Appleyard, Tony; Dobbs, Ian M. - In: Journal of Business Finance & Accounting 24 (1997-04) 3, pp. 481-496
The relationship between debt policy and valuation has been extensively analysed in the finance literature; within a Modigliani-Miller framework, the consensus is that valuation is affected by whether debt is managed actively or passively, and that for finite projects with time varying risky cash...