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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, Bernd - 2011 - Version vom 09.06.2010
Diskontierungssätze die Kenntnis des Wertbeitrages bereits voraus. -- Unternehmensbewertung ; Kapitalstruktur ; Tax Shield ; Zinsschranke …The German "Zinsschranke" limits the tax deductability of interest expenses. Recently, in this journal Förster et al … Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird …
Persistent link: https://www.econbiz.de/10008986956
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Valuation with Share Repurchases and Personal Taxes
Diedrich, Ralf - 2019
We derive a consistent valuation approach integrating the interdependent effects of cash dividends, share repurchases, and active debt management while considering personal taxes. Additionally, we identify effects of share repurchases on the cost of equity by deriving appropriate adjustment...
Persistent link: https://www.econbiz.de/10012895169
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Bewertung ohne "Kapitalkosten" : ein arbitragetheoretischer Ansatz zu Unternehmenswert, Kapitalstruktur und persönlicher Besteuerung
Schosser, Josef - 2008
Rahmenbedingungen, z. B. im Steuerrecht, an deutschen Verhältnissen. -- Arbitrage ; Unternehmensbewertung ; Kapitalkosten … ; Kapitalstruktur ; Einkommensteuer ; EBIT-Modell …
Persistent link: https://www.econbiz.de/10003831064
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs....
Persistent link: https://www.econbiz.de/10013130583
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Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing
Baghai, Ramin - 2013
We show that rating agencies have become more conservative in assigning credit ratings to corporations over the period 1985 to 2009. Holding firm characteristics constant, average ratings have dropped by three notches (e.g., from A to BBB ) over time. Consistent with the view that this change...
Persistent link: https://www.econbiz.de/10013092829
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Valuation Effects of Corporate Debt Offerings
Eckbo, B. Espen - 2009
This paper analyzes the effect of corporate debt offerings on stock prices. Straight debt offerings have non-positive price effects, while convertible debt offerings have significantly negative effects. Public utility mortgage (non-convertible) bond offerings have marginally negative effects,...
Persistent link: https://www.econbiz.de/10013155491
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Pass-Through Taxation and the Value of the Firm
Jalbert, Terrance - 2009
A great deal of work has been done on the optimal capital structure and valuation of the firm. The majority of the literature explores valuation and optimal capital structure conditions under the double taxation system. In this paper, valuation equations and optimal capital structure conditions...
Persistent link: https://www.econbiz.de/10013156694
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Leverage, Cost of Capital and Bank Valuation
Beltrame, Federico - 2019
In this paper we present a model that demonstrates the effect of debt on cost of capital and value for banks with risky assets. Using a static partial equilibrium setting, both in a steady state and steady growth scenario, we derive a bank- specific valuation metric which separately attributes...
Persistent link: https://www.econbiz.de/10012903382
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WACC : Definition, Misconceptions and Errors
Fernandez, Pablo - 2019
The WACC is just the rate at which the Free Cash Flows must be discounted to obtain the same result as in the valuation using Equity Cash Flows discounted at the required return to equity (Ke).The WACC is neither a cost nor a required return: it is a weighted average of a cost and a required...
Persistent link: https://www.econbiz.de/10012906072
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Shareholders Valuation of Long-Term Debt and Decline in Firms’ Leverage Ratio
D'Mello, Ranjan - 2017
The median U.S. non-regulated firm reports a 47 percent decline in leverage ratio between 1980 and 2010. We investigate whether the cost-benefit tradeoff to shareholders, captured by the valuation impact of an additional dollar of debt on owners' equity, is an explanation for the observed change...
Persistent link: https://www.econbiz.de/10012943123