Corpus ID: 62800694

Phooling Taxpayers ? Experience from Fungibility of Special Taxes

@inproceedings{Agarwal2016PhoolingT,
  title={Phooling Taxpayers ? Experience from Fungibility of Special Taxes},
  author={Vivek Agarwal},
  year={2016}
}
The concept of fungibility is central in corporate finance. Its origin can be traced to a series of famous papers by Miller and Modigliani ([22], [23], [21]) on the cost of capital and theory of investment. The intuition behind the proposition has inspired several studies beyond the realm of corporate finance [20]. However, its applicability to government expenditures is unclear. In the empirical part of this thesis, we evaluate if the intuition behind the irrelevance proposition also holds for… Expand

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