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Record Nr. |
UNINA9910784040303321 |
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Autore |
Rao Ramesh K. S |
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Titolo |
A theory of the firm's cost of capital [[electronic resource] ] : how debt affects the firm's risk, value, tax rate, and the government's tax claim / / Ramesh K.S. Rao, Eric C. Stevens |
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Pubbl/distr/stampa |
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Hackensack, NJ, : World Scientific, c2007 |
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ISBN |
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1-281-12098-7 |
9786611120986 |
981-270-837-5 |
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Descrizione fisica |
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1 online resource (105 p.) |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Corporations - Finance |
Capital costs |
Corporate debt |
Capital assets pricing model |
Financial leverage |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references (p. 85-88) and index. |
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Nota di contenuto |
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Introduction -- Model setting -- Distributional assumptions -- Model solution procedure -- Discussion of results -- Extension to s x s states -- Numerical illustration -- Conclusion. |
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Sommario/riassunto |
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The cost of capital concept has myriad applications in business decision-making. The standard methodology for deriving cost of capital estimates is based on the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation), interactions between the borrowing rate and tax shields, and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The book's unified cost of capital theory is discussed with comprehensive numerical examples and graphical |
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