TY  - BOOK
AU  - Babusiaux,Denis
AU  -  Pierru,Axel
TI  - From the Solution of Real-Life Problem (NPV Calculations in the Presence of Various Tax Rates)
PY  - 2001///.
							
N1  - 47
N2  - The starting point of this article deals with an applied problem of capital budgeting that a firm whose projects are subject to various tax rates (as is often the case in the oil industry) may encounter: how to value a project partly financed by borrowing and subject to a different tax rate from the one used to determine the discount rate of the firm? Surprisingly enough, answering this question led us to develop a unique formulation of the different conventional investment decision methods (standard WACC, Arditti-Levy, Equity Residual, Myers’ APV). Moreover, we generalize the Modigliani-Miller relationship to the case of a project of any duration. Classification JEL: G30, G31, G32
UR  - https://shs.cairn.info/journal-revue-economique-2001-3-page-717?lang=en
ER  -