NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

Florian Heider, Alexander Ljungqvist

NBER Working Paper No. 18263
Issued in July 2012

---- Acknowledgements -----

We gratefully acknowledge helpful comments from Laurent Bach, Vicente Cunat, Todd Gormley, John Graham, Evgeny Lyandres, Thomas Noe, Olga Kuzmina, Stefano Rossi, Clemens Sialm, Irina Stefanescu, Sheridan Titman, and Margarita Tsoutsoura (our discussants); and Heitor Almeida, Malcolm Baker, Bo Becker, Dick Brealey, Francesca Cornelli, Peter DeMarzo, Joan Farre-Mensa, Murray Frank, Oliver Hart, Zhiguo He, Stewart Myers, Josh Rauh, Amit Seru, Phil Strahan, Annette Vissing-Jorgensen, Toni Whited, and various seminar audiences. We thank Alexandre Da Cruz, Katerina Deligiannidou, Geoffroy Dolphin, Petar Mihaylovski, and Edvardas Moseika for competent research assistance and Ashwini Agrawal and David Matsa for sharing data constructed from the 2007 Commodity Flow Survey. Ljungqvist gratefully acknowledges the generous hospitality of the European Central Bank while working on this project. The views expressed in this paper do not necessarily reflect those of the ECB, the Eurosystem, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Alexander Ljungqvist -----

Ljungqvist gratefully acknowledges the generous hospitality of the European Central Bank while working on this project. The views expressed in this paper do not necessarily reflect those of the ECB or the Eurosystem.

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