Browsing Institutt for industriell økonomi og teknologiledelse by Journals "European Financial Management"
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Tax-adjusted Discount Rates: a General Formula under Constant Leverage Ratios
(Journal article, 2013)Cooper and Nyborg (2008) derive a tax-adjusted discount rate formula under a constant proportion leverage policy, investor taxes and risky debt. However, their analysis assumes zero recovery in default. We extend their ...