Construct · 1 fields · 1 citations

Miller equilibrium: a standalone construct

One name. One construct. A landmark on the map.

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Corporate finance

the argument that personal taxes on interest income can offset the corporate tax advantage of debt, so in equilibrium leverage may not affect firm value.

In corporate finance, Miller equilibrium refers to the argument that personal taxes on interest income can offset the corporate tax advantage of debt, so in equilibrium leverage may not affect firm value. This meaning comes from Miller (1977) in The Journal of Finance.[1]

Unit
Recovery means
Measured by

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Nearby constructs

affect4 fields · 5 citationsjingle · one word, several feeling constructs argument3 fields · 3 citationsjingle · one word, three constructs debt3 fields · 3 citationsjingle · one word, three carriers

References

Miller, M. H. (1977). Debt and Taxes. The Journal of Finance, 32(2), 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x

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