The Role of Taxes in Early Debt Retirement.
研究了企业提前偿还债务的行为，发现低税企业为减少无效的利息税盾而提前还债，且企业会在杠杆过高时通过提前还债降低杠杆，低税企业更倾向于选择能产生收益的债务提前偿还。
Abstract This study examines firms that retired debt early to provide evidence on the relation of tax status to the net change in debt associated with early debt retirement and the gain or loss recognized at retirement. An easily computed estimate of the present value of taxes payable is used to identify firms' tax-related incentives. Test results indicate that: (1) low tax firms retire debt early to reduce interest tax shields that cannot be used efficiently, (2) firms use early debt retirements to reduce leverage when it exceeds an optimal level and (3) low (high) tax firms are more likely to select for early retirement debt that results in a gain (loss).