Scholars@Duke
John R. Graham

John R. Graham

D. Richard Mead, Jr. Family Distinguished Professor of Business Administration
Fuqua School of Business
Box 90120, Durham, NC 27708-0120
417W Fuqua Sch of Bus, Durham, NC 27708

Selected Publications

Uncertainty, corporate investment, and hiring: The case of COVID-19

Journal Article Economics Letters · November 1, 2024 We investigate how the COVID-19 pandemic affected CFOs’ self-assessed uncertainty about revenue growth and its impact on investment and hiring plans, using data from two consecutive surveys of the same CFOs conducted before and during the pandemic. Followi ... Full text Cite

Foreword to how to conduct qualitative research in finance

Journal Article How to Conduct Qualitative Research in Finance · July 23, 2024 Full text Cite

Employee Costs of Corporate Bankruptcy

Journal Article Journal of Finance · August 1, 2023 An employee's annual earnings fall by 13% in the first full calendar year after her firm's bankruptcy, and the present value of lost earnings from bankruptcy to six years following bankruptcy is 87% of pre-bankruptcy annual earnings. More worker earnings a ... Full text Cite

Corporate culture: Evidence from the field

Journal Article Journal of Financial Economics · November 1, 2022 Ninety-two percent of the 1348 North American executives we survey believe that improving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some ... Full text Cite

The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934

Journal Article Journal of Accounting Research · September 1, 2022 We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed resu ... Full text Cite

Presidential Address: Corporate Finance and Reality

Journal Article Journal of Finance · August 1, 2022 This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules ... Full text Cite

Corporate flexibility in a time of crisis

Journal Article Journal of Financial Economics · June 1, 2022 We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a cent ... Full text Cite

CEO-board dynamics

Journal Article Journal of Financial Economics · September 1, 2020 We examine CEO-board dynamics using a new panel dataset that spans 1920 to 2011. The long sample allows us to perform within-firm and within-CEO tests over a long horizon, many for the first time in the governance literature. Consistent with theories of ba ... Full text Cite

A view inside corporate risk management

Journal Article Management Science · November 1, 2019 Why do firms manage risk? According to various theories, firms hedge to mitigate credit rationing, to alleviate information asymmetry, and to reduce the risk of financial distress. However, empirical support for these theories is mixed. Our paper addresses ... Full text Cite

The Theory and Practice of Corporate Risk Management: Evidence from the Field

Journal Article Financial Management · December 1, 2018 We survey more than 1,100 risk managers from around the world regarding their risk management policies. We find evidence consistent with some traditional theories of risk management, but not with all. We then study “why” or “why not” firms hedge and find t ... Full text Cite

The evolution of corporate cash

Journal Article Review of Financial Studies · November 1, 2018 We study time-series and cross-firm variation in corporate cash holdings from 1920 to 2014. The recent increase in cash is not unique in magnitude. However, the recent divergence between average and aggregate cash is new and entirely driven by a shift in c ... Full text Cite

Tax rates and corporate decision-making

Journal Article Review of Financial Studies · September 1, 2017 We survey companies and find that many use incorrect tax rate inputs into important corporate decisions. Specifically, many companies use an average tax rate (the GAAP effective tax rate, ETR) to evaluate incremental decisions, rather than using the theore ... Full text Cite

A corporate beauty contest

Scholarly Edition · September 1, 2017 We provide new evidence that the subjective "look of competence" rather than beauty is important for CEO selection and compensation. Our experiments, studying the facial traits of CEOs using nearly 2,000 subjects, link facial characteristics to both CEO co ... Full text Cite

The management of political risk

Journal Article Journal of International Business Studies · May 1, 2017 We explore a long-standing prediction in the international business literature that managers' subjective perceptions of political risk - not just the level of risk - are important for how firms manage political risk. The importance attributed to political ... Full text Cite

The Leveraging of Corporate America: A Long‐Run Perspective on Changes in Capital Structure

