Calculating the Present Value of Riskless Cash Flows
Calculating the Present Value of Riskless Cash Flows
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In our eReader you can find the full English version of the book. Read Calculating the Present Value of Riskless Cash Flows Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Calculating the Present Value of Riskless Cash Flows
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The proceeds from these short sales Is the minimal net present value of the project. The tax code allows the firm to deduct the yield on the implicit loan balance in each period. That is, in period t the firm is allowed to deduct interest of B Q IL, (1 + R_) * where Bq is the initial amount borrowed and Rj, is the yield on the pure discount bond that matures in period T.
The proceeds of the equivalent loan are determined by calculating the amount of pure discount bonds that offsets all of the c...ash inflows and tax shields. Suppose, as in the proposition, that the firm has a riskless project with a riskless after-tax cash flow of L in T periods and that the firm realizes the full value of interest tax shields. Define Z_ as the amount of pure discount bonds that are sold short to offset the cash flow in period T and Rj as the yield on a T period riskless pure discount bond. In period T the firm receives the riskless after-tax cashflow from the project X_(l - x) and the interest tax shield from the pure discount bond that T matures in period T.
What to read after Calculating the Present Value of Riskless Cash Flows?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The proceeds from these short sales Is the minimal net present value of the project. The tax code allows the firm to deduct the yield on the implicit loan balance in each period. That is, in period t the firm is allowed to deduct interest of B Q IL, (1 + R_) * where Bq is the initial amount borrowed and Rj, is the yield on the pure discount bond that matures in period T.
The proceeds of the equivalent loan are determined by calculating the amount of pure discount bonds that offsets all of the c...ash inflows and tax shields. Suppose, as in the proposition, that the firm has a riskless project with a riskless after-tax cash flow of L in T periods and that the firm realizes the full value of interest tax shields. Define Z_ as the amount of pure discount bonds that are sold short to offset the cash flow in period T and Rj as the yield on a T period riskless pure discount bond. In period T the firm receives the riskless after-tax cashflow from the project X_(l - x) and the interest tax shield from the pure discount bond that T matures in period T.
What to read after Calculating the Present Value of Riskless Cash Flows?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
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