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Corporate income taxes and the cost of capital: a correction

Modigliani Franco, +1 more
- Vol. 53, Iss: 3, pp 433-443
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The article was published on 1963-01-01 and is currently open access. It has received 5826 citations till now. The article focuses on the topics: Capital structure & Tax deferral.

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Theory of the firm: Managerial behavior, agency costs and ownership structure

TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
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Determinants of corporate borrowing

TL;DR: In this article, the authors predict that corporate borrowing is inversely related to the proportion of market value accounted for by real options and rationalize other aspects of corporate borrowing behavior, such as the practice of matching maturities of assets and debt liabilities.
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Additional evidence on equity ownership and corporate value

TL;DR: The authors investigated the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986 and found a significant curvilinear relation between Q and common stock owned by corporate insiders.
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The theory and practice of corporate finance: Evidence from the field

TL;DR: The authors survey 392 CFOs about the cost of capital, capital budgeting, and capital structure and find some support for the pecking-order and trade-off capital structure hypotheses but little evidence that executives are concerned about asset substitution, asymmetric information, transactions costs, free cash flows, or personal taxes.
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Debt and taxes

TL;DR: Miller et al. as discussed by the authors presented a paper on the thirty-fiveth annual meeting of the American Finance Association, Atlantic City, New Jersey, September 16-18, 1976 (May, 1977), pp. 261-275.
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