LEASING, BUYING, AND THE COST OF CAPITAL SERVICES

Authors

  • MERTON H. MILLER,

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    • Both, Graduate School of Business, The University of Chicago.

  • CHARLES W. UPTON

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    • An earlier version of this paper was presented at the Finance Workshop of the Graduate School of Business of the University of Chicago in February, 1975; at the Conference on Financial Decision-Making Under Uncertainty sponsored by Israel Scientific Research Conferences, Ein Bokek, Israel in March 1975; and at a Finance-Accounting Workshop at Georgia Institute of Technology in March 1975. We are grateful for the many helpful comments and suggestions received from the participants at these sessions. We are especially indebted to Fischer Black, Eugene Fama, James Plous, Myron Scholes, Roman Weil and J. Fred Weston for helping us to clarify some of the issues involved in the treatment of tax subsidies.


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