| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6666 |
| DP6666 The Big Carrot: High Stake Incentives Revisited | |
| Shoshana Neuman; Pablo Brañas-Garza; Teresa García-Muñoz | |
| 发表日期 | 2008-01-25 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper derives a tax-adjusted discount rate formula with a constant proportion leverage policy, investor taxes, and risky debt. The result depends on an assumption about the treatment of tax losses in default. We identify the assumption that justifies the textbook approach of discounting interest tax shields at the cost of debt. We contrast this with an alternative assumption that leads to the Sick (1990) result that these should be discounted at the riskless rate. These two approaches represent polar cases. Each generates its results by using a different simplifying assumption, and we explain what determines the correct treatment in practice. We also discuss implementation of the valuation procedure using the CAPM. |
| 主题 | Financial Economics |
| 关键词 | Tax adjusted discount rate Wacc |
| URL | https://cepr.org/publications/dp6666 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535503 |
| 推荐引用方式 GB/T 7714 | Shoshana Neuman,Pablo Brañas-Garza,Teresa García-Muñoz. DP6666 The Big Carrot: High Stake Incentives Revisited. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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