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A Reconsideration of Tax Shield Valuation
14 references·11 citing·37 second hop
A Reconsideration of Tax Shield Valuation (2005)A Reconsideration of Tax Shield ValuationThe value of tax shields is NOT equal to the present value of tax shields (2004)The value of tax shields is N…Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows (2002)Capital Cash Flows: A Simple …The theory and practice of corporate finance: evidence from the field (2001)The theory and practice of co…An empirical analysis of corporate debt maturity structure (2000)An empirical analysis of corp…Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of California at Los Angeles and the NBER, especially Eugene Fama and Robert Gertner. The usual disclaimers apply. Funding from MIT and the Tuck School at Dartmouth College is gratefuly acknowledged. We also thank two reviewers, Richard S. Ruback and Clifford W. Smith, Jr., for helpful comments.1 (1999)Testing static tradeoff again…Testing Static Trade-off Against Pecking Order Models of Capital Structure (1994)Testing Static Trade-off Agai…Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes (1991)Consistent Valuation and Cost…RISK‐ADJUSTED DISCOUNT RATES‐EXTENSIONS FROM THE AVERAGE‐RISK CASE (1985)RISK‐ADJUSTED DISCOUNT RATES‐…Reformulating Tax Shield Valuation: A Note (1985)Reformulating Tax Shield Valu…Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study (1984)Corporate Behavior in Adjusti…The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification (1980)The Weighted Average Cost of …A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY (1973)A MEAN‐VARIANCE SYNTHESIS OF …THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS (1972)THE EFFECT OF THE FIRM'S CAPI…CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)CORPORATE INCOME TAXES AND TH…The relationship between corporate governance practices and cost of capital in large listed companies of New Zealand and Singapore (2014)The relationship between corp…A GENERAL FREE CASH FLOW THEORY OF CAPITAL STRUCTURE (2014)A GENERAL FREE CASH FLOW THEO…\nTesting the Modigliani-Miller theorem directly in the lab (2012)\nTesting the Modigliani-Mill…On the risk-neutral value of debt tax shields (2011)On the risk-neutral value of …WACC: Definition, Misconceptions and Errors (2010)WACC: Definition, Misconcepti…What determines the capital structure of real estate companies? (2009)What determines the capital s…Splitting up value: A critical review of residual income theories (2008)Splitting up value: A critica…On the Equivalence between the APV and the wacc Approach in a Growing Leveraged Firm (2007)On the Equivalence between th…Capital Cash Flows, APV and Valuation (2007)Capital Cash Flows, APV and V…A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio (2007)A More Realistic Valuation: A…The Value of Tax Shields is Equal to the Present Value of Tax Shields (2004)The Value of Tax Shields is E…Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Testing Tradeoff and Pecking Order Predictions About Dividends and Debt (1999)Capital structure choice: macroeconomic conditions and financial constraints (2003)Corporate cash holdings: An empirical investigation of UK companies (2003)INTERACTIONS OF CORPORATE FINANCING AND INVESTMENT DECISIONS—IMPLICATIONS FOR CAPITAL BUDGETING (1974)Measuring investment distortions arising from stockholder–bondholder conflicts (1999)Valuation Approaches and Metrics: A Survey of the Theory and Evidence (2007)The Nature of the Firm (1937)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Trade-Off and Pecking Order Theories of Debt (2005)How Persistent Is the Impact of Market Timing on Capital Structure? (2006)A Review of Empirical Capital Structure Research and Directions for the Future (2011)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)The stochastic behavior of common stock variances Value, leverage and interest rate effects (1982)Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry (1996)The cost of capital, corporation finance and the theory of investment (2008)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)An aggregation theorem for securities markets (1974)Capital market equilibrium in a mean-lower partial moment framework (1977)THE INSIGNIFICANCE OF BANKRUPTCY COSTS TO THE THEORY OF OPTIMAL CAPITAL STRUCTURE (1978)DEBT AND TAXES* (1977)Principles of Corporate Finance. (1981)The value of tax shields IS equal to the present value of tax shields☆ (2006)Valuing companies by cash flow discounting: ten methods and nine theories (2007)Corporate financing and investment decisions when firms have information that investors do not have (1984)The determinants and implications of corporate cash holdings (1999)Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)The Cross-Section of Expected Stock Returns (1992)Managing with Style: The Effect of Managers on Firm Policies (2003)Law, finance, and economic growth in China (2005)The economic implications of corporate financial reporting (2005)Valuation of Bankrupt Firms (2000)
this work references cited by second hop

References

  • 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION5,951 cited
  • 2001The theory and practice of corporate finance: evidence from the field5,947 cited
  • 1999Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of California at Los Angeles and the NBER, especially Eugene Fama and Robert Gertner. The usual disclaimers apply. Funding from MIT and the Tuck School at Dartmouth College is gratefuly acknowledged. We also thank two reviewers, Richard S. Ruback and Clifford W. Smith, Jr., for helpful comments.11,755 cited
  • 1994Testing Static Trade-off Against Pecking Order Models of Capital Structure1,164 cited
  • 1972THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS1,130 cited
  • 1984Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study558 cited
  • 1973A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY538 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
  • 2000An empirical analysis of corporate debt maturity structure236 cited
  • 1985Reformulating Tax Shield Valuation: A Note188 cited

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  • 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 Taxes169 cited
  • Cited by

    • 2004The Value of Tax Shields is Equal to the Present Value of Tax Shields59 cited
    • 2009What determines the capital structure of real estate companies?57 cited
    • 2010WACC: Definition, Misconceptions and Errors54 cited
    • 2007On the Equivalence between the APV and the wacc Approach in a Growing Leveraged Firm50 cited
    • 2007Capital Cash Flows, APV and Valuation49 cited
    • 2011On the risk-neutral value of debt tax shields46 cited
    • 2007A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio41 cited
    • 2008Splitting up value: A critical review of residual income theories27 cited
    • 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
    • 2012\nTesting the Modigliani-Miller theorem directly in the lab15 cited