Discounting methods and personal taxes

Michael Dempsey

European Financial Management, 2019, vol. 25, issue 2, 310-324

Abstract: We advance models of valuation that incorporate personal taxes. The models are general in allowing for uneven cash flows, changes in debt levels, and changes in the costs of equity and debt. The models are mutually consistent, are consistent with the CAPM, and are consistent with the Modigliani and Miller propositions allowing personal taxes.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bla:eufman:v:25:y:2019:i:2:p:310-324

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