Asset pricing under distinctive fiscal considerations
- This cumulative dissertation extends the literature strand on firm valuation and capital structure under distinctive fiscal considerations by elaborating on corporate finance issues that have not been resolved or not explained in their full magnitude. Essay one reassesses the appropriate valuation of a firm using the APV equation and more appropriately specifying one of its components, the value of tax savings. The second essay thematically follows essay one by utilizing the WACC approach in a multi-state setting under active debt policy. The third and final essay reconsiders capital structure under the artificial restriction of interest deductibility and its resulting influence on the value of potential tax savings. All essays incorporate loss distribution in default for either a partial or a complete loss scenario, thus providing additional insides on this crucial assumption in firm valuation under risky debt.
| Document Type: | Doctoral Thesis |
|---|---|
| Language: | English |
| Author: | Max FischerORCiD |
| Referee: | Alexander LahmannORCiD, Stephan Stubner |
| Chairs and Professorships: | Chair of Financial Management |
| Full text/ URN: | urn:nbn:de:bsz:14-qucosa2-860183 |
| Place of publication: | Leipzig |
| Date of Publication (online): | 2023/06/14 |
| Page Number: | 78 |
| Tag: | COD; Earnings stripping rule; Optimal capital structure; Risky debt; Tax savings |
| Note: | Dissertation, HHL Leipzig graduate School of Management, 2023 Contains: - Krause, Marko ; Lahmann, Alexander ; Stimper, Franziska: Firm valuation with state dependent COD taxation. DOI: 10.1016/j.qref.2020.10.012 - Fehrenkötter, Rieke ; Krause, Marko ; Lahmann, Alexander: Ausfallbedrohtes Fremdkapital und die steuerliche Behandlung eines Schuldenerlasses bei Insolvenz im WACC. - Krause, Marko ; Lahmann, Alexander: Capital structure effects of earnings stripping rules |
| Licence (German): |  Urheberrechtlich geschützt |