Valuation of the Debt-Tax Shield

By D. Kemsley, Doron Nissim. 2002

177 citations recorded by the source corpus.

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Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2005, unknown): “Many authors have acknowledged the bias and have suggested adjusting the standard errors for the estimated first-order autocorrelation of the estimated slope coefficients (Christopherson, Ferson, and Glassman, 1998; Graham, Lemmon, and Schallheim, 1998; Chen, Hong, and Stein, 2001; Cochrane, 2001; L”
Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance (2007, background): “Kemsley and Nissim (2002) estimate τ to be almost 40%, and Engel, Erickson, and Maydew (1999) estimate τ = 31%.”
Trade-Off and Pecking Order Theories of Debt (2007, background): “Korajczyk et al. (1990) find that debt ratios do not rise prior to equity issues.”
Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios (2001, unknown): “Recent empirical evidence provides support for the hypothesis (e.g., Kemsley and Nissim, 2002), although the issue remains controversial.”