Value of equity in the unlevered company wacc

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Unformatted text preview: apital before taxes WCR = Working capital requirements = net current assets 26 - IESE Business School-University of Navarra References Arditti, F.D. and H. Levy (1977), “The Weighted Average Cost of Capital as a Cutoff Rate: A Critical Examination of the Classical Textbook Weighted Average,” Financial Management (Fall), pp. 24-34. Arzac, E.R and L.R. Glosten (2005), “A Reconsideration of Tax Shield Valuation,” European Financial Management, 11/4, pp. 453-461. Cooper, I. A. and K. G. Nyborg (2006), “The Value of Tax Shields IS Equal to the Present Value of Tax Shields,” Journal of Financial Economics, 81, pp. 215-225. Copeland, T.E., T. Koller and J. Murrin (2000), “Valuation: Measuring and Managing the Value of Companies,” Third edition, New York: Wiley. Damodaran, A. (1994), “Damodaran on Valuation,” John Wiley and Sons, New York. Fernández, P. (2002), “Valuation Methods and Shareholder Value Creation,” Academic Press. Fernández, P. (2004), “The value of tax shields is NOT equal to the present value of tax shields,” Journal of Financial Economics, Vol. 73/1 (July), pp. 145-165. Fernández, P. (2006), “A More Realistic Valuation: APV and WACC with constant book leverage ratio,” SSRN Working Paper no. 946090. Harris, R.S. and J.J. Pringle (1985), “Risk-Adjusted Discount Rates Extensions Form the Average-Risk Case,” Journal of Financial Research (Fall), pp. 237-244. Inselbag, I. and H. Kaufold (1997), “Two DCF Approaches for Valuing Companies under Alternative Financing Strategies (and How to Choose Between Them),” Journal of Applied Corporate Finance (Spring), pp. 114-122. Kaplan, S. and R. Ruback (1995), “The Valuation of Cash Flow Forecasts: An Empirical Analysis,” Journal of Finance, Vol 50, No 4, September. Lewellen, W.G. and D.R. Emery (1986), “Corporate Debt Management and the Value of the Firm,” Journal of Financial Quantitative Analysis (December), pp. 415-426. Luehrman, T. A. (1997), “What’s It Worth: A Gener...
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