|
| << vorige | volgende >> |
Tijdschrift beschrijving
Alle jaargangen van het bijbehorende tijdschrift
Alle afleveringen van het bijbehorende jaargang
Alle artikelen van de bijbehorende aflevering
Details van artikel 5 van 15 gevonden artikelen
| Titel: |
Company Value Anatomy |
| Auteur: |
Vinícius Aversari Martins Luiz Nelson Guedes de Carvalho Alexandre Assaf Neto |
| Verschenen in: |
RAC: Revista de Administraç¯ao Contempor¯anea |
| Paginering: | Jaargang 12 (2008) nr. 4 pagina's 1071-1106 |
| Jaar: |
2008 |
| Inhoud: |
The seminal propositions by Modigliani and Miller started a new study area in modern finance theory. Over time, their basic assumptions were relaxed, to the extent that, nowadays, situations in which they can be fully applied, with consistent and satisfactory results, are rare. On the other hand, as this simple set of propositions became known worldwide and was easily applicable, it was adopted as a rule of thumb for general enterprise valuation. However, in situations without methodological bias, the resulting enterprise values obtained by traditional methodologies are abstruse and do not allow for the analysis and management of the individual values that make up the firm and own capital values. In order to avoid this kind of abstruseness in company valuation, this study theoretically deducts an alternative valuation methodology, which permits the identification of assets’ value independently of their financing; moreover, we identify the gain on debt value that the debt provides to the shareholders, the debt tax shield and the value loss of assets and tax shield due to the increase in shareholder risk because of the leverage capital structure. |
| Uitgever: |
ANPAD - Associação Nacional dos Programas de Pós-graduação em Administração (provided by DOAJ) |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 5 van 15 gevonden artikelen
| << vorige | volgende >> |