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The value of tax shields IS equal to the present value of tax shields☆

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References

1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION5,951 cited
1974INTERACTIONS OF CORPORATE FINANCING AND INVESTMENT DECISIONS—IMPLICATIONS FOR CAPITAL BUDGETING755 cited
1980The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification519 cited
2002Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows299 cited
1985RISK‐ADJUSTED DISCOUNT RATES‐EXTENSIONS FROM THE AVERAGE‐RISK CASE262 cited
1985Reformulating Tax Shield Valuation: A Note188 cited
2004The value of tax shields is NOT equal to the present value of tax shields171 cited
2003Financial markets and corporate strategy - 2/E.116 cited

Cited by

2010WACC: Definition, Misconceptions and Errors54 cited
2008Tax‐Adjusted Discount Rates with Investor Taxes and Risky Debt51 cited
2007Capital Cash Flows, APV and Valuation49 cited
2010The Impact of Personal and Corporate Taxation on Capital Structure Choices48 cited
2011On the risk-neutral value of debt tax shields46 cited
2007A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio41 cited
2016Announcement Effects of Contingent Convertible Securities: Evidence from the Global Banking Industry

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37 cited

2017The impact of interest rates on firms' financing policies36 cited

2020The Choice of Valuation Techniques in Practice: Education Versus Profession33 cited

2016The Choice of Valuation Techniques in Practice: Education versus Profession33 cited

2008The slicing approach to valuing tax shields32 cited

2008Splitting up value: A critical review of residual income theories27 cited

2013Tax-adjusted discount rates: a general formula under constant leverage ratios tax-adjusted discount rates26 cited

2014A GENERAL FREE CASH FLOW THEORY OF CAPITAL STRUCTURE23 cited

2017What is the cost of faith? An empirical investigation of Islamic purification20 cited

2014The relationship between corporate governance practices and cost of capital in large listed companies of New Zealand and Singapore17 cited