Barsotti, Flavia; Mancino, Maria Elvira; Pontier, Monique - Dipartimento di Scienze per l'Economia e l'Impresa, … - 2011
This paper analyzes a structural model of corporate debt in the spirit of Leland (1994) model within a more realistic general context where payouts and asymmetric tax-code provisions are introduced. We analytically derive the value of the tax benefit claim in this context and study the joint...