| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3074 |
| 来源ID | Working Paper 3074 |
| Consistent Valuation and Cost of Capital Expressions with Corporate and Personal TAxes | |
| Robert A. Taggart, Jr. | |
| 发表日期 | 1989-08-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper examines three valuation methods, each of which should lead to the same value for a given asset. These are the Adjusted Present Value, Adjusted Discount Rate and Flows to Equity methods. To achieve identical valuations, however, the different methods must be implemented with cost of capital expressions that embody a consistent set of assumptions about (1) the tax regime and (2) the time pattern and riskiness of debt tax shields. Valuation and cost of capital expressions that have been proposed in the literature are grouped and contrasted according to these assumptions. It is also shown that the familiar weighted average cost of capital can be consistent with any such set of assumptions, as long as the correct expression is used to estimate the relationship between the levered and unlevered cost of equity. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w3074 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560351 |
| 推荐引用方式 GB/T 7714 | Robert A. Taggart, Jr.. Consistent Valuation and Cost of Capital Expressions with Corporate and Personal TAxes. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3074.pdf（319KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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