多被低税率投资者持有，低负债公司股票多被高税率投资者持有。本文论证标准投资组合理论并不必然导致这种客户群，并用股利客户群及股利收益率与杠杆率的正相关关系来解释这一现象。
Empirically, it appears that common stock of publicly traded corporations with high-debt ratios tends to be held by investors with relatively low marginal taxes while the stock in companies with little debt is held by investors in high-tax brackets. A number of authors have argued that in an equilibrium similar to the one described by Miller [8], these clienteles should exist. We argue that standard portfolio theory does not imply financial leverage clienteles for publicly traded firms. We explain the empirical relationship between investor tax rates and leverage ratios by the existence of dividend clienteles and a positive relationship between dividend yield and leverage ratios.