Reply to 'The Value of Tax Shields IS Equal to the Present Value of Tax Shields'
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The value of tax shields IS equal to the present value of tax shields
Fernandez (2004b) argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the literature. It implies that, even though the capital market is complete, value-additivity is violated. As a consequence, adjusted present value formulae of a standard sort cannot be...
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چکیده : قرآن چشمه سار زلال هدایتی است که از سوی خداوند حکیم نازل شده تا بشر را به سر منزل کمال برساند. و در این راستا از شیوه های گوناگون بیانی خطابی و بلاغی استفاده کرده تا با فطرت زیبا طلب انسان درآمیزد و اورا مقهور خویش ساخته، به سوی کمالات سوق دهد.ازجمله جنبه های بارز اعجاز بیانی قرآن وجود فواصل در پایان آیات است که کار برد سجع و قافیه در کلام بشر شبیه آن است. برخی ازعلمای سلف تفاوت هایی ب...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.611501