Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm Accordingly, an attempt will be made here to accomplish two fairly limited objections: first, the effect on investment value of different tax structures will be used pedgogically to illustrate the basic under lying theses propounded by Modigliani and Miller; and second, an attempt will be made simultaneously to broaden this structure to one that more nearly approximates the combination of corporate, personal income and capital gains ...
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Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm Accordingly, an attempt will be made here to accomplish two fairly limited objections: first, the effect on investment value of different tax structures will be used pedgogically to illustrate the basic under lying theses propounded by Modigliani and Miller; and second, an attempt will be made simultaneously to broaden this structure to one that more nearly approximates the combination of corporate, personal income and capital gains taxes encountered in the U. S.otoday. The paper, accordingly, proceeds by developing a series of increas ingly complex tax structures, and examining their impact on a hypothetical corporation's Optimal debt and dividend policies. Case 1 discusses the no-tax world laid out in [1] by Modigliani and Miller. Case 2 examines the impact on these policies of corporate income taxes alone; essentially the argument presented by mam in Case 3 considers the impact on ra tional debt and dividend decisions of differential personal income and capital gains taxes; considered partially by msm.in And Case h inte grates the preceeding material into a more complex world containing simul taneously corporate, personal income and capital gains taxes. A summary completes the exposition. As always, rational behavior by both corporate and private investors. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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