Valuing the Debt Tax Shield
نویسندگان
چکیده
منابع مشابه
Welcome Debt Policy , Corporate Taxes , and Discount Rates ∗ †
Debt Policy, Corporate Taxes, and Discount Rates This paper studies the valuation of assets with debt tax shields when debt policy is a general time-dependent function of the asset’s unlevered cash flows, value, and history. In a continuous-time setting, it shows that the value of a project’s debt tax shield satisfies a partial differential equation, which simplifies to an easily solved ordinar...
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