Download E-books A Theory of the Firm's Cost of Capital: How Debt Affects the Firm's Risk, Value, Tax Rate, and The... PDF
By Ramesh K. S. Rao
The price of capital proposal has myriad functions in enterprise decision-making. the traditional method for deriving expense of capital estimates is predicated at the seminal Modigliani-Miller analyses. This publication generalizes this framework to incorporate non-debt tax shields (e.g., depreciation), interactions among the borrowing expense and tax shields, and default concerns. It develops numerous new effects and indicates how larger expense of capital and marginal tax cost estimates will be generated. The book's unified fee of capital idea is mentioned with entire numerical examples and graphical illustrations. This publication could be of curiosity to company managers, teachers, funding bankers, governmental corporations, and personal businesses that generate fee of capital estimates for public intake.
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