Journal Article Journal of Applied Corporate Finance · December 2016 In a study published recently in the Journal of Financial Economics, the authors of this article documented a substantial increase in the use of debt financing by U.S. companies over the past century. From 1920 until the ... Full text Cite

The misrepresentation of earnings

Journal Article Financial Analysts Journal · January 1, 2016 The authors conducted a survey of nearly 400 chief financial officers on the definition and drivers of earnings quality, with an emphasis on the prevalence and detection of earnings misrepresentation. The respondents believe that the hallmarks of earnings ... Full text Cite

A century of capital structure: The leveraging of corporate America

Journal Article Journal of Financial Economics · December 1, 2015 Unregulated US corporations dramatically increased their debt usage over the past century. Aggregate leverage-low and stable before 1945-more than tripled between 1945 and 1970 from 11% to 35%, eventually reaching 47% by the early 1990s. The median firm in ... Full text Cite

Capital allocation and delegation of decision-making authority within firms

Scholarly Edition · March 1, 2015 We use a unique data set that contains information on more than 1,000 Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) around the world to investigate the degree to which executives delegate financial decisions and the circumstances that ... Full text Cite

Incentives for Tax Planning and Avoidance: Evidence from the field

Journal Article Accounting Review · January 1, 2014 We analyze survey responses from nearly 600 corporate tax executives to investigate firms' incentives and disincentives for tax planning. While many researchers hypothesize that reputational concerns affect the degree to which managers engage in tax planni ... Full text Cite

Managerial miscalibration

Scholarly Edition · November 1, 2013 Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the exec ... Full text Cite

Managerial attitudes and corporate actions

Journal Article Journal of Financial Economics · July 1, 2013 We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs ar ... Full text Cite

Do stock prices influence corporate decisions? Evidence from the technology bubble

Journal Article Journal of Financial Economics · January 1, 2013 We study the capital investment, stock issuance, and cash savings behavior of non-tech manufacturers (old economy firms) during the 1990s technology bubble. Our empirical results show that high stock prices affect corporate policies because they relax fina ... Full text Cite

Managerial attitudes and corporate actions

Journal Article Journal of Financial Economics · 2013 Cite

Do Taxes Affect Corporate Decisions? A Review

Journal Article · January 1, 2013 This chapter reviews tax research related to whether corporate and personal taxes affect domestic and multinational capital structure, debt maturity, payout policy, compensation policy, risk management, earnings management, leasing, pensions, R&D partnersh ... Full text Cite

Earnings quality: Evidence from the field

Journal Article Journal of Accounting and Economics · 2013 Cite

Accounting for income taxes: Primer, extant research, and future directions

Journal Article Foundations and Trends in Finance · December 1, 2012 This monograph comprehensively reviews the Accounting for Income Taxes (AFIT) literature. We begin by identifying four distinctive aspects of AFIT. We cover the rules surrounding AFIT and provide a discussion of the descriptive studies related to AFIT. We ... Full text Cite

Earnings quality: Evidence from the field

Journal Article Journal of Accounting and Economics · November 2, 2012 We provide insights into earnings quality from a survey of 169 CFOs of public companies and in-depth interviews of 12 CFOs and two standard setters. CFOs believe that (i) above all, high-quality earnings are sustainable and repeatable; specific characteris ... Full text Cite

Access to liquidity and corporate investment in Europe during the financial crisis

Journal Article Review of Finance · April 1, 2012 We use a unique data set to show how firms in Europe used credit lines during the financial crisis. We find that firms with restricted access to credit (small, private, non-investment-grade, and unprofitable) draw more funds from their credit lines during ... Full text Cite

Research in accounting for income taxes

Journal Article Journal of Accounting and Economics · February 1, 2012 This paper comprehensively reviews the Accounting for Income Taxes (AFIT) literature. We begin by identifying four distinctive aspects of AFIT and briefly covering the rules surrounding AFIT. We then review the existing studies in detail and offer suggesti ... Full text Cite

