caa a22 4500 386309051 CHVBK 20180307111539.0 cr unu---uuuuu 161130e198812 xx s 000 0 eng 10.2307/2331078 doi S0022109000013223 pii (NATIONALLICENCE)cambridge-10.2307/2331078 Tax Options and Corporate Capital Structures [Elektronische Daten] Among the elements of value reflected in the prices of corporate securities are the taxtiming options associated with the opportunities for investors to tax manage their portfolios by deferring gains and taking losses. We show that the aggregate value of these taxtiming options for the securityholders of a firm will be enhanced when the firm has multiple classes of tradeable securities outstanding. For that reason, the inclusion of debt as well as equity in a firm's capital structure should raise the total market value of the firm. We further show that, under most likely circumstances, there will be an interior optimal degree of leverage that will maximize tax-timing option values. Copyright © School of Business Administration, University of Washington 1988 Lewellen Wilbur G. Mauer David C. Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 387-400 0022-1090 23:4<387 1988 23 JFQ https://doi.org/10.2307/2331078 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331078 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Lewellen Wilbur G. NATIONALLICENCE 700 1- Mauer David C. NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 387-400 0022-1090 23:4<387 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge