Calculating the Present Value, of Riskless Cash Flows (Classic Reprint)
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
US$ 17.04
Quantity: Over 20 available
Add to basketItem description from seller
Print on Demand. This book centers around the fundamental methods of valuing riskless cash flows after accounting for taxes. The author examines how to calculate present values for riskless cash flows by exploring two methods: discounting at the risk-free interest rate before taxes or after. Through the use of arbitrage arguments, the author demonstrates that the minimal present value for riskless cash flows should be calculated using the after-tax risk-free rate. The author maintains that firms can create an equivalent loan with riskless debt to offset the project's riskless cash inflows. This equivalent loan is feasible and does not result in variations to the firm's riskless net debt, establishing a lower bound on the cash flow's present value. The author highlights that discounting at the after-tax risk-free rate yields the lowest value for the cash flow. This book contributes to the ongoing discussion of debt financing and capital budgeting, providing a framework for more accurate valuation. Its insights enhance our understanding of risk assessment in financial decision-making, making it valuable for investors, financial managers, and students seeking to navigate the complexities of valuing riskless cash flows. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781332253760_0
- Title
- Calculating the Present Value, of Riskless Cash Flows (Classic Reprint)
- Author
- Richard S. Ruback
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1332253768
- ISBN 13
- 9781332253760
- Seller catalogs
- Business Investment
In clear terms, you’ll learn how an equivalent loan constructed with riskless debt can set a lower bound on value. The discussion covers how after‑tax rates, the term structure, and the use of pure discount bonds affect present value calculations. It also compares the after‑tax approach to other valuation methods and shows how tax shields influence the perceived value of cash flows from a project.
- How riskless cash flows are valued using after‑tax rates and tax shields
- When the term structure is uniform versus when rates vary over time
- How pure discount bonds can replicate cash flows under uncertainty
- Connections to adjusted present value concepts and practical implications for valuation
Ideal for readers seeking a rigorous, finance‑focused view of present value and capital budgeting under riskless assumptions.
"Synopsis" may belong to another edition of this title.
Forgotten Books
London, United Kingdom
AbeBooks seller since June 2, 2021
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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