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.
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:86018 |
| Date | 14 June 2023 |
| Creators | Fischer, Max |
| Contributors | Lahmann, Alexander, Stubner, Stephan, HHL Leipzig Graduate School of Management |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | German, English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:doctoralThesis, info:eu-repo/semantics/doctoralThesis, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
Page generated in 0.0021 seconds