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Miller's (2009) WACC model: An extension

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dc.contributor.author Keef, Stephen P
dc.contributor.author Khaled, Mohammed S
dc.contributor.author Roush, Melvin L
dc.date.accessioned 2011-12-20T20:26:18Z
dc.date.accessioned 2022-07-05T02:16:09Z
dc.date.available 2011-12-20T20:26:18Z
dc.date.available 2022-07-05T02:16:09Z
dc.date.copyright 2011
dc.date.issued 2011
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/18608
dc.description.abstract Miller (2009a) presents an analysis of the weighted average cost of capital WACC model. The paper attracts debate which uses a variety of repayment schedules to support the arguments raised. We present an extension of Miller's (2009a) WACC model in a world where interest is tax deductible and debt principal is paid at maturity. We also present the corresponding model for the required rate of return on levered equity which is a vital input to the WACC model. Since these models are unwieldy, we explore an alternative definition of the WACC. These models provide insights into the debate on Miller's (2009a) paper. en_NZ
dc.format pdf en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.subject WACC en_NZ
dc.subject Finite life en_NZ
dc.subject Discount rate en_NZ
dc.subject Tax shield en_NZ
dc.subject APV JEL: G31, G32 en_NZ
dc.title Miller's (2009) WACC model: An extension en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit School of Economics and Finance en_NZ
vuwschema.subject.anzsrcfor 149999 Economics not elsewhere classified en_NZ
vuwschema.subject.marsden 149999 Economics not elsewhere classified en_NZ
vuwschema.type.vuw Working or Occasional Paper en_NZ
vuwschema.subject.anzsrcforV2 389999 Other economics not elsewhere classified en_NZ
dc.rights.rightsholder www.vuw.ac.nz/sef en_NZ

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