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Costo de capital con costo del patrimonio apalancado como el riesgo de los escudos fiscales

Author

Listed:
  • Joseph Tham
  • Ignacio Velez Pareja

Abstract

Se presenta la derivación de costo de capital bajo la premisa del ahorro deimpuestos de riesgo descuento con el costo de capital apalancado. Se demuestraque la formulación es coherente y se deriva de los principios financieros básicos. Esta formulación es válida para los flujos de caja finitos y perpetuidades sin crecimiento. Además, se puede calcular sin la circularidad entre el valor y la tasa de descuento.

Suggested Citation

  • Joseph Tham & Ignacio Velez Pareja, 2010. "Costo de capital con costo del patrimonio apalancado como el riesgo de los escudos fiscales," Proyecciones Financieras y Valoración 7612, Master Consultores.
    • Handle: RePEc:col:000463:007612
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    More about this item

    Keywords

    Cost of levered equity; firm valuation; tax shields; discount rate for tax shields; risk of tax shields;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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