English, Article, Journal or magazine article edition: A more realistic valuation: APV and WACC with constant book leverage ratio Fernandez, Pablo

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Bookmark: http://trove.nla.gov.au/version/170498
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A more realistic valuation: APV and WACC with constant book leverage ratio
Author
  • Fernandez, Pablo
Physical Description
  • preprint
Notes
  • We value a company that targets its capital structure in book-value terms. This capital structure definition provides us with a valuation that lies between those of Modigliani-Miller (fixed debt) and Miles-Ezzell (fixed market-value leverage ratio). We show that if a company targets its leverage in market-value terms, it has less value than if it targets the leverage in book-value terms. We also present empirical evidence that permits us to conclude that debt is more related to the book-value of the assets than to their market-value.
  • value of tax shields; required return to equity; company valuation; cost of equity;
  • RePEc:ebg:iesewp:d-0715
Language
  • English
Contributed by
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