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

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Bookmark: http://trove.nla.gov.au/version/110847
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A General Formula for the WACC: A Reply
Author
  • André Farber
  • Roland Gillet
  • Ariane Szafarz
Physical Description
  • preprint
Notes
  • Farber, Gillet and Szafarz (2006) propose a general formula for the WACC in which the expected return on the tax shield appears explicitly. The classical Modigliani-Miller and Harris-Pringle WACC formulas for specific debt policies are then derived from the general formula after having determined the corresponding tax shield expected returns. Replying to Fernandez’ (2007) comment, this note explores, in addition, the validity of the general formula in the Miles-Ezzel setup with annual adjustment of the level of debt to maintain a constant market-value debt ratio.
  • WACC, value of tax shield.
  • RePEc:sol:wpaper:07-004
Language
  • English
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