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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 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

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

A Determinação do Preço dos Bens Duráveis em Duopólio

Osório, Carlos; Maçãs, Paulo; Leitão, João - EconWPA - 2002

, based on higher Cournot's profits than Stackelberg's profits. Keywords: Duopoly, Durable, Price, Profit. …

Persistent link: https://www.econbiz.de/10005135030

Advantageous or Disadvantageous Semi-collusion Licensing in a Vertically Separated Industry

Mukherjee, Arijit - EconWPA - 2002

This paper compares profits and consumer surplus under non-cooperation and collusion in the product market when the firms have the option for R&D before production. We show that whether R&D investment would be higher under non-cooperation or product market collusion depends on the R\&D...

Persistent link: https://www.econbiz.de/10005412980

A PUSH TO GEORGE ( IN ) BUSH

DR.VSR.SUBRAMANIAM - EconWPA - 2005

off-setting entry is a miscellaneous loss expense entry,in the Profit making US Income Statement. As a Prime Developed …

Persistent link: https://www.econbiz.de/10005556940

Production Factors - Productive Factors & Income Distribution DRAFT PAPER for discussion and further development

Gürak, H. - EconWPA - 2004

Unfortunately, there are no globally agreed definitions on the key terms mentioned above. Nor are there any globally accepted approaches and/or remedies to the economic relations of mankind. The major aims of this work are partly to reconsider and when necessary to redefine, the...

Persistent link: https://www.econbiz.de/10005119387

Long-Run Cash-Flow and Discount-Rate Risks in the Cross-Section of US Returns

Koubouros, Michail; Malliaropulos, Dimitrios; … - EconWPA - 2005

Merton�s Intertemporal CAPM to test whether these four sources of risk command different risk prices. The model performs well … in pricing average returns on single- and double- sorted portfolios according to size, book-to-market, dividend …

Persistent link: https://www.econbiz.de/10005076992

Explaining the Beta, Size and Value Effects Under the Relative Value Theory

Alb, Silviu Iulian - EconWPA - 2004

. Such prices determine intrinsic returns that satisfy the CAPM equation. This paper shows that assets that pay a constant … (or constantly increasing) dividend but face each year the possibility of going bankrupt will exhibit asset specific … predicts slightly higher discount rates than the CAPM. Empirical evidence supporting the CAPM cannot reject the RVT at a …

Persistent link: https://www.econbiz.de/10005076993

An Analysis of Hedge Fund Performance

Capocci, Daniel - EconWPA - 2002

Using one of the greatest hedge fund database ever used (2796 hedge funds including 801 dissolved), we investigate hedge funds performance using various asset-pricing models, including an extension form of Carhart's (1997) model combined with Fama & French (1998) Agarwal & Naik (2000) models and...

Persistent link: https://www.econbiz.de/10005134782

EVOLUCION DE LAS ESTRATEGIAS DE INVERSION EN ACCIONES (BORRADOR)

Rubio, Fernando - EconWPA - 2005

desarrollo del CAPM y APT; y, la actual, correspondiente a las anomalias del CAPM, la cual incluye el estudio del behavioural …

Persistent link: https://www.econbiz.de/10005134816