Cooper and Nyborg (2008) derive a tax-adjusted discount rate formula under a constant proportion leverage policy … anticipated recovery in default, yet small. The cost of debtʺ in the tax adjusted discount rate formula is the debt’s yield rather … than its expected rate of return. tax-adjusted discount rates, tax shields, risky debt, cost of debt, personal taxes …

expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily … increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 …. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative …

into a multiples exercise. Confusion reigns with respect to interest tax shields and the WACC. Higher educational levels do …

commonly used formulas are inconsistent with the assumptions about the debt plan. We show that the error resulting from using … which captures the effects of a time-varying fixed debt plan, expensive debt, and costs of financial distress, and discuss …

, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and … corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt … toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred …