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Theory Of The Firms Cost Of Capital A How Debt Affects The Firms Risk Value Tax Rate And The Governments Tax Claim
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Book Synopsis Theory Of The Firm's Cost Of Capital, A: How Debt Affects The Firm's Risk, Value, Tax Rate, And The Government's Tax Claim by : Ramesh K S Rao
Download or read book Theory Of The Firm's Cost Of Capital, A: How Debt Affects The Firm's Risk, Value, Tax Rate, And The Government's Tax Claim written by Ramesh K S Rao and published by World Scientific. This book was released on 2007-03-12 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 illustrations.This book will be of interest to corporate managers, academics, investment bankers, governmental agencies, and private companies that generate cost of capital estimates for public consumption.
Book Synopsis A Theory of the Firm's Cost of Capital by : Ramesh K. S. Rao
Download or read book A Theory of the Firm's Cost of Capital written by Ramesh K. S. Rao and published by World Scientific. This book was released on 2007 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cost of capital concept is widely used in business decision-making. The current theory and estimates for measurement of cost of capital are derived from the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation) and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The unified cost of capital theory presented in the book is illustrated graphically and with comprehensive numerical examples. This book will be of great interest to practicing managers, academics, governmental agencies and private companies that generate cost of capital estimates for public consumption.
Book Synopsis The Firm's Cost of Capital, its Effective Marginal Tax Rate, and the Value of the Government's Tax Claim by : Eric C. Stevens
Download or read book The Firm's Cost of Capital, its Effective Marginal Tax Rate, and the Value of the Government's Tax Claim written by Eric C. Stevens and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theory of the firm's weighted average cost of capital (WACC) and the marginal tax rate with risky debt and potentially redundant depreciation and interest tax shields. The tax shields' risks, the firm's borrowing interest rate and its marginal tax rate are intertwined, and they must therefore be determined simultaneously. We capture these interdependencies by determining the borrowing interest rate endogenously, using the single-factor approximate arbitrage pricing theory. This research strategy: a) yields the correct discount rate for valuing the tax shields and shows how better WACC and marginal tax rate estimates can be generated, b) identifies the determinants of the firm's debt capacity in terms of asset characteristics and exogenous economic variables, and c) specifies, numerically, how policy variables (corporate tax rate, tax rules, and the T-bill rate) affect the market values of claims on the firm's output that are both private (debt, equity) and public (tax claims).
Book Synopsis Corporate Governance and Financial Management by : S. Nuryanah
Download or read book Corporate Governance and Financial Management written by S. Nuryanah and published by Springer. This book was released on 2015-01-16 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates corporate governance, corporate finance and accounting to formulate sound financial management strategies. It offers practical steps for managers using an integrated optimisation financial model to achieve good corporate governance practices which lead to lower risks and higher firm value.
Book Synopsis Guide to Damages in International Arbitration by : John A Trenor
Download or read book Guide to Damages in International Arbitration written by John A Trenor and published by Law Business Research Ltd.. This book was released on 2016-11-05 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Arbitration Review's The Guide to Damages in International Arbitrationis a desktop reference work for those who'd like greater confidence when dealing with the numbers. The guide, edited by John A. Trenor of Wilmer Cutler Pickering Hale and Dorr LLP, covers all aspects of damages - from the legal principles applicable, to the main valuation techniques and their mechanics, to industry-specific questions, and topics such as tax and currency. For each of the major methodologies employed by damages experts the book describes the basics of the approach, the areas of general agreement, and the points at which consensus can break down. The book acts as a compass for non-accountants and non-economists, enabling them to argue or umpire the damages part of cases more effectively. This guide contains 27 chapters, sectioned into four parts: I. Legal Principles Applicable to the Award of Damages II. Procedural Issues and the Use of Damages Experts III. Approaches and Methods for the Assessment and Quantification of Damages IV. Industry-Specific Damages Issues. Contributors include top names at organisations like White & Case LLP, Freshfields Bruckhaus Deringer LLP, PricewaterhouseCoopers LLP and Victoria University. 'The Global Arbitration Review Guide to Damages in International Arbitration covers most issues likely to be faced by arbitrators, counsel and experts. The twenty-six chapters are written by experts in their respective fields. Their advice is down to earth and practical. The Guide fulfills the aim described by John Trenor in his Introduction: "e; to make the subject of damages in international arbitration more understandable and less intimidating for arbitrators and other participants in the field and to help participants present these issues more effectively to tribunals."e;'- Anthony Connerty, Barrister in practice, IDR Group and 4-5 Gray's Inn Square
Book Synopsis Principles of Managerial Finance by : Lawrence J Gitman
Download or read book Principles of Managerial Finance written by Lawrence J Gitman and published by Pearson Higher Education AU. This book was released on 2015-05-20 with total page 895 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once again, Principles of Managerial Finance brings you a user friendly text with strong pedagogical features and an easy-to-understand writing style. The new edition continues to provide a proven learning system that integrates pedagogy with concepts and practical applications, making it the perfect learning tool for today’s students. The book concentrates on the concepts, techniques and practices that are needed to make key financial decisions in an increasingly competitive business environment. Not only does this text provide a strong basis for further studies of Managerial Finance, but it also incorporates a personal finance perspective. The effect is that students gain a greater understanding of finance as a whole and how it affects their day-to-day lives; it answers the question “Why does finance matter to ME?” By providing a balance of managerial and personal finance perspectives, clear exposition, comprehensive content, and a broad range of support resources, Principles of Managerial Finance will continue to be the preferred choice for many introductory finance courses.
Book Synopsis Tax Policy, Leverage and Macroeconomic Stability by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Tax Policy, Leverage and Macroeconomic Stability written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-12-10 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
Book Synopsis Surface Mining, Second Edition by : Bruce A. Kennedy
Download or read book Surface Mining, Second Edition written by Bruce A. Kennedy and published by SME. This book was released on 1990 with total page 1214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This SME classic is both a reference book for the working engineer and a textbook for the mining student. This hardcover edition gives a brief history of surface mining and a general overview of the state of surface mining today--topics range from production and productivity to technological developments and trends in equipment. This extremely useful text takes the approach that exploration and mining geologists must be expert in a number of fields, including basic finance and economics, logistics, and pragmatic prospecting. Readers will find material on all these topics and more. The book's nine chapters include: Introduction, Exploration and Geology Techniques, Ore Reserve Estimation, Feasibility Studies and Project Financing, Planning and Design of Surface Mines, Mine Operations, Mine Capital and Operating Costs, Management and Organization, and Case Studies. The book is fully indexed.
Book Synopsis The COVID-19 Impact on Corporate Leverage and Financial Fragility by : Sharjil M. Haque
Download or read book The COVID-19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Book Synopsis Selected Water Resources Abstracts by :
Download or read book Selected Water Resources Abstracts written by and published by . This book was released on 1970 with total page 796 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt Bias and Other Distortions by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Debt Bias and Other Distortions written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Regimes for Extractive Industries—Design and Implementation by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Regimes for Extractive Industries—Design and Implementation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2012-08-16 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Download or read book Journal of Economic Literature written by and published by . This book was released on 1991 with total page 1162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Short Introduction to Corporate Finance by : Raghavendra Rau
Download or read book Short Introduction to Corporate Finance written by Raghavendra Rau and published by Cambridge University Press. This book was released on 2017-01-11 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Short Introduction to Corporate Finance provides an accessibly written guide to contemporary financial institutional practice. Rau deploys both his professional expertise and experience of teaching MBA and graduate-level courses to produce a lively discussion of the key concepts of finance, liberally illustrated with real-world examples. Built around six essential paradigms, he builds an integrated framework covering all the major ideas in finance over the past half-century. Ideal for students and practitioners alike, it will become core reading for anyone aspiring to become an effective manager.
Book Synopsis Private Equity and Venture Capital in Europe by : Stefano Caselli
Download or read book Private Equity and Venture Capital in Europe written by Stefano Caselli and published by Academic Press. This book was released on 2018-01-26 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. Private equity investors can take advantage of these variations. Structured to provide a taxonomy of the business, Private Equity and Venture Capital in Europe, Second Edition, introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the European model. With the help of new pedagogical materials, this Second Edition provides marketable insights about valuation and deal-making not available elsewhere. Covers new regulations and legal frameworks (in Europe and the US) described by data and tax rates Features overhauled and expanded pedagogical supplements to increase the versatility of the Second Edition Focuses on Europe Includes balanced presentations throughout the book
Book Synopsis Financial Theory and Corporate Policy by : Thomas E. Copeland
Download or read book Financial Theory and Corporate Policy written by Thomas E. Copeland and published by Addison Wesley. This book was released on 1988 with total page 962 pages. Available in PDF, EPUB and Kindle. Book excerpt: This recognised classic has chapters on the future markets and one on financial applications for the corporate financial officer, including pension fund management, debt defense, hedging strategies, executive compensation, and ESOP's. It discusses all the major contributions of finance literature of recent years and summarises current literature.
