Valuation methodologies and emerging markets

Journal of Business Valuation and Economic Loss Analysis

Volumn 5, Issue 1, 2010, Pages

  Qi, Howard ^a  

^a MICHIGAN TECHNOLOGICAL UNIVERSITY   (United States)

Author keywords

APV; Capital structure; CCF; WACC

Indexed keywords

EID: 77952103645     PISSN: None     EISSN: 19329156     Source Type: Journal    
DOI: 10.2202/1932-9156.1064     Document Type: Article

References (29)

1. Booth, Laurence, 2002, "Finding value where none exists: pitfalls in using adjusted present value", Journal of Applied Corporate Finance 15, 8-17.
2. Booth, Laurence, 2007, "Capital cash flows, APV and Valuation", European Financial Management 13, 29-48.
3. th Edition, McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate, New York.
4. th Edition, South-Western College Publisher.
5. Byoun, S., and J. C. Rhim, 2003, "Tests of the pecking order theory and the tradeoff theory of optimal capital structure", Proceedings of the Midwest Business Economics Association.
6. Cooper, I. A., and K. G. Nyborg, 2006, "The value of tax shields is equal to the present value of tax shields", Journal of Financial Economics, 81, 215-225.
7. Cooper, I. A., and K. G. Nyborg, 2007, "Valuing the debt tax shield", Journal of Applied Corporate Finance 19, 50-59.
8. Fernández, P., 2004, "The value of tax shields is not equal to the present value of tax shields", Journal of Financial Economics 73, 145-165.
9. Fernández, P., 2005, "Reply to 'comment on the value of tax shields is not equal to the present value of tax shields'", IESE Business School working paper, University of Navarra.
10. Fernández, P., 2006, "The correct value of tax shields: an analysis of 23 theories", IESE Business School working paper no. 628, University of Navarra.
11. Fischer, E., R. Heinkel, and J. Zechner, 1989, "Dynamic capital structure choice: Theory and tests", Journal of Finance 44, 19-40.
12. Frank, M. Z. and V. K. Goyal, 2003, "Testing the pecking order theory of capital structure", Journal of Financial Economics 67, 217-248
13. Graham, J. R. and C. Harvey, 2001, "The theory and practice of corporate finance: Evidence from the field", Journal of Financial Economics 60, 187-243.
14. Haley, C. W., and L. D. Schall, 1973, The Theory of Financial Decision, McGraw-Hill.
15. Hittle, L. C., K. Haddad, and L. J. Gitman, 1992, "Over-the-counter firms, asymmetric information and financing preferences", Review of Financial Economics, 81-92.
16. Johnson, D. and H. Qi, 2008, "WACC Misunderstandings", Journal of Academy of Finance 6, No. 1, 32-40
17. Liesz, T. J., 2003, "Why pecking order theory should be included in introductory finance courses", working paper, School of Business and Professional Studies, Mesa State College, Grand Junction, Colorado.
18. Liu, Y.-C., 2009, "The slicing approach to valuing tax shields", Journal of Banking and Finance 33, 1069-1078.
19. Miller, M. H., and F. Modigliani, 1958, "The cost of capital, corporation finance and the theory of investment", American Economic Review 48, 261-297.
20. Miller, M. H., and F. Modigliani, 1963, "Corporate income taxes and the cost of capital", American Economic Review 53, 433-443.
21. Myers, S., 1974, "Interactions of corporate financing and investment decisions - implications for capital budgeting, " Journal of Finance 29, 1-25.
22. Myers, S. C., 1993, "Still searching for optimal capital structure", Journal of Applied Corporate Finance 39, 4-14.
23. Pereiro, L. E., 2002, Valuation of Companies in Emerging Markets, A Practical Approach, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ, USA.
24. Pinegar, J. M., and L. Wilbricht, winter 1989, "What managers think of capital structure theory: A Survey", Financial Management, 82-91.
25. Qi, H., S. Liu, and D. Johnson, 2009, "A model for risky cash flows and tax shields", working paper, Michigan Technological University and Washington State University.
26. Ruback, S. Richard, 2002, "Capital cash flows: a simple approach to valuing risky cash flows", Financial Management, 31, no. 2, 5-30.
27. Sabal, J., 2005, "WACC or APV?: the case of emerging markets", ESADE Business School, working paper.
28. Sabal, J., 2007, "WACC or APV?", Journal of Business Valuation and Economic Loss Analysis 2, Iss. 2, Article 1.
29. Titman, S., and R. Wessels, 1988, "The determinants of capital structure choice", Journal of Finance 43, 1-19.