Velez-Pareja, Ignacio - 2013
This article (1) identifies three sources of risk for tax shields (TS): Two of them are associated with debt risk and … one is associated with operating risk. (2) A set of conditions for defining risky debt associated with cash flow, not with … suggests that it is not reasonable to define the risk of TS as measured by a single discount rate, but rather as a mix of debt …