The debt tax shield in general equilibrium
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| Type of Publication: | Journal article |
| Publication status: | Published |
| Author: | Fischer, Marcel; Jensen, Bjarne Astrup |
| Year of publication: | 2019 |
| Published in: | Journal of Banking & Finance ; 100 (2019). - pp. 151-166. - ISSN 0378-4266. - eISSN 1872-6372 |
| DOI (citable link): | https://dx.doi.org/10.1016/j.jbankfin.2018.12.014 |
| Summary: |
We study the general-equilibrium effects of the corporate debt tax shield in an endowment economy with a redistributive tax system that taxes firm profits and household income and redistributes tax revenues in an attempt to harmonize households’ lifetime consumption opportunities. In general equilibrium, the debt tax shield not only affects corporate capital structure and valuation but also causes poorer households to consume more and save less at a younger age. Without the debt tax shield, the same welfare improvements for poorer households are achievable with significantly lower tax rates.
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| JEL Classification: | G11; E21; H23; H31; H32 |
| Subject (DDC): | 330 Economics |
| Keywords: | Debt tax shield, Corporate leverage, General equilibrium, Endowment economy, Redistributive taxation |
| Bibliography of Konstanz: | Yes |
| Refereed: | Yes |
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FISCHER, Marcel, Bjarne Astrup JENSEN, 2019. The debt tax shield in general equilibrium. In: Journal of Banking & Finance. 100, pp. 151-166. ISSN 0378-4266. eISSN 1872-6372. Available under: doi: 10.1016/j.jbankfin.2018.12.014
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