Real Options, Taxes and Financial Leverage
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We show how the value of a real option depends on corporate income taxes and the option's "debt capacity," defined as the amount of debt supported or displaced by the option. The value of the underlying asset must be an adjusted present value (APV). The risk-free rate of interest must be after-tax.
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美国国家经济研究局创建时间：
2012-06-01
