Financial Innovations and Excesses Revisited: The Case of Auction Rate Preferred Stock

Michael J. Alderson and Donald R. Fraser

Financial Management, 1993, vol. 22, issue 2

Abstract: An unprecedented surge in financial innovation took place during the 1980s. One of these innovations was the creation of a family of securities designed to lower the cost of preferred stock financing by widening the availability of the dividends-received deduction (a provision of the tax code that allows corporations to avoid paying taxes on a portion of the dividends that they receive from other corporations).

Date: 1993
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