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(Re-)Financing Policies and the Value of Debt-Related Tax Shields
Arnold, Sven - 2015
The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk …'s choice of debt refinancing intervals. We derive general valuation and cost of capital equations allowing flexibly … feasible financing policies in DCF valuation models …
Persistent link: https://www.econbiz.de/10013023280
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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - arqus - Arbeitskreis Quantitative Steuerlehre - 2011
. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation …
Persistent link: https://www.econbiz.de/10009004777
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Mountain or molehill? Downward biases in the conglomerate discount measure
Rudolph, Christin; Schwetzler, Bernhard - In: Journal of Banking & Finance 40 (2014) C, pp. 420-431
The Berger and Ofek (1995) excess value measure, comparing a conglomerate’s actual market value to an imputed value based on standalones, has become the standard method to determine value effects of diversification. In this paper, we address a significant bias in this procedure stemming from...
Persistent link: https://www.econbiz.de/10010738305
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Costs of Financial Distress: The German Evidence
Reimund, Carsten; Schwetzler, Bernhard; Zainhofer, Florian - In: Credit and Capital Markets 42 (2009) 1, pp. 93-123
In this paper we aim to verify the existence of costs of financial distress (cfd) for a sample of German CDAX firms using an ex-post approach originally due to Opler/Titman (1994). In contrast to this US-based study we do not find a significant interaction between high leverage and distress for...
Persistent link: https://www.econbiz.de/10010883571
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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - 2011
. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation …
Persistent link: https://www.econbiz.de/10010304518
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The Disappearing ‘Deutschland AG’ – An Analysis of Blockholdings in German Large Caps
Fehre, Kerstin - 2012
The German corporate governance system changed substantially over the last ten years. Meanwhile, ownership structures of German firms changed significantly. We examine the phenomenon of changing ownership structures by studying blockholdings of German large caps between 1997 and 2006. We examine...
Persistent link: https://www.econbiz.de/10012755220
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Exit Control, Capital Structure and Financial Contracts in Venture Capital - a Comment on BerglöF 1994
Piehler, Maik - 2006
This note draws on an important paper in venture capital financing theory. BERGLOuml;F (1994) stressed the important role of exit control and incorporated that issue in a model for optimal venture capital contract design. One major result of this work is that convertible debt strictly dominates...
Persistent link: https://www.econbiz.de/10012734134
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Personal Taxes and Circularity Problems in Corporate Valuation - a Note (Not Only) on 'Valuation with or Without Personal Income Taxes?' by Frank Richter, Sbr 2004
Schwetzler, Bernhard - 2005
In his recent article quot;Valuation with or without personal income taxesquot; Richter analyzes the impact of … introducing income taxes into the calculus of corporate valuation. His major result is that, if correctly specifying the model …
Persistent link: https://www.econbiz.de/10012737308
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Valuation Effects of Corporate Cash Holdings : Evidence from Germany
Schwetzler, Bernhard - 2004
detail until the mid 90's. Especially concerning the valuation effects of corporate cash holding empirical studies are very …. Second, we study direct valuation effects of corporate cash holdings by constructing excess enterprise values of firms using … an adaptation of the Berger/Ofek (1995) valuation algorithm. Our results suggest that both positive and negative …
Persistent link: https://www.econbiz.de/10012738699
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Conglomerate Discount and Cash Distortion : New Evidence from Germany
Schwetzler, Bernhard - 2003
Conglomerate discounts or premia are derived by comparing market values of conglomerates with the market values of a matched portfolio of stand alone firms (the imputed value of the conglomerates). Usually this comparison is based on firm values. We show that in this case conglomerate discounts...
Persistent link: https://www.econbiz.de/10012739902