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Taxes and Financial Policy
A Microeconomic Model of Firm Size and Capital Structure
An Analysis of Internal
4 other sections not shown
annual arithmetic Arranged in Ascending Asset Size Categories book value buy-and-hold capital gains CAPM cash flow COMPUSTAT corporate tax corporate tax rate coupon rate Cross-Sectional Regression Results CRSP current liabilities daily returns debt to total Debt-Equity Ratio depreciation expense dividend payout dividend policy dividend yield Dummy earnings yield effective tax rates empirical entrepreneur equity financing expected financial policy firm portfolio firm's capital structure firm's debt first-order serial covariance flotation costs foreign tax credit Fraction of CBIT higher holding period implies Industries and Asset interest expense investment tax credit investors large firms long-term debt loss manufacturing marginal market returns market value negative number of shares NYSE operating cash flow percent portfolio return Portfolios Arranged price per share rate of return rebalanced return differential risk-adjusted return secondary market small firms smallest stock returns Summary of Cross-Sectional systematic risk coefficient tax deductions tax liability tax shields total assets ratio trade transaction costs