anticipated recovery in default, yet small. The cost of debtʺ in the tax adjusted discount rate formula is the debt’s yield rather … than its expected rate of return. tax-adjusted discount rates, tax shields, risky debt, cost of debt, personal taxes …

aspects, focusing either on cost or tax impacts. They yield inconsistent recommendations. The present paper tries to make … recommendations based on an equal analysis of cost and tax effects. Our analysis focuses on a decision maker who wants to know if a … reversed if cost differences between the compared contracts reach a critical level. -- Retirement Provisions ; Private Pension …