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Les interrogations nombreuses au sujet des PME en restent généralement à un constat d' insuffisance de fonds propre, confondant ainsi problème de financement et nature de celui-ci. En outre elles trouvent leur origine dans une comparaison abusive avec les grandes entreprises, ignorant des...
Persistent link: https://www.econbiz.de/10005561653
In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...
Persistent link: https://www.econbiz.de/10005134868
condition its effective independence. Vulnerability may be real or accounting based. However, no matter its origin … paper analyses in the context of simple VAR model the interplay between capitalization, accounting rules and dividend …
Persistent link: https://www.econbiz.de/10005561101
now that the model has become an auto-nomous, unreflected item in international accounting standards and law allowing … "creative" accounting. There is no economial relation between the future value of an underlying and it's current volatility …
Persistent link: https://www.econbiz.de/10005125491
This paper presents some stylised facts about the book-tax gap, i.e. the difference between book and taxable income, of Italian corporations. This divergence is a reflection of the usage of any tax shields and any applicable credits and rebates which, in turn, implies that the concept of taxable...
Persistent link: https://www.econbiz.de/10005125996
of a simultaneous equations structural model connecting macro and microeconomic (market) variables with accounting …
Persistent link: https://www.econbiz.de/10005134717
Instead of relying on accounting principles and illustrative accounting examples, this paper examines the rationale for …
Persistent link: https://www.econbiz.de/10005134743
Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to …
Persistent link: https://www.econbiz.de/10005408128
rates of GDP per capita, investment per capita and mounting problems of non performing loans and ballooning Government … promising ones. To do so, I applied the Business Cycle Accounting procedure developed by V V Chari, Ellen R McGrattan and … most important result is that investment wedge played a major role in the performance of the Japanese economy during the …
Persistent link: https://www.econbiz.de/10005412818
Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of...
Persistent link: https://www.econbiz.de/10005561605