Tax asymmetries, the cost of capital and investment

Michael Devereux

Abstract:

A measure of the cost of capital is developed that incorporates the dynamic effects of tax changes and tax asymmetries. Estimates of the cost of capital are made using an unbalanced panel of 1987 U.K. quoted companies over the period 1971 to 1984. There is wide cross-sectional variation in the cost of capital. The measure is used in estimating an equation where this cross-sectional variation is found to be a significant determinant of the level of company investment.

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APA Style

Devereux, M. (1989). Tax asymmetries, the cost of capital and investment.

MLA Style

Devereux, Michael. Tax Asymmetries, the Cost of Capital and Investment. 1989.

Chicago Style

Devereux, Michael. 1989. “Tax Asymmetries, the Cost of Capital and Investment.”
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Bibliographic Details

Publication date:: 1989-01-01
URN:: uuid:bf5a3543-73a0-4c63-b23d-b0401c71cda3
Local pid:: oai:eureka.sbs.ox.ac.uk:1316

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