{"id":"https://openalex.org/W2168408668","doi":"https://doi.org/10.2307/2331078","title":"Tax Options and Corporate Capital Structures","display_name":"Tax Options and Corporate Capital Structures","publication_year":1988,"publication_date":"1988-12-01","ids":{"openalex":"https://openalex.org/W2168408668","doi":"https://doi.org/10.2307/2331078","mag":"2168408668"},"language":"en","primary_location":{"id":"doi:10.2307/2331078","doi":"https://doi.org/10.2307/2331078","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331078","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035818160","display_name":"Wilbur G. Lewellen","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wilbur G. Lewellen","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5077723775","display_name":"David C. Mauer","orcid":"https://orcid.org/0000-0002-2589-4237","observed_orcids":["https://orcid.org/0000-0002-2589-4237"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"David C. Mauer","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":4.9817,"has_fulltext":false,"cited_by_count":20,"citation_normalized_percentile":{"value":0.9569369,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":"23","issue":"4","first_page":"387","last_page":"387"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7056000232696533,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7056000232696533,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.14669999480247498,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.09380000084638596,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9359999895095825},{"id":"https://openalex.org/keywords/debt-and-equity-financing","display_name":"debt and equity financing","score":0.47699999809265137},{"id":"https://openalex.org/keywords/optimal-leverage","display_name":"optimal leverage","score":0.7850000262260437},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.5910000205039978},{"id":"https://openalex.org/keywords/tax-management","display_name":"tax management","score":0.5289999842643738},{"id":"https://openalex.org/keywords/corporate-security","display_name":"enterprise security","score":0.3799999952316284}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5562910437583923},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.5486269593238831},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.44921496510505676},{"id":"https://openalex.org/C2779836051","wikidata":"https://www.wikidata.org/wiki/Q645011","display_name":"Corporate tax","level":4,"score":0.43918776512145996},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.43257829546928406},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4007887542247772},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3875665068626404},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.31474971771240234},{"id":"https://openalex.org/C51303962","wikidata":"https://www.wikidata.org/wiki/Q1242836","display_name":"Double taxation","level":2,"score":0.23802778124809265},{"id":"https://openalex.org/C514942387","wikidata":"https://www.wikidata.org/wiki/Q329303","display_name":"Tax avoidance","level":3,"score":0.14644178748130798},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.055387020111083984},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.050293534994125366},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/2331078","doi":"https://doi.org/10.2307/2331078","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331078","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:cup:jfinqa:v:23:y:1988:i:04:p:387-400_01","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109000013223/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":21,"referenced_works":["https://openalex.org/W1503295912","https://openalex.org/W1555406996","https://openalex.org/W1598750663","https://openalex.org/W1806841400","https://openalex.org/W1973560525","https://openalex.org/W1981710196","https://openalex.org/W1986777287","https://openalex.org/W1991815104","https://openalex.org/W2014680735","https://openalex.org/W2063955807","https://openalex.org/W2071681097","https://openalex.org/W2084748303","https://openalex.org/W2115261153","https://openalex.org/W2115846503","https://openalex.org/W2121308228","https://openalex.org/W2124597406","https://openalex.org/W2140041112","https://openalex.org/W2153524047","https://openalex.org/W2156181031","https://openalex.org/W2168015975","https://openalex.org/W2752617332"],"related_works":["https://openalex.org/W1985639008","https://openalex.org/W2106263678","https://openalex.org/W2074646381","https://openalex.org/W1989562221","https://openalex.org/W2341969421","https://openalex.org/W2076409146","https://openalex.org/W3201247069","https://openalex.org/W2063955807","https://openalex.org/W2156510931","https://openalex.org/W11024471"],"abstract_inverted_index":{"Among":[0],"the":[1,7,13,18,36,44,53,65,80,85],"elements":[2],"of":[3,9,39,46,58,67,84,102],"value":[4,38,83],"reflected":[5],"in":[6,73],"prices":[8],"corporate":[10],"securities":[11,60],"are":[12],"taxtiming":[14,41],"options":[15,42],"associated":[16],"with":[17],"opportunities":[19],"for":[20,43],"investors":[21],"to":[22],"tax":[23],"manage":[24],"their":[25],"portfolios":[26],"by":[27],"deferring":[28],"gains":[29],"and":[30],"taking":[31],"losses.":[32],"We":[33,87],"show":[34,89],"that":[35,63,104],"aggregate":[37],"these":[40],"securityholders":[45],"a":[47,74],"firm":[48,54],"will":[49,96,105],"be":[50,97],"enhanced":[51],"when":[52],"has":[55],"multiple":[56],"classes":[57],"tradeable":[59],"outstanding.":[61],"For":[62],"reason,":[64],"inclusion":[66],"debt":[68],"as":[69,71],"well":[70],"equity":[72],"firm's":[75],"capital":[76],"structure":[77],"should":[78],"raise":[79],"total":[81],"market":[82],"firm.":[86],"further":[88],"that,":[90],"under":[91],"most":[92],"likely":[93],"circumstances,":[94],"there":[95],"an":[98],"interior":[99],"optimal":[100],"degree":[101],"leverage":[103],"maximize":[106],"tax-timing":[107],"option":[108],"values.":[109]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}