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Capital budgeting in arbitrage-free markets

Laitenberger, Jörg (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001692957

Miles-Ezzell's WACC approach yields arbitrage

Löffler, Andreas - 2002 - This version: July 2002

A simple counterexample shows the the widely used WACC approach to value leverage firms developed by Miles and Ezzell … can create an arbitrage opportunity. The only consequence to be drawn is that their WACC approach cannot be applied under …

Persistent link: https://www.econbiz.de/10011526007

WACC and a generalized tax code

Husmann, Sven; Kruschwitz, Lutz; Löffler, Andreas - 2001 - Version from 10/06/2001

We extend the WACC approach to a tax system having a firm income tax and a personal income tax of the investor as well …

Persistent link: https://www.econbiz.de/10011526011

Expected stock returns worldwide : a log-linear present-value approach

Chattopadhyay, Akash; Lyle, Matthew R.; Wang, Charley C. Y. - 2018

We provide the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the...

Persistent link: https://www.econbiz.de/10011931329