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Discontinuous financing based on market values and the value of tax shields

Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - In: Business research 11 (2018) 1, pp. 149-171

The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk of future debt levels, the firm’s strategy to adjust the absolute debt level to future changes of the firm value, labeled as (re-) financing policy, affects the value of tax...

Persistent link: https://www.econbiz.de/10011814866

Accounting information and cost of capital : a theoretical approach

Apergēs, Nikolaos; Artikis, George P.; Eleftheriou, Sofia - In: Modern economy 2 (2011) 4, pp. 589-596

Persistent link: https://www.econbiz.de/10009620659

Illiquidity and the cost of equity capital : evidence from actual estimates of capital cost for U.S. data

Goyal, Amit; Subrahmanyam, Avanidhar; Swaminathan, Bhaskaran - 2021

Illiquidity measures appear to be related to monthly realized returns but do they impact long-run costs of capital (CoC) for firms? Using U.S. data, we find cross-sectional evidence that, controlling for market capitalization, the Amihud (2002) measure of illiquidity is negatively related to CoC...

Persistent link: https://www.econbiz.de/10012800436

Asset pricing and impact investing with pro-environmental preferences

Zerbib, Olivier David - 2020

Persistent link: https://www.econbiz.de/10012312117

Market-wide cost of capital impacts on the aggregate earnings-return relation : evidence from Japan

Yoshinaga, Yuto - In: The Japanese accounting review : TJAR 6 (2016), pp. 95-122

Persistent link: https://www.econbiz.de/10011664113

A look at the actual cost of capital of US firms

Moore, David J. - In: Cogent economics & finance 4 (2016) 1, pp. 1-15

The capital asset pricing model (CAPM) receives both criticism and widespread adoption by practitioners and academics … to address CAPM criticisms and provide new perspective on WACC estimates. The firm-based measure focuses on firm …-based WACC measures, along with the traditional CAPM-based WACC measure, to a broad sector-based cross section from 1972 to 2015 …

Persistent link: https://www.econbiz.de/10011597398