TY  - BOOK
AU  - Mooij,Ruud A.de
TI  - The Tax Elasticity of Corporate Debt: A Synthesis of Size and Variations 
T2  - IMF Working Papers; Working Paper
SN  - 1455253340 :
SN  - 1018-5941
PY  - 2011///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Business Taxes and Subsidies Including Sales and Value-Added (Vat)
KW  - imf
KW  - Capital Structure
KW  - Corporate Finance and Governance: General
KW  - Corporate Tax
KW  - Debt Bias
KW  - External Debt
KW  - Canada
KW  - Germany
KW  - Portugal
N2  - Although the empirical literature has long struggled to identify the impact of taxes on corporate financial structure, a recent boom in studies offers ample support for the debt bias of taxation. Yet, studies differ considerably in effect size and reveal an equally large variety in methodologies and specifications. This paper sheds light on this variation and assesses the systematic impact on the size of the effects. We find that, typically, a one percentage point higher tax rate increases the debt-asset ratio by between 0.17 and 0.28. Responses are increasing over time, which suggests that debt bias distortions have become more important
UR  - http://elibrary.imf.org/view/IMF001/11791-9781455253340/11791-9781455253340/11791-9781455253340.xml
UR  - http://www.imfbookstore.org/IMFORG/9781455253340
ER  -