Browsing by Subject "Capital Structure Model (CSM)"
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A capital structure model (CSM) with tax rate changes
Perpetuity gain to leverage (GL) research originates in Modigliani and Miller (1963) and was extended by Miller (1977) to incorporate personal taxes. This research analyzes GL when issuing debt to retire unlevered equity. ... -
Debt-Equity Decision-making with Wealth Transfers
This paper offers an instructional exercise to help the debt-equity decision-making process when there are wealth transfers between equity and debt owners caused by a levered firm undertaking multiple debt-equity increments. ...