* Graduate School of Business, University of Chicago. The generous support of the Ford Foundation and the research committee of the Graduate School of Business is gratefully acknowledged. I am indebted to Eugene Fama, Merton Miller, and Myron Scholes for their helpful comments in the preparation of this paper. 1. The notable exception is the article by Lintner 1131 which considered corporate capital budgeting questions in the context of a market equilibrium portfolio model. Lintnerâs treatment of this problem will be discussed in Section V. 2. Hirshleifer restated the Arrow-Debreu [I, 41 objects of choice in the classical Irving Fisher 171 framework, where the objests of choice are consumption or h e m e bundler at explicit tm and rtatu-of-the-world. i u The Journal of Finance the financing decision on equity prices, are proved in Section I11 for the no corporate income tax case. Section I V is devoted to the corporate tax effect on this financing decision. A derivation and discussion of the cost of capital 1) for investment decisions within the firm (MMâs Proposition 1 1 in the no-tax case are the topics of Section V. And in Section VI, the cost of capital considering corporate
The Journal of Finance – Wiley
Published: Mar 1, 1969
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