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Summary LSE Corporate Finance Chapter 15 BDM textbook £7.49
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  2.  
  3. London School Of Economics (LSE)
  4.  
  5. MSc Finance
  6.  
  7. Corporate Finance (FM422)

Summary

Summary LSE Corporate Finance Chapter 15 BDM textbook
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This summary of Berk Demarzo Corporate Finance will help you to follow FM422 Corporate Finance. You can allocate your time on other stuffs rather than summarising the book. I have other notes for other modules and I graduated from LSE with a Distinction. So if you need help or tutor, just contact m...

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  • Chapter 15
  • October 19, 2018
  • 1
  • 2018/2019
  • Summary

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Chapter 15

CAPITAL STRUCTURE AND CORPORATE TAXES
 Financial policy matter btcaurt it aftctr a femmr tax bill.
 Diftetnt fnancial teanracionr aet taxtd d iftetntly
 Foe a coepoeaionn
o Interest payments aet conrid tetd a burintrr txptnrt and aet tax exempt
for the frm.
o Dividends are retained earnings are taxed.
 MM rayrn in a feicionltrr oeld d tht rizt of tht pit ir unaftcttd by capital rteuctuet
 btcaurt no coepoeatt tax. Yttd tht rizt of tht pit ir tht valut of btfoet tax carh
flo r.
o And accoed ing to tht la of ont peictd in a pteftct capital maekttd all
fnancial teanracionr (d tbt to tuuity oe tuuity to d tbtd havt zteo PV and
ntithte cetatt noe d trteoy valut.
 Butd ith taxaion (a feiciondd itmr ntctrraey to etcognizt that tht tax authoeiitr gtt
a rlict too.
o Financial policy aftctr tht rizt of tht rlict  inttetrt paymtntr bting tax
d td ucibltd tht rizt of tht tax authoeitymr rlict can bt etd uctd by uring d tbt
eathte than tuuity  moet monty can bt allocattd to invtrtoer
(bond hold ter and rhaethold terd.
o A fem can tnhanct itr valut by uring ltvteagt to minimizt tht taxtr itd and
itr invtrtoerd pay.

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