TY  - JOUR
AU  - Bradford,David F.
TI  - A Problem of Financial Market Equilibrium When the Timing of Tax Payments is Indeterminate
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1713
PY  - 1987
Y2  - March 1987
UR  - http://www.nber.org/papers/w1713
L1  - http://www.nber.org/papers/w1713.pdf
N1  - Author contact info:
David F. Bradford
Woodrow Wilson School
Princeton University
Princeton, NJ 08544-1013
Tel: 609/258-1856
Fax: 609/258-2809
E-Mail: BRADFORD@PRINCETON.EDU
AB  - 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.
ER  -