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Risky tax shields and risky debt: An exploratory study

dc.creatorVélez-Pareja I.
dc.date.accessioned2020-03-26T16:32:59Z
dc.date.available2020-03-26T16:32:59Z
dc.date.issued2010
dc.identifier.citationCuadernos de Administracion; Vol. 23, Núm. 41; pp. 213-235
dc.identifier.issn0120-3592
dc.identifier.urihttps://hdl.handle.net/20.500.12585/9119
dc.description.abstractThis article (1) identifies three sources of risk for tax shields (TS): Two of them are associated with debt risk and one is associated with operating risk. (2) A set of conditions for defining risky debt associated with cash flow, not with earnings, is presented. (3) It further shows that realization of TS for finite cash flows in a period of time t is correlated with Earnings before Interest and Taxes (EBIT) plus Other Income (EBITO), not with interest expenses at time t. With the results of a Montecarlo Simulation the behavior of TS, Cash Flow to Debt and EBITO are examined. In conclusion, the article suggests that it is not reasonable to define the risk of TS as measured by a single discount rate, but rather as a mix of debt risk and operating risk.eng
dc.format.mediumRecurso electrónico
dc.format.mimetypeapplication/pdf
dc.language.isoeng
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.sourcehttps://www.scopus.com/inward/record.uri?eid=2-s2.0-79953805755&partnerID=40&md5=4a3730687803ed395196cf531201507d
dc.titleRisky tax shields and risky debt: An exploratory study
dc.title.alternativeEstudios fiscals riesgosos y deuda con riesgo: Un studio exploratorio
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datacite.rightshttp://purl.org/coar/access_right/c_16ec
oaire.resourceTypehttp://purl.org/coar/resource_type/c_6501
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.driverinfo:eu-repo/semantics/article
dc.type.hasversioninfo:eu-repo/semantics/publishedVersion
dc.subject.keywordsCash flows
dc.subject.keywordsDiscount rate for tax shields
dc.subject.keywordsFirm valuation
dc.subject.keywordsMontecarlo simulation
dc.subject.keywordsTax shields
dc.subject.keywordsWeighted average cost of capital
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.ccAtribución-NoComercial 4.0 Internacional
dc.identifier.instnameUniversidad Tecnológica de Bolívar
dc.identifier.reponameRepositorio UTB
dc.type.spaArtículo
dc.identifier.orcid6503847935


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Universidad Tecnológica de Bolívar - 2017 Institución de Educación Superior sujeta a inspección y vigilancia por el Ministerio de Educación Nacional. Resolución No 961 del 26 de octubre de 1970 a través de la cual la Gobernación de Bolívar otorga la Personería Jurídica a la Universidad Tecnológica de Bolívar.