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...
Corporate finance 4th edition exam test guide with latest 2023-2024 updated questions with correct answers graded A+
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London School of Economics (LSE)
MSc Finance
Corporate Finance (FM422)
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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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