The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Employee Stock Options, Corporate Taxes, and Debt Policy
Open accessAbstract
We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, including the effect of options reduces the estimated median marginal tax rate from 31% to 5%. For S&P firms, in contrast, option deductions do not affect marginal tax rates to a large degree. Our evidence suggests that option deductions are important nondebt tax shields and that option deductions substitute for interest deductions in corporate capital structure decisions, explaining in part why some firms use so little debt.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Cited by
A Review of Empirical Capital Structure Research and Directions for the Future
Graham, J. R., & Leary, M. T. (2011) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102710-144821 · Cited by 547
Self-citationCorporate Tax Avoidance and High Powered Incentives
Desai, M. A., & Dharmapala, D. (2004) · SSRN Electronic Journal · doi:10.2139/ssrn.532702 · Cited by 538
Erickson, M., Hanlon, M., & Maydew, E. L. (2004) · The Accounting Review · doi:10.2308/accr.2004.79.2.387 · Cited by 394
Metadata
- Authors
- Graham, J. R., Lang, M. H., & Shackelford, D. A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-08
- Volume
- 59
- Issue
- 4
- Pages
- 1585-1618
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124206883
- Cited by
- 169
- References
- 1
- FWCI
- 52.56
- Type
- journal article
- Language
- en
- Open access
- bronze
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Employee Stock Options, Corporate Taxes, and Debt Policy. https://app.cochat.ai/papers/10.1111/j.1540-6261.2004.00673.x
- The paper
- Graham, J. R., Lang, M. H., & Shackelford, D. A. (2004). Employee Stock Options, Corporate Taxes, and Debt Policy. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00673.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
