@techreport{NBERw1713,
 title = "A Problem of Financial Market Equilibrium When the Timing of Tax Payments is Indeterminate",
 author = "David F. Bradford",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "1713",
 year = "1987",
 month = "March",
 URL = "http://www.nber.org/papers/w1713",
 abstract = {If firms are indifferent about the timing of dividends, the government's cash flow from taxes on dividends is indeterminate. In an earlier paper, I showed in the context of a world without uncertainty that variations in tax receipts from this source would have no real effects. The extension of the analysis to a world of risk turns out to involve new elements that may be of some general interest. In particular, the conditions for neutrality seem less likely to be fulfilled in a practical context.},
}