Scholze, Andreas: A Simple Accounting-Based Valuation Model for the Debt Tax Shield. In: Business Research 3 (2010), Nr. 1, S. 37-47. DOI: https://doi.org/10.1007/bf03342714
Abstract: | |
This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period. | |
License of this version: | CC BY 4.0 Unported |
Document Type: | Article |
Publishing status: | publishedVersion |
Issue Date: | 2010 |
Appears in Collections: | Wirtschaftswissenschaftliche Fakultät |
pos. | country | downloads | ||
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total | perc. | |||
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Germany | 54 | 55.10% |
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United States | 23 | 23.47% |
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China | 7 | 7.14% |
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No geo information available | 3 | 3.06% |
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Indonesia | 2 | 2.04% |
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Luxembourg | 1 | 1.02% |
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Japan | 1 | 1.02% |
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France | 1 | 1.02% |
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Czech Republic | 1 | 1.02% |
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Belgium | 1 | 1.02% |
other countries | 4 | 4.08% |
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