| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w9353
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| 来源ID | Working Paper 9353
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| Debt Policy, Corporate Taxes, and Discount Rates |
| Mark Grinblatt; Jun Liu
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| 发表日期 | 2002-11-25
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| 出版年 | 2002
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| 语种 | 英语
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| 摘要 | This paper studies the valuation of assets with debt tax shields when debt policy is a general time-dependent function of the asset's unlevered cash flows, value, and history. In a continuous-time setting, it shows that the value of a project's debt tax shield satisfies a partial differential equation, which simplifies to an easily solved ordinary differential equation for most plausible debt policies. A large class of cases exhibits closed-form solutions for the value of a levered asset, the value of its tax shield, and the appropriate tax-adjusted cost of capital for discounting unlevered cash flows. |
| 主题 | Financial Economics
; Financial Markets
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| URL | https://www.nber.org/papers/w9353
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566970
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推荐引用方式
GB/T 7714 |
Mark Grinblatt,Jun Liu. Debt Policy, Corporate Taxes, and Discount Rates. 2002.
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文件名：
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w9353.pdf
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格式：
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Adobe PDF
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