n