haku: @journal_id 62 / yhteensä: 680
viite: 268 / 680
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. |
SCIMA