Firm Valuation with Deferred Taxes: A Theoretical Framework
AbstractThis paper proposes a method for valuing a firm's debt and equity that relies on readily-accessible current accounting data applied in an easily understood and intuitively appealing manner and which addresses the impact of a firm's accounting for taxes on a its economic profitability. We derive parsimonious expressions for the value of a firm's equity and debt in terms of current book values and future abnormal earnings which require no separate adjustments for deferred tax balances.
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Bibliographic InfoPaper provided by Columbia - Graduate School of Business in its series Papers with number 97-13.
Length: 41 pages
Date of creation: 1997
Date of revision:
Contact details of provider:
Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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DEBT ; EQUITY ; ACCOUNTING ; TAXES;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence
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