The Cost of Capital and Company Valuation: Modigliani and Miller Revisited

THE COST OF CAPITAL AND COMPANY VALUATION fundamentally challenges Modigliani and Miller's treatment of taxation in their 'correction' from 1963. It provides new propositions around how taxes affect the distribution of cash flows and capital values between the suppliers of financial capital, leading to alternative ways of calculating the cost of capital, including, by extension, the weighted average cost of capital (WACC). Finally, it explores how to appropriately calculate the intrinsic value of companies and additional projects or investments, under different assumptions.

© 2025 Austin Macauley Publishers (E-bog): 9781035871674

Udgivelsesdato

E-bog: 18. juli 2025