Theory Of The Firm S Cost Of Capital A How Debt Affects The Firm S Risk Value Tax Rate And The Government S Tax Claim
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Theory Of The Firm S Cost Of Capital A How Debt Affects The Firm S Risk Value Tax Rate And The Government S Tax Claim
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Author : Ramesh K S Rao
language : en
Publisher: World Scientific
Release Date : 2007-03-12
Theory Of The Firm S Cost Of Capital A How Debt Affects The Firm S Risk Value Tax Rate And The Government S Tax Claim written by Ramesh K S Rao and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-12 with Business & Economics categories.
The cost of capital concept has myriad applications in business decision-making. The standard methodology for deriving cost of capital estimates is based on the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation), interactions between the borrowing rate and tax shields, and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The book's unified cost of capital theory is discussed with comprehensive numerical examples and graphical illustrations.This book will be of interest to corporate managers, academics, investment bankers, governmental agencies, and private companies that generate cost of capital estimates for public consumption.
A Theory Of The Firm S Cost Of Capital
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Author : Ramesh K. S. Rao
language : en
Publisher: World Scientific
Release Date : 2007
A Theory Of The Firm S Cost Of Capital written by Ramesh K. S. Rao and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
The cost of capital concept is widely used in business decision-making. The current theory and estimates for measurement of cost of capital are derived from the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation) and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The unified cost of capital theory presented in the book is illustrated graphically and with comprehensive numerical examples. This book will be of great interest to practicing managers, academics, governmental agencies and private companies that generate cost of capital estimates for public consumption.
The Firm S Cost Of Capital Its Effective Marginal Tax Rate And The Value Of The Government S Tax Claim
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Author : Eric C. Stevens
language : en
Publisher:
Release Date : 2006
The Firm S Cost Of Capital Its Effective Marginal Tax Rate And The Value Of The Government S Tax Claim written by Eric C. Stevens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper develops a theory of the firm's weighted average cost of capital (WACC) and the marginal tax rate with risky debt and potentially redundant depreciation and interest tax shields. The tax shields' risks, the firm's borrowing interest rate and its marginal tax rate are intertwined, and they must therefore be determined simultaneously. We capture these interdependencies by determining the borrowing interest rate endogenously, using the single-factor approximate arbitrage pricing theory. This research strategy: a) yields the correct discount rate for valuing the tax shields and shows how better WACC and marginal tax rate estimates can be generated, b) identifies the determinants of the firm's debt capacity in terms of asset characteristics and exogenous economic variables, and c) specifies, numerically, how policy variables (corporate tax rate, tax rules, and the T-bill rate) affect the market values of claims on the firm's output that are both private (debt, equity) and public (tax claims).
Corporate Governance And Financial Management
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Author : S. Nuryanah
language : en
Publisher: Springer
Release Date : 2015-01-16
Corporate Governance And Financial Management written by S. Nuryanah and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-16 with Business & Economics categories.
This book integrates corporate governance, corporate finance and accounting to formulate sound financial management strategies. It offers practical steps for managers using an integrated optimisation financial model to achieve good corporate governance practices which lead to lower risks and higher firm value.
Does Capital Structure Influence Firms Value
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Author : Ulrike Messbacher
language : en
Publisher: GRIN Verlag
Release Date : 2005-12-20
Does Capital Structure Influence Firms Value written by Ulrike Messbacher and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-20 with Business & Economics categories.
Essay from the year 2004 in the subject Business economics - Investment and Finance, grade: 1, University of Applied Sciences Kempten (University of Ulster), language: English, abstract: In accordance with the Signalling model by Ross (1977) an increase in gearing represents, in term of a company’s prospective cash flows, a positive signal to external investors. Because, due to the higher risk of financial distress, companies with less optimistic market prospective tend to avoid additional financial obligations. This implies that an increasing indebtedness means a higher quality of business and therefore better valuation. This leads, in turn, to the assumption that the corporate management can influence a firm’s value by changing its capital structure. If capital structure can affect value, how can firms identify an optimal capital structure and what will it look like? It is that mix of debt and equity that maximises the value of a firm and, at the same time, minimise overall cost of capital. In their seminal article, published in 1958 and 1963, Modigliani and Miller argue that under certain assumptions the value of a firm i s independent of its capital structure, but with tax-deductible interest payments, they are positively related. Moreover, there are other approaches with partly contradictory perceptions. For instance, Myers (1998, cited in Fairchild 2003, p.6) argues that there is no universal optimal mix of debt and equity; in fact it depends on firms or industries, and therefore should be considered on a case-by-case basis. Other researchers have added market imperfections, such as bankruptcy costs, agency costs, and gains from leverage- induced tax shields to the analysis and have maintained that an optimal capital structure may exist (Hatfieldet al.1994, p.1). First, this paper shows the basic determinants of a firm’s value in association with the impact of financial leverage on payoffs to stockholders. Secondly, it considers some arguments of capital structure theories, particularly the Modigliani and Miller theorem and the Traditional approach and contrasts them. Finally, the underlying factors of the model assumptions are examined and shown that they are important in the choice of a firm’s debt-equity ratio.