Introduction to Corporate Finance

Book · 2012 This book's accessible, inviting approach gives finance majors the solid foundation they need while remaining relevant to the large number of non-majors in your course. ... Cite

Managerial attributes and executive compensation

Journal Article Review of Financial Studies · January 1, 2012 We study the role of firm- and manager-specific heterogeneities in executive compensation. We decompose the variation in executive compensation and find that time-invariant firm and, especially, manager fixed effects explain a majority of the variation in ... Full text Cite

An Empirical Model of Optimal Capital Structure1

Journal Article Journal of Applied Corporate Finance · December 2011 The authors provide a reasonably user‐friendly and intuitive model for arriving at a company's optimal, or value‐maximizing, leverage ratio that is based on the estimation of company‐specific cost and benefit functions for debt financing. The benef ... Full text Cite

Corporate governance, debt, and investment policy during the great depression

Journal Article Management Science · December 1, 2011 We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1930-1938 Depression era, when the corporate sector was shocked by an unprecedented downturn ... Full text Cite

Financial distress in the great depression

Journal Article Financial Management · December 1, 2011 We use firm-level data to study corporate performance during the Great Depression era for all industrial firms on the NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period 1928-1938. We fin ... Full text Cite

The Long-Term Cost of the Financial Crisis

Journal Article · November 29, 2011 Full text Cite

A review of empirical capital structure research and directions for the future

Journal Article Annual Review of Financial Economics · November 16, 2011 This article reviews empirical capital structure research, concentrating on papers published since 2005. We begin by documenting three dimensions of capital structure variation: cross firm, cross industry, and within firm through time. We summarize how wel ... Full text Cite

Liquidity management and corporate investment during a financial crisis

Journal Article Review of Financial Studies · June 1, 2011 This article uses a unique dataset to study how firms managed liquidity during the 2008-2009 financial crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment a ... Full text Cite

Using CFO Surveys as a Motivational Tool to Teach Corporate Finance

Journal Article Financial Review · May 1, 2011 This article is based on the keynote address from the Eastern Finance Associationmeeting in South Beach in April 2010. In this keynote address, I discuss how to engage and motivate students by using the results from surveys of corporate finance professiona ... Full text Cite

Optimal Capital Structure

Journal Article · April 9, 2011 Cite

A Review of Empirical Capital Structure Research and Directions for the Future

Journal Article Annual Review of Financial Economics · April 7, 2011 Cite

Real Effects of Accounting Rules: Evidence from Multinational Firms' Investment Location and Profit Repatriation Decisions

Journal Article Journal of Accounting Research · March 1, 2011 We analyze survey responses from nearly 600 tax executives to better understand corporate decisions about real investment location and profit repatriation. Our evidence indicates that avoiding financial accounting income tax expense is as important as avoi ... Full text Cite

The cost of debt

Journal Article Journal of Finance · December 1, 2010 We use exogenous variation in tax benefit functions to estimate firm-specific cost of debt functions that are conditional on company characteristics such as collateral, size, and book-to-market. By integrating the area between the benefit and cost function ... Full text Cite

The real effects of financial constraints: Evidence from a financial crisis

Journal Article Journal of Financial Economics · September 1, 2010 We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this sur ... Full text Cite

The idiosyncratic volatility puzzle: Time trend or speculative episodes

Journal Article Review of Financial Studies · February 1, 2010 Campbell, Lettau, Malkiel, and Xu (2001) document a positive trend in idiosyncratic volatility during the 1962-1997 period. We show that by 2003 volatility falls back to pre-1990s levels. Furthermore, we show that the increase and subsequent reversal is co ... Full text Cite

Barriers to mobility: The lockout effect of U.S. taxation of worldwide corporate profits

