English, Article, Journal or magazine article edition: A general formula for the WACC André Farber; Roland Gillet; Ariane Szafarz

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Bookmark: http://trove.nla.gov.au/version/110814
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A general formula for the WACC
Author
  • André Farber
  • Roland Gillet
  • Ariane Szafarz
Physical Description
  • preprint
Notes
  • Recent controversies testify that the tax shield valuation remains a hot topic in the financial literature. Basically, two methods have been proposed to incorporate the tax benefit of debt in the present value computation: The adjusted present value(APV), and the classical weighted average cost of capital (WACC). This note clarifies the relationship between these two apparently different approaches by offering a general formula for the WACC. This formula encompasses earlier results obtained by Modigliani and Miller (1963) and Harris and Pringle (1985).
  • WACC, APV, tax shield
  • RePEc:sol:wpaper:05-012
Language
  • English
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