Money Capital In The Theory Of The Firm
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Author : Douglas Vickers
language : en
Publisher: Cambridge University Press
Release Date : 1987-06
Money Capital In The Theory Of The Firm written by Douglas Vickers and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987-06 with Business & Economics categories.
This book makes an important contribution to the formation of new and analytically richer perspectives in the important area of economics it addresses.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
Guide To Damages In International Arbitration
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Author : John A Trenor
language : en
Publisher: Law Business Research Ltd.
Release Date : 2016-11-05
Guide To Damages In International Arbitration written by John A Trenor and has been published by Law Business Research Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-05 with categories.
Global Arbitration Review's The Guide to Damages in International Arbitrationis a desktop reference work for those who'd like greater confidence when dealing with the numbers. The guide, edited by John A. Trenor of Wilmer Cutler Pickering Hale and Dorr LLP, covers all aspects of damages - from the legal principles applicable, to the main valuation techniques and their mechanics, to industry-specific questions, and topics such as tax and currency. For each of the major methodologies employed by damages experts the book describes the basics of the approach, the areas of general agreement, and the points at which consensus can break down. The book acts as a compass for non-accountants and non-economists, enabling them to argue or umpire the damages part of cases more effectively. This guide contains 27 chapters, sectioned into four parts: I. Legal Principles Applicable to the Award of Damages II. Procedural Issues and the Use of Damages Experts III. Approaches and Methods for the Assessment and Quantification of Damages IV. Industry-Specific Damages Issues. Contributors include top names at organisations like White & Case LLP, Freshfields Bruckhaus Deringer LLP, PricewaterhouseCoopers LLP and Victoria University. 'The Global Arbitration Review Guide to Damages in International Arbitration covers most issues likely to be faced by arbitrators, counsel and experts. The twenty-six chapters are written by experts in their respective fields. Their advice is down to earth and practical. The Guide fulfills the aim described by John Trenor in his Introduction: "e; to make the subject of damages in international arbitration more understandable and less intimidating for arbitrators and other participants in the field and to help participants present these issues more effectively to tribunals."e;'- Anthony Connerty, Barrister in practice, IDR Group and 4-5 Gray's Inn Square
Principles Of Managerial Finance
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Author : Lawrence J Gitman
language : en
Publisher: Pearson Higher Education AU
Release Date : 2015-05-20
Principles Of Managerial Finance written by Lawrence J Gitman and has been published by Pearson Higher Education AU this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-20 with Business & Economics categories.
Once again, Principles of Managerial Finance brings you a user friendly text with strong pedagogical features and an easy-to-understand writing style. The new edition continues to provide a proven learning system that integrates pedagogy with concepts and practical applications, making it the perfect learning tool for today’s students. The book concentrates on the concepts, techniques and practices that are needed to make key financial decisions in an increasingly competitive business environment. Not only does this text provide a strong basis for further studies of Managerial Finance, but it also incorporates a personal finance perspective. The effect is that students gain a greater understanding of finance as a whole and how it affects their day-to-day lives; it answers the question “Why does finance matter to ME?” By providing a balance of managerial and personal finance perspectives, clear exposition, comprehensive content, and a broad range of support resources, Principles of Managerial Finance will continue to be the preferred choice for many introductory finance courses.
Tax And Optimal Capital Budgeting Decisions
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Author : Suzanne Farrar
language : en
Publisher: Routledge
Release Date : 2018
Tax And Optimal Capital Budgeting Decisions written by Suzanne Farrar and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Business & Economics categories.
First published in 1999, this volume responds to the system of corporate taxation in the UK and aims to develop mathematical programming models which determine the optimum combination of investment decisions and financing methods for capital budgeting on a post-tax basis, incorporating specific important areas not previously examined in the literature. Suzanne Farrar also aims to achieve operational experience of these models, in order to gain insights into the impact of taxation on project appraisal in complex situations where several potentially distorting tax effects operate simultaneously, and the general practical feasibility of operational use. Beginning with capital investment and the UK Corporate Tax System, Farrar moves onto capital investment appraisal, tax and optimal financing, optimisation models in capital budgeting, the mathematical programming model and operational use of that model.