Theory Of The Firm's Cost Of Capital, A: How Debt Affects The Firm's Risk, Value, Tax Rate, And The Government's Tax Claim
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A01=Eric C Stevens
A01=Ramesh K S Rao
Author_Eric C Stevens
Author_Ramesh K S Rao
Borrowing
Category=KFF
Category=KJMV1
Cost of Capital
Debt Capacity
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Leverage
Marginal Tax Rate
Tax Shields
WACC (Weight Average Cost of Capital)
Product details
- ISBN 9789812569493
- Publication Date: 13 Mar 2007
- Publisher: World Scientific Publishing Co Pte Ltd
- Publication City/Country: SG
- Product Form: Hardback
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The cost of capital concept has myriad applications in business decision-making. The standard methodology for deriving cost of capital estimates is based on the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation), interactions between the borrowing rate and tax shields, and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The book's unified cost of capital theory is discussed with comprehensive numerical examples and graphical illustrations.This book will be of interest to corporate managers, academics, investment bankers, governmental agencies, and private companies that generate cost of capital estimates for public consumption.
