Valuing the Government's Tax Claim on Risky Corporate Assets
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This paper explores the effects of tax asymmetries on the value of risky capital investments made by corporations.The government's claim on the firm is shown to be equivalent to a portfolio of options on the firm's revenues. The tax law's provisions for carrying tax losses forward and backward are
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美国国家经济研究局创建时间：
1985-02-01
