The relationship between diversification discount and book value bias given default under Merton model.
碩士 === 元智大學 === 商學碩士班(財務金融學程) === 102 === Diversified firms may issue more debt as their default is lower than focused firms. Thus, diversified firms enjoy higher tax shield effect, which may increase the firms’ total value. If we still use book value of debt as a proxy for market value of debt to c...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Online Access: | http://ndltd.ncl.edu.tw/handle/07706129012417448603 |