Journal Article National Tax Journal · January 1, 2010 Using data from a survey of tax executives, we examine the corporate response to the one-time dividends received deduction in the American Jobs Creation Act of 2004. We describe the firms' reported sources and uses of the cash repatriated and we also exami ... Full text Cite

Barriers to mobility: The lockout effect of U.S. taxation of worldwide corporate profits

Journal Article National Tax Journal · 2010 Using data from a survey of tax executives, we examine the corporate response to the one-time dividends received deduction in the American Jobs Creation Act of 2004. We describe the firms' reported sources and uses of the cash repatriated and we also exami ... Cite

Corporate Finance: Linking Theory to What Companies Do

Book · September 28, 2009 Each chapter in this edition now integrates the latest results from Duke University's prestigious CFO Global Business Outlook, a quarterly survey of financial executives that gauges business outlook and topical economic issues. ... Cite

Investor competence, trading frequency, and home bias

Journal Article Management Science · July 1, 2009 People are more willing to bet on their own judgments when they feel skillful or knowledgeable. We investigate whether this "competence effect" influences trading frequency and home bias. We find that investors who feel competent trade more often and have ... Full text Cite

The Effects of the length of the tax-loss carryback period on tax receipts and corporate marginal tax rates

Journal Article National Tax Journal · January 1, 2009 We investigate how the length of the net operating loss carryback period affects corporate liquidity and marginal tax rates. We estimate that extending the carryback period from two to five years, as recently proposed in President Obama's budget blueprint, ... Full text Cite

Managerial response to the may 2003 dividend tax cut

Journal Article Financial Management · December 1, 2008 We survey 328 financial executives to determine the effects of the May 2003 dividend tax cut. We find that the tax cut led to initiations and dividend increases at some firms. However, executives say that among the factors that affect dividend policy, the ... Full text Cite

Using tax return data to simulate corporate marginal tax rates

Journal Article Journal of Accounting and Economics · December 1, 2008 We document that simulated corporate marginal tax rates based on financial statement data [Shevlin, T., 1990. Estimating corporate marginal tax rates with asymmetric tax treatment of gains and losses. The Journal of the American Taxation Association 11, 51 ... Full text Cite

Corporate misreporting and bank loan contracting

Journal Article Journal of Financial Economics · July 1, 2008 This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of b ... Full text Cite

The effect of the May 2003 dividend tax cut on corporate dividend policy: Empirical and survey evidence

Journal Article National Tax Journal · January 1, 2008 We analyze the impact of the May 2003 dividend tax cut on corporate dividend policy. First, we find that while there was a temporary increase in dividend initiations, this increase was not long-lasting. While dividend payments were increased right after th ... Full text Cite

Taxes and Corporate Finance

Journal Article · January 1, 2008 This chapter reviews tax research related to domestic and multinational capital structure, debt maturity, payout policy, compensation policy, risk management, earnings management, leasing, pensions, R&D partnerships, tax shelters, transfer pricing, and org ... Full text Cite

"Value destruction and financial reporting decisions": Author response [2]

Journal Article Financial Analysts Journal · January 1, 2007 Full text Cite

Value destruction and financial reporting decisions

Journal Article Financial Analysts Journal · November 1, 2006 The comprehensive survey reported here allowed analysis of how senior U.S. financial executives make decisions related to performance measurement and voluntary disclosure. Chief financial officers were asked what earnings benchmarks they cared about and wh ... Full text Cite

Information flow and liquidity around anticipated and unanticipated dividend announcements

Journal Article Journal of Business · September 1, 2006 We study dividend announcements, conditioning on whether the timing of the announcement is anticipated. We find that liquidity deteriorates before (after) anticipated (unanticipated) announcements. We identify both timing and content effects and also contr ... Full text Cite

Tax shelters and corporate debt policy

Journal Article Journal of Financial Economics · September 1, 2006 We gather a unique sample of 44 tax shelter cases to investigate the magnitude of tax shelter activity and whether participating in a shelter is related to corporate debt policy. The average annual deduction produced by the shelters in our sample is very l ... Full text Cite

