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.)
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 1990
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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.)
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 1990
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