We study the implications of hedging for corporate financing and investment. We do so using
an extensive, hand‐collected data set on corporate hedging activities. Hedging can lower …

Unlike banking textbooks that emphasise institutional arrangements in the banking world,
the primary purpose of this book is to propose a sound valuation model for banks …

This paper derives a tax‐adjusted discount rate formula with a constant proportion leverage
policy, investor taxes, and risky debt. The result depends on an assumption about the …

Convencionalmente, los métodos de valoración de empresas no suelen incorporar
explícitamente los efectos que podrían tener los probables costos de quiebra de la firma …

We examine the long‐run return performance of over 1,600 firms with reverse stock splits.
These stocks record statistically significant negative abnormal returns over the three‐year …

This study introduces a new version of the adjusted present value (APV) method and
ensures its consistent valuation with the cost of capital (CoC) method at the highest level of …

We propose a method to estimate the cost of debt in a continuous-time framework with an
infinite time horizon. The approach builds on the class of well-known earnings before …

Die Bewertung von Unternehmen, die „Königsdisiplin “unter den Bewertungsproblemen, 10
stellt sowohl eine Wissenschaft als auch eine Kunst dar. 11 Sie zählt zu den …

Fund transfer pricing (FTP) is fundamental for evaluating the profitability of deposits and
loans. Following the global banking crisis, this paper seeks to draw attention to five issues …

The flows‐to‐equity method is used to value transactions where debt amortizes according to
a fixed schedule, requiring a formula that links the changing leverage with a time‐varying …