Oded, Jacob; Michel, Allen; Feinstein, Steven P. - In: Managerial Finance 37 (2011) August, pp. 681-696
Purpose – The traditional discounted cash flows (DCF) valuation procedure used by financial analysts assumes that firms maintain a policy of fixed debt. However, empirical evidence suggests that many firms rebalance their debt. This paper seeks to explore the implication of this discrepancy...
