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Valuing firm’s financial flexibility under default risk and bankruptcy costs: a WACC based approach
International Journal of Managerial Finance, 2019PurposeThe purpose of this paper is to present a model to value leveraged firms in the presence of default risk and bankruptcy costs under a flexible firm’s debt structure.Design/methodology/approachThe authors assume that the total debt of the firm is a ...
Carlo Mari, M. Marra
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Business Valuation Review, 2005
This article clarifies some of the issues raised by the author in an earlier article. It is also a reply to criticisms advanced by J. Morris. Regarding the controversy of book versus market-value weights, it is shown that, aside from not being grounded in proper theory, market-value weights computed through iterations are not even needed: in simple ...
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This article clarifies some of the issues raised by the author in an earlier article. It is also a reply to criticisms advanced by J. Morris. Regarding the controversy of book versus market-value weights, it is shown that, aside from not being grounded in proper theory, market-value weights computed through iterations are not even needed: in simple ...
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WACC and CAPM According to Utilities Regulators: Confusions, Errors and Inconsistencies
Social Science Research Network, 2019Regulators of many countries try to find the “true” WACC of Electricity, Gas, Water… activities. All their documents have in common a main confusion: they do not differentiate among expected, required, historical, and regulator allowed returns, which are
Pablo Fernández
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Will the Deflated WACC Please Stand Up? And the Real WACC Should Sit Down
SSRN Electronic Journal, 2010In a world with taxes, there is a small discrepancy between the deflated WACC WACCDef and the real wacc. This is due to the (1-T) term that is in the standard expression for the WACC applied to the Free Cash Flow (FCF). We compare different approaches for valuing nominal and real cash flows with the 1) nominal Weighted Average Cost of Capital, WACC, 2)
Joseph Tham, Ignacio Velez-Pareja
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The Unbearable Longevity of the Classic Free Cash Flow (FCF) WACC: A Nontechnical Retrospection
Social Science Research Network, 2019In this short note, we present a nontechnical retrospection on the unbearable longevity of the classic WACC (Weighted Average Cost of Capital) for the Free Cash Flow (FCF) in perpetuity.
Joseph Tham
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A Defense of the Classic FCF WACC: A Rejoinder to the Retrospection
Social Science Research Network, 2019In this rejoinder, we note that the complaint against the classic FCF WACC is misplaced because it incorrectly identifies the real source of the problem.
Joseph Tham +2 more
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SSRN Electronic Journal, 2012
WACC has traditionally been used as a measure of the cost of capital for companies and as a discount rate of the future company's cash flows for valuation purposes. The WACC, especially for "distressed" companies, can play a key role in determining the efficiency of the restructuring framework for companies heading into bankruptcy.
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WACC has traditionally been used as a measure of the cost of capital for companies and as a discount rate of the future company's cash flows for valuation purposes. The WACC, especially for "distressed" companies, can play a key role in determining the efficiency of the restructuring framework for companies heading into bankruptcy.
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Specifics of WACC for sustainable projects
Social Science Research Network, 2023Golib Kholjigitov
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Social Science Research Network, 2022
B. Breitschopf, Abigail Alexander-Haw
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B. Breitschopf, Abigail Alexander-Haw
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