Opciones reales y el valor de los ahorros fiscales

Gastón Silverio Milanesi
Additional contact information
Gastón Silverio Milanesi: Departamento Ciencias de la Administración. Universidad Nacional del Sur. Argentina.

Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata, 2020, issue 16, No 3, 25-34

Abstract: In the traditional version of the discounted cash flow model, the contingent values of tax savings are not considered, assuming, instead, deterministic values for tax shields. In this sense, this paper proposes a model that incorporates the contingent nature of tax savings in relation to the degree of leverage and expected profits. Using the Options Theory as a basis, the valuation model for tax savings is developed. Next, through the case and sensitive analyses of the profits, the main results are achieved. The contingent nature of tax savings in the firm’s value is evidenced, avoiding the discussion about tax shield interest rates.

Keywords: ax shield; sensitive analysis; binomial model. (search for similar items in EconPapers)
JEL-codes: G13 G32 G33 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://revistas.unlp.edu.ar/CADM/article/view/6492 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lap:recadm:124

DOI: 10.24215/23143738e063

Access Statistics for this article

More articles in Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata from Instituto de Investigaciones Administrativas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata Contact information at EDIRC.
Bibliographic data for series maintained by Ana Clara Calabria ().