English, Article, Journal or magazine article edition: The value of tax shields depends only on the net increases of debt Fernandez, Pablo

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Bookmark: http://trove.nla.gov.au/version/170806
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The value of tax shields depends only on the net increases of debt
Author
  • Fernandez, Pablo
Physical Description
  • preprint
Notes
  • The value of tax shields depends only on the nature of the stochastic process of the net increases of debt. The value of tax shields in a world with no leverage cost is the tax rate times the current debt plus the present value of the net increases of debt. By applying this formula to specific situations, we show that Modigliani-Miller (1963) should be used when the company has a preset amount of debt, Fernández (2004) when the company maintains a fixed book-value leverage ratio, and Miles-Ezzell (1980) when the company maintains a fixed market-value leverage ratio.
  • Value of tax shields; present value of the net increases of debt; required return to equity;
  • RePEc:ebg:iesewp:d-0613
Language
  • English
Contributed by
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