English, Article, Journal or magazine article edition: Levered and unlevered Beta Fernandez, Pablo

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Bookmark: http://trove.nla.gov.au/version/170366
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Levered and unlevered Beta
Author
  • Fernandez, Pablo
Physical Description
  • preprint
Notes
  • We prove that in a world without leverage cost the relationship between the levered beta ( L) and the unlevered beta ( u) is the No-costs-of-leverage formula: L =​ u + ( u - d) D (1 - T) /​ E. We also analyze 6 alternative valuation theories proposed in the literature to estimate the relationship between the levered beta and the unlevered beta (Harris and Pringle (1985), Modigliani and Miller (1963), Damodaran (1994), Myers (1974), Miles and Ezzell (1980), and practitioners) and prove that all provide inconsistent results.
  • unleveredbeta; levered beta; asset beta; value of tax shields; required return to equity; leverage cost;
  • RePEc:ebg:iesewp:d-0488
Language
  • English
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