Do dividend clienteles exist? Evidence on dividend preferences of retail investors

Journal Article Journal of Finance · June 1, 2006 We study stock holdings and trading behavior of more than 60,000 households and find evidence consistent with dividend clienteles. Retail investor stock holdings indicate a preference for dividend yield that increases with age and decreases with income, co ... Full text Cite

Value Destruction and Financial Reporting Decisions

Journal Article Financial Analysts Journal · 2006 Cite

The long-run equity risk premium

Journal Article Finance Research Letters · December 1, 2005 Based on a survey of US Chief Financial Officers (CFOs), we present expectations of the equity risk premium measured over a 10-year horizon relative to a 10-year US Treasury bond. This multi-year survey has been conducted each quarter from June 2000 to Jun ... Full text Cite

A review of taxes and corporate finance

Journal Article Foundations and Trends in Finance · December 1, 2005 This paper reviews domestic and multinational corporate tax research. For each topic, the theoretical arguments explaining how taxes can affect corporate decision-making and firm value are reviewed, followed by a summary of the related empirical evidence a ... Full text Cite

Payout policy in the 21st century

Journal Article Journal of Financial Economics · September 1, 2005 We survey 384 financial executives and conduct in-depth interviews with an additional 23 to determine the factors that drive dividend and share repurchase decisions. Our findings indicate that maintaining the dividend level is on par with investment decisi ... Full text Cite

The economic implications of corporate financial reporting

Journal Article Journal of Accounting and Economics · January 1, 2005 We survey and interview more than 400 executives to determine the factors that drive reported earnings and disclosure decisions. We find that managers would rather take economic actions that could have negative long-term consequences than make within-GAAP ... Full text Cite

Employee Stock Options and Taxes

Journal Article · November 2004 Cite

Employee stock options, corporate taxes, and debt policy

Journal Article Journal of Finance · August 1, 2004 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 rat ... Full text Cite

Taxes and Corporate Finance: A Review

Journal Article Review of Financial Studies · January 1, 2003 This article reviews tax research related to domestic and multinational capital structure, payout policy, compensation policy, risk management, and organizational form. For each topic, the theoretical arguments explaining how taxes can affect corporate dec ... Full text Cite

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing before and after Decimalization

Journal Article Journal of Finance · January 1, 2003 By the end of January 2001, all NYSE stocks had converted their price quotations from 1/8s and 1/16s to decimals. This study examines the effect of this change in price quotations on ex-dividend day activity. We find that abnormal ex-dividend day returns i ... Full text Cite

Taxes and Corporate Finance: A Review

Journal Article Review of Financial Studies · 2003 This article reviews tax research related to domestic and multinational capital structure, payout policy, compensation policy, risk management, and organizational form. For each topic, the theoretical arguments explaining how taxes can affect corporate dec ... Cite

Do Firms Hedge in Response to Tax Incentives?

Journal Article Journal of Finance · 2002 Cite

Do firms hedge in response to tax incentives?

Journal Article Journal of Finance · January 1, 2002 There are two tax incentives for corporations to hedge: to increase debt capacity and interest tax deductions, and to reduce expected tax liability if the tax function is convex. We test whether these incentives affect the extent of corporate hedging with ... Full text Cite

Does corporate diversification destroy value?

Journal Article Journal of Finance · January 1, 2002 We analyze several hundred firms that expand via acquisition and/or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring firm excess values decline after the diversifying event. Muc ... Full text Cite

The theory and practice of corporate finance: Evidence from the field

Journal Article Journal of Financial Economics · May 1, 2001 We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surpri ... Full text Cite

ESTIMATING THE TAX BENEFITS OF DEBT

Journal Article Journal of Applied Corporate Finance · March 2001 The standard approach to valuing interest tax shields assumes that full tax benefits are realized on every dollar of interest deduction in every scenario. The approach presented in this paper takes account of the possibility that interest tax shiel ... Full text Cite

TAX PROGRESSIVITY AND CORPORATE INCENTIVES TO HEDGE

Journal Article Journal of Applied Corporate Finance · January 2000 If a company faces some form of tax progressivity—that is, its marginal tax rate increases over the firm's expected range of reported taxable income—corporate hedging can reduce the firm's expected tax liability by reducing the volatility of pre‐ta ... Full text Cite

How big are the tax benefits of debt?

Journal Article Journal of Finance · January 1, 2000 I integrate under firm-specific benefit functions to estimate that the capitalized tax benefit of debt equals 9.7 percent of firm value (or as low as 4.3 percent, net of personal taxes). The typical firm could double tax benefits by issuing debt until the ... Full text Cite

Do personal taxes affect corporate financing decisions?

Journal Article Journal of Public Economics · August 1, 1999 The traditional view is that interest deductibility encourages firms to use debt financing; however, some argue that the personal tax disadvantage to interest offsets the corporate tax advantage. This paper investigates the degree to which personal taxes a ... Full text Cite

Tax incentives to hedge

Journal Article Journal of Finance · January 1, 1999 For corporations facing tax-function convexity, hedging lowers expected tax liabilities, thereby providing an incentive to hedge. We use simulation methods to investigate convexity induced by tax-code provisions. On average, the tax function is convex (alt ... Full text Cite

Herding among investment newsletters: Theory and evidence

Journal Article Journal of Finance · January 1, 1999 A model is developed which implies that if an analyst has high reputation or low ability, or if there is strong public information that is inconsistent with the analyst's private information, she is likely to herd. Herding is also common when informative p ... Full text Cite

MEASURING CORPORATE TAX RATES AND TAX INCENTIVES: A NEW APPROACH

Journal Article Journal of Applied Corporate Finance · March 1998 Taxes play an important but underemphasized role in the valuation of a company and its projects. For example, the authors estimate that the expected tax benefits from interest deductions by all publicly traded U.S. corporations were responsible for ... Full text Cite

Debt, leases, taxes, and the endogeneity of corporate tax status

Journal Article Journal of Finance · January 1, 1998 We provide evidence that corporate tax status is endogenous to financing decisions, which induces a spurious relation between measures of financial policy and many commonly used tax proxies. Using a forward-looking estimate of before-financing corporate ma ... Full text Cite

Grading the performance of market-timing newsletters

Journal Article Financial Analysts Journal · January 1, 1997 Many investment newsletters offer market-timing advice; that is, they are supposed to recommend increased stock market weights before market appreciations and decreased weights before market declines. Examination of the performance of 326 newsletter asset- ... Full text Cite

Is a group of economists better than one? Than none?

Journal Article Journal of Business · April 1, 1996 Can economists forecast the direction of economic growth? Casual observation indicates that individual economists make poor predictions of economic growth and that their forecasts are highly correlated. This article discusses the loss of information result ... Full text Cite

Market timing ability and volatility implied in investment newsletters' asset allocation recommendations

Journal Article Journal of Financial Economics · January 1, 1996 We analyze the advice contained in a sample of 237 investment newsletter strategies over 1980-1992. Each newsletter strategy recommends a mix of equity and cash. We find no evidence that letters systematically increase equity weights before market rises or ... Full text Cite

Proxies for the corporate marginal tax rate

Journal Article Journal of Financial Economics · January 1, 1996 This paper focuses on how best to measure the corporate marginal tax rate, which is an important input into financial analysis of the cost of capital, financing policy, corporate hedging, and corporate reorganizations. The results indicate that the simulat ... Full text Cite

Debt and the marginal tax rate

Journal Article Journal of Financial Economics · January 1, 1996 Do taxes affect corporate debt policy? This paper tests whether the incremental use of debt is positively related to simulated firm-specific marginal tax rates that account for net operating losses, investment tax credits, and the alternative minimum tax. ... Full text Cite