G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18148
来源IDWorking Paper 18148
Real Options, Taxes and Financial Leverage
Stewart C. Myers; James A. Read, Jr.
发表日期2012-06-15
出版年2012
语种英语
摘要We show how the value of a real option depends on corporate income taxes and the option's "debt capacity," defined as the amount of debt supported or displaced by the option. The value of the underlying asset must be an adjusted present value (APV). The risk-free rate of interest must be after-tax. Debt capacity depends on the APV and target debt ratio for the underlying asset, on the option delta and on the amount of risk-free borrowing or lending that would be needed for replication. The target debt ratio for a real call option is almost always negative. Observed debt ratios for growth firms that follow the tradeoff theory of capital structure will be lower than target ratios for assets in place. Our results can rationalize some empirical financing patterns that seem inconsistent with the tradeoff theory, but rigorous tests of the theory for growth firms seem nearly impossible.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w18148
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/575824
推荐引用方式
GB/T 7714
Stewart C. Myers,James A. Read, Jr.. Real Options, Taxes and Financial Leverage. 2012.
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
w18148.pdf(411KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Stewart C. Myers]的文章
[James A. Read, Jr.]的文章
百度学术
百度学术中相似的文章
[Stewart C. Myers]的文章
[James A. Read, Jr.]的文章
必应学术
必应学术中相似的文章
[Stewart C. Myers]的文章
[James A. Read, Jr.]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w18148.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。