haku: @author Heaton, H. / yhteensä: 2
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| Tekijä: | Heaton, H. |
| Otsikko: | On the bias of the corporate tax against high-risk projects. |
| Lehti: | Journal of Financial and Quantitative Analysis
1987 : SEP, VOL. 22:3, p. 365-371 |
| Asiasana: | CORPORATION TAX RATE OF RETURN |
| Kieli: | eng |
| Tiivistelmä: | We prove that the impact of the present tax law is not uniform in projects with different variances of payoffs. A bias exists against projects with larger uncertainty of payoffs, implying an underinvestment in high risk projects. This result offers a theoretical support to such tax incentives as the research and development tax credit. |
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