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A BRIDGE MODEL LINKING THE REAL SIDE
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accordingly after-tax agency costs analysis assets assumed assumption asymmetric information bankruptcy costs borrowing capital gains capital market capital structure CAPM cash flows certainty clientele effect constraints consumption corner solution corporate and personal corporate debt corporate financial policy corporate leverage corporate tax cost of capital debt/equity ratios decisions default dividend policy dividend yields earnings equilibrium ex-dividend day expected return Financial Economics firm's value framework gain from leverage Hence his/her homemade homogeneous expectations implies incomplete markets increase individual interest rate investors irrelevance Journal of Financial junk bonds LBOs leveraged buyouts levered firm marginal tax rate market value maximisation mean-variance Modigliani and Miller nominal interest rate opportunity set payout perfect capital market personal tax rates personal taxation preferences present value relevant repurchase risk risk-class risk-free risky securities shareholders shares state-preference stockholders tax brackets tax shelter tax shield taxable theory uncertainty valuation wealth