We value a company that targets its capital structure in book-value terms. This capital structure definition provides us with a Value of Tax Shields that lies between those of Modigliani-Miller (fixed debt) and Miles-Ezzell (fixed market-value leverage ratio). If a company targets its leverage...

Spanish Abstract: Es muy importante entender qué es la contabilidad porque es la manera en que las empresas nos comunican su situación. Pero en 35 años de docencia y práctica profesional he detectado varios problemas en la interpretación de la contabilidad por distintos usuarios de la...

This paper contains a collection and a classification of the 12 most common errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper when consulting in company...