International capital structure equilibrium

Article Abstract:

This paper develops a theory of capital structure in an international setting with corporate and personal taxes. We generalize the Miller analysis to an international equilibrium characterized by differential international taxation and inflation in otherwise perfect international capital markets. Our analysis highlights the key role that corporate tax arbitrage plays in generating an international capital structure equilibrium, and we set forth a number of mechanisms for tax arbitrage transactions. We close the paper by outlining some implications of our analysis for national differences in capital structure, the International Fisher Effect, and international tax effects on yield differentials. (Reprinted by permission of the publisher.)

International aspects, Capital market, Capital markets, Equilibrium (Economics)

---

Patterns of productivity in the finance literature: a study of the bibliometric distributions

Article Abstract:

This study finds a bibliometric regularity in the finance literature that the number of authors publishing n papers is about 1/n(power of c) of those publishing one paper. We find that the finance literature conforms very well to the inverse square law (c = 2) if data are taken from a large collection of journals. When applied to individual finance journals, we find that values of c range from 1.95 to 3.26. We also find that top-rates journals have higher concentrations among their contributors. This implies that the phenomenon "success breeds success" is more common in higher quality publications. (Reprinted by permission of the publisher.)

Literature, Finance

---

Similar abstracts:

• Abstracts: A theory of noise trading in securities markets. Endogenous borrowing constraints with incomplete markets
• Abstracts: Experts, networks and inscriptions in the fabrication of accounting images: a story of the representation of three public hospitals
• Abstracts: The infant Third Market. Professional indemnity insurance regulations
• Abstracts: The influence of voice and explanation on performance in a participative budgeting setting. Is accounting a global or a local discipline? Evidence from major research journals
• Abstracts: Leveraged equipment leasing retains its tax advantages, but a taxpayer must be at risk. Safe harbors for valuation freeze arrangements contain planning opportunities

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.