La subvencion financiera del coste de la deuda: la importancia de la pregunta en la investigacion financiera

Mariano Gonzalez Sanchez, Ignacio Velez-Pareja (ignaciovelezpareja@gmail.com) and Ana Mateos-Ansotegui (amateos@uch.ceu.es)

No 4707, Proyecciones Financieras y Valoración from Master Consultores

Abstract: The purpose of this work is double. On one side, we wish to examine if subsidizing the cost of debt has some influence on the firm value (debt plus equity) or if it is just a transfer from debt holders to shareholders. On the other hand, we wish to show that research in Finance, as in many others fields ofstudy, requires that the starting hypothesis to be tested, should have a correct formulation. If not, it could fix the ending results and hence they might be subjective.We can draw two basic conclusions: First that cash flow valuation methods do not consider ll the possible scenarios, hence the posed problem should be considered as an American option of trading off assets in order to arrive to a correct valuation. Second, the question should be, why should we subsidize debt? Because once we know the cause, it is easier to define the effect.

Keywords: Deuda subsidiada; valoracion de la empresa; opcion americana de intercambiar activos; metodo del caso (search for similar items in EconPapers)
JEL-codes: C63 G13 G14 (search for similar items in EconPapers)
Pages: 16
Date: 2008-06-04
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Persistent link: https://EconPapers.repec.org/RePEc:col:000463:004707

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