La versión española de este artículo se puede encontrar en: 'http://ssrn.com/abstract=2685207' http://ssrn.com/abstract=2685207.We discuss the relevance of personal taxes on Tax Shields. Interest and taxes are the basis for defining an optimal capital structure. When personal taxes are...

The Spanish version of this paper can be found at http://ssrn.com/abstract=1997065This chapter is devoted to the definition and application of the “cost of capital” concept to the valuation of cash flows from different points of view. We present an approach to estimate the cost of debt and...

This paper presents the derivation of non-circular formulas for the calculation of the cost of equity, WACC, equity value (as a function either of initial debt or leverage), and levered firm value, using some previous results and showing their consistency with other well-known expressions....

We present the derivation of cost of capital under the assumption of risky tax shields discounted with the cost of levered equity. We show that the formulation is consistent and is derived from basic financial principles. This formulation is valid for finite cash flows and non growing...

This paper presents a formal derivation of general expressions for Ke and WACC in perpetuities with constant growth, which do not make any assumption on what the proper discount rate is to be applied to the firm's tax shield, and are complemented with numerical examples of its application....

Llano-Ferro (2009) proposes a solution to avoid 'significant errors' when the Weighted Average Cost of Capital (WACC) obtained by the standard formula leads to significant errors in Net Present Value of the Firm calculations; particularly in those that apply to perpetual cash flow series. In...

When calculating Tax Savings, TS we are confronted with a strange mix of accounting accrual and market value when involving TS in the calculation of the Weighted Average Cost of Capital, WACC or the Cost of Equity, Ke. Firms earn the right to TS once they accrue the interest expense and they...

Estas diapositivas son un material para el curso de Finanzas Corporativas . Tratan el concepto más impirtante de las finanzas: el costo de capital. Las diapositivas presentan tanto la formulación más sencilla como las más complejas.Son un material que apoya al texto...

Esto es un material de apoyo en PowerPoint para 'http://ssrn.com/abstract=2344169' http://ssrn.com/abstract=2344169 Costo De Capital Y Flujos De Caja Para PYMEs (Cost of Capital and Cash Flows for SMEs).Las empresas no transadas en bolsa, la mayoría de ellas, PYMEs, (Pequeñas y Medianas...

The English version of this paper can be found at http://ssrn.com/abstract=1570718Este capítulo está dedicado a la definición y aplicación del concepto del 'costo de capital' y la valoración de los flujos de caja desde diferentes puntos de vista. Se presenta un método para estimar el costo...