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Tax saving´s valuation is crucial for discounted cash flow valuation and WACC estimation. There is an ongoing debate about the appropriate discount rate for tax savings under CAPM approach. On this paper we evaluate tax savings from a contingent claim approach in order to establish a framework...
Persistent link: https://www.econbiz.de/10010762920
should be considered as an American option of trading off assets in order to arrive to a correct valuation. Second, the …
Persistent link: https://www.econbiz.de/10010762999
I present a set of conditions for defining risky debt associated to cash flow and not to accounting earnings. I explain why realization of tax shields for finite cash flows in any period of time t are correlated to Earnings before Interest and Taxes and are not correlated to interest expenses at...
Persistent link: https://www.econbiz.de/10010762909
In these slides we discuss the practical and conceptual difficulty of finding an Optimal Capital Structure. We propose a normative approach we call Implicit Bankruptcy Costs Theory and how to proceed to find the optimal capital structure and value with period-to-period constant and variable...
Persistent link: https://www.econbiz.de/10010762910
Persistent link: https://www.econbiz.de/10010762911
Muchos consultores, autores y profesores de Finanzas incluyen los cambios en losactivos liquidos (dividendos potenciales") en los flujos de caja. Esta practica escontraria a la teoria basica de las finanzas. Presentamos razones economicas, teoricas, yempiricas para apoyar la tesis. Por lo tanto,...
Persistent link: https://www.econbiz.de/10010762913
A nuestros estudiantes de Finanzas les enseñan que lo más importante en ese área es saber calcular y utilizar la tasa de interés efectiva o capitalizada. Para algunos de nuestros profesores, eso es todo; si un estudiante llega sin saber esa ficción, no sabe Finanzas. Más aun, una gran...
Persistent link: https://www.econbiz.de/10010762921
In cash flow valuation, on grounds of simplicity, it is common to assume that the leverage is constant over time. With constant leverage, the return to levered equity is constant and consequently, the Weighted Average Cost of Capital (WACC) applied to the Free Cash Flow is constant. However,...
Persistent link: https://www.econbiz.de/10010762922
The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper argues that a fundamental valuation problem exists in the MM tax...
Persistent link: https://www.econbiz.de/10010762923
En esta nota se presenta los conceptos básicos jurídicos de la propiedad intelectual en sus diferentes modalidades. También se ofrece, un sencillo resumen de los principales métodos de valoración de intangibles. Incluye la presentación de conceptos básicos de valor del dinero en el tiempo...
Persistent link: https://www.econbiz.de/10010762932