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On the Equivalence between the APV and the wacc Approach in a Growing Leveraged Firm
16 references·5 citing·37 second hop
On the Equivalence between the APV and the wacc Approach in a Growing Leveraged Firm (2007)On the Equivalence between the APV and th…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…The value of tax shields is NOT equal to the present value of tax shields (2004)The value of tax shields is N…Valuation Methods and Shareholder Value Creation (2002)Valuation Methods and Shareho…Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows (2002)Capital Cash Flows: A Simple …The Valuation of Cash Flow Forecasts: An Empirical Analysis (1995)The Valuation of Cash Flow Fo…Valuation: Measuring and Managing the Value of Companies. 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The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. 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References

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  • 1977Debt and Taxes598 cited
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  • 1995The Valuation of Cash Flow Forecasts: An Empirical Analysis512 cited
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  • 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
  • 1991Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes

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169 cited
  • 2002Valuation Methods and Shareholder Value Creation163 cited
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    • 2014A GENERAL FREE CASH FLOW THEORY OF CAPITAL STRUCTURE23 cited
    • 2014The relationship between corporate governance practices and cost of capital in large listed companies of New Zealand and Singapore17 cited