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The value of unlevered and levered company according to Fernandez [25]. Inselbag and Kaufold [20] recommend using the Myers model if the value of debt is constant; in the case of fixed leverage, the Miles and Ezzell model is suitable. This model is being criticized for unrealistic and very restrictive assumptions. Nevertheless, the model is… Continue reading Review of Tax Shield Valuation and Its Application to Emerging Markets Finance
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