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Financial Innovations and Excesses Revisited: The Case of Auction Rate Preferred Stock

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  • Michael J. Alderson
  • Donald R. Fraser

Abstract

An unprecedented surge in financial innovation took place during the 1980s. One of these innovations was the creation of a family of securities designed to lower the cost of preferred stock financing by widening the availability of the dividends-received deduction (a provision of the tax code that allows corporations to avoid paying taxes on a portion of the dividends that they receive from other corporations).

Suggested Citation

  • Michael J. Alderson & Donald R. Fraser, 1993. "Financial Innovations and Excesses Revisited: The Case of Auction Rate Preferred Stock," Financial Management, Financial Management Association, vol. 22(2), Summer.
    • Handle: RePEc:fma:fmanag:alderson93
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    Cited by:

    1. Song Han & Dan Li, 2010. "The fragility of discretionary liquidity provision - lessons from the collapse of the auction rate securities market," Finance and Economics Discussion Series 2010-50, Board of Governors of the Federal Reserve System (U.S.).
    2. Murphy, Austin & Kleiman, Robert & Nathan, Kevin, 1997. "The Value of convertible preferred stock in transactions with "relationship investors" like Warren Buffett," International Review of Financial Analysis, Elsevier, vol. 6(3), pages 241-256.

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