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An Introduction to Debt Policy and Value (V. 2.0)
內容大綱
This note provides an interactive illustration of the Modigliani-Miller theory of the effect of debt tax shields on the value of the levered firm. Students must calculate (1) the effect of hypothetical changes in capital structure on firm value, and (2) the effect of a major recapitalization on the share price of Koppers Company using a set of incomplete worksheets. After completing the worksheets, students compare results among the problems.