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Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case

Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005

In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is … two benefits have to be introduced explicitly. In this paper we present the adjustments to the WACC with subsidized debt … and taxes and the cost of leveraged equity for multiple periods. We demonstrate the analysis for both the WACC applied to …

Persistent link: https://www.econbiz.de/10005134868

Economic Impact of 'Regulation on Corporate Governance': Evidence from India

Bhattacharyya, Asish K.; Rao, Sadhalaxmi Vivek - EconWPA - 2005

India, with its 20 million shareholders, is one of the largest emerging markets in terms of the market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation effective from April 2001, requiring mandatory...

Persistent link: https://www.econbiz.de/10005413156

The Non-Neutrality of Debt in Investment Timing: A New NPV Rule

Sabarwal, Tarun - EconWPA - 2004

has an additional impact on the option value of delaying investment. The standard NPV rule in real options theory … lower than the standard NPV rule. Comparisons with other standard investment thresholds show similar relationships. …

Persistent link: https://www.econbiz.de/10005076954

Assessing Environmental Regulatory Arrangements for Aquaculture

Commission, Productivity - EconWPA - 2004

This paper discusses the appropriateness, efficiency, and effectiveness regulatory arrangements covering aquaculture …

Persistent link: https://www.econbiz.de/10005118895

RECOVERABLE COST: THE BASIS OF A GENERAL THEORY OF FINANCIAL ACCOUNTING MEASUREMENT

salvary, stanley c. w. - EconWPA - 2005

This paper addresses a very profound question concerning financial accounting. Is financial accounting measurement. as represented by diverse valuation rules. hodgepodge or is it logically developed? Salvary [1985. p.28. Chap. IV] advances and provides a theoretical development of the concept of...

Persistent link: https://www.econbiz.de/10005408116

Fifty years of Research on Accuracy of Capital Expenditure Project Estimates: A Review of the Findings and their Validity.

Linder, Stefan - EconWPA - 2005

Capital budgeting research has traditionally focused on ever improving the methods used for evaluating projects. Since it seems futile to use sophisticated evaluation techniques if their input data – that is, estimates of cash inflows and outflows – are of inferior quality, it is justifiable...

Persistent link: https://www.econbiz.de/10005413083

Evolution as Learning Yields Hyperbolic Discounting

Woods, James - EconWPA - 2003

decrease, known as hyperbolic discounting, is consistent with what is observed in psychology studies, while the limiting case …, exponential discounting, is consistent with market level observations. This model closes the gap between individual and market … level observations of discounting behavior without explicitly assuming the two kinds of discounting nor relying on …

Persistent link: https://www.econbiz.de/10005125641

Acturial Adjustment Aspects of Public Pension Schemes

Galuscak, Kamil - EconWPA - 2001

.S. pension scheme, that discounting plays a crucial role, since the formula for the present discounted value of future retirement … at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion …

Persistent link: https://www.econbiz.de/10005408311