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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Marko Volker Krause | vi |
dc.date.accessioned | 2020-09-14T09:25:28Z | - |
dc.date.available | 2020-09-14T09:25:28Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | https://doi.org/10.1007/s40685-018-0066-2 | vi |
dc.identifier.uri | http://tailieuso.tlu.edu.vn/handle/DHTL/9408 | - |
dc.description.abstract | De- and re-levering betas is important to obtain discount rates for assets that are not publicly traded. A de- and re-levering procedure is around for the case of risk-free debt. The procedure for risky debt is much less clear even under very simplifying assumptions. In this paper, I concretize and extend the procedure for deand re-levering of betas for companies with risky debt. I derive procedures for different assumptions on the taxation of a cancellation of debt (COD) and for different assumptions regarding the distribution of losses on interest and principal payments. With a tax on the COD I obtain known results. However, without taxes on a COD, the distribution of losses on interest and principal payments matters and equations differ markedly for different assumptions on the assignment of losses to interest and principal payments. Furthermore, using a procedure that does not fit the COD treatment is likely to lead to substantial deviations for de- and re-levered betas from their correct values. | vi |
dc.description.uri | https://doi.org/10.1007/s40685-018-0066-2 | vi |
dc.language | en_US | vi |
dc.publisher | Springer Nature | vi |
dc.relation.ispartofseries | Business Research, 2019, Volume 12, Issue 2, pp 703–720 | vi |
dc.subject | Default risk | vi |
dc.subject | Tax treatment of default | vi |
dc.subject | Leverage | vi |
dc.title | De and re-levering betas with risky debt | vi |
dc.type | BB | vi |
Appears in Collections: | Tài liệu mở |
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