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The Role of Contingent Claims Analysis in Corporate Finance
The Value of a Sinking Fund Provision under InterestRate Risk
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accounting after-tax agency costs assets associated before-tax bondholders call option capital budgeting capital gains capital market capital structure cash flows common stock constraints contracts corporate liabilities corporate tax cost of capital decisions deductible depreciation discount bond dividend payout Dividend Policy dividend tax EIP ratios empirical equation equity evidence Finance Financial Economics firm value firm's future holders impact implies incentive income tax increase inflation interest rates investment issues Jensen Journal of Financial marginal investors Merton Miller Modigliani Myron Scholes nominal interest rates optimal option pricing paper pension funds percent personal taxes porate Poterba precommitment present value problem rate of return real rate reduce result retained earnings risk risky debt securities serial bond share prices share repurchases shareholders signaling equilibrium sinking-fund bond stock price stockholders tax effects tax reform tax shield tax system taxable taxation theory tion valuation yield curve yield spread