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The Keynote Address
The Effects of Tax Parameters in the Investment
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analysis assessments assumed behavior beta billion borrower CAPM changes coefficient constant adjustments contract rate corporate cost of capital creditor debt demand functions demographic profiles demographic variables earnings Econometric effects of tax elasticity equipment equations equity error estimated ex post exogenous variables expected return expected value expenditure firm forecasts household Houthakker implies income increase indirect utility function insolvency interest rates investment equations investment returns investment tax credit investors lender linear loan marginal budget share mean squared error modified Prais-Houthakker procedure moral hazard opportunity cost optimal original demand system percent of baseline Pollak portfolios price of capital PRMSE rate of return ratio regression rental price residual variance risk aversion risk premium saving short selling simulations specification Statistics stock prices structures equation subjective probability systematic risk tax depreciation tax parameters tax rate tests unconditional equivalence scales unconditional preferences utility function WEFA's welfare comparisons zero