A Multiperiod Theory of Corporate Financial Policy under Taxation

Craig M. Lewis

Journal of Financial and Quantitative Analysis, 1990, vol. 25, issue 1, 25-43

Abstract: This paper examines multiperiod corporate financial policy in a world where the only market imperfection is taxation. The optimal financial policy determines the firm's capital structure and debt maturity structure. Two implications of this policy are: (1) there can be a set of debt-asset ratios that is consistent with firm value maximization, and (2) debt maturity structure is irrelevant to firm value.

Date: 1990
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