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Interest Tax Shields: A Barrier Options Approach

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Author Info

  • Robert Couch

    ()

  • Michael Dothan

    ()

  • Wei Wu

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11156-012-0282-3
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 39 (2012)
    Issue (Month): 1 (July)
    Pages: 123-146

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    Handle: RePEc:kap:rqfnac:v:39:y:2012:i:1:p:123-146

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: Debt; Tax shield; Default; Interest coverage; Refinancing; Leveraged buyout; Barrier option; G13; G33;

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    References

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    1. Shourun Guo & Edith S. Hotchkiss & Weihong Song, 2011. "Do Buyouts (Still) Create Value?," Journal of Finance, American Finance Association, vol. 66(2), pages 479-517, 04.
    2. Fernández , Pablo, 2002. "The value of tax shields is not equal to the present value of tax shields," IESE Research Papers D/459, IESE Business School.
    3. Steven N. Kaplan & Per Stromberg, 2009. "Leveraged Buyouts and Private Equity," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-46, Winter.
    4. Cooper, Ian & Nyborg, Kjell G, 2005. "The Value of Tax Shields IS Equal to the Present Value of Tax Shields," CEPR Discussion Papers 5182, C.E.P.R. Discussion Papers.
    5. Mark Grinblatt & Jun Liu, 2002. "Debt Policy, Corporate Taxes, and Discount Rates," NBER Working Papers 9353, National Bureau of Economic Research, Inc.
    6. Deen Kemsley & Doron Nissim, 2002. "Valuation of the Debt Tax Shield," Journal of Finance, American Finance Association, vol. 57(5), pages 2045-2073, October.
    7. Liu, Yuan-Chi, 2009. "The slicing approach to valuing tax shields," Journal of Banking & Finance, Elsevier, vol. 33(6), pages 1069-1078, June.
    8. Goldstein, Robert & Ju, Nengjiu & Leland, Hayne, 2001. "An EBIT-Based Model of Dynamic Capital Structure," The Journal of Business, University of Chicago Press, vol. 74(4), pages 483-512, October.
    9. Miles, James A. & Ezzell, John R., 1980. "The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(03), pages 719-730, September.
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    Cited by:
    1. Christian Koziol, 2014. "A simple correction of the WACC discount rate for default risk and bankruptcy costs," Review of Quantitative Finance and Accounting, Springer, vol. 42(4), pages 653-666, May.

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