Blar i NHH Brage på emneord "cost of capital"
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Tax-adjusted discount rates with investor taxes and risky debt
(Discussion paper, Working paper, 2005-10)This paper derives tax-adjusted discount rate formulas with Miles-Ezzell leverage policy, investor taxes, and risky debt in the context of a standard tax system. This expands on other formulas that are commonly used and ... -
The value of tax shields IS equal to the present value of tax shields
(Discussion paper, Working paper, 2005-07)Fernandez (2004b) argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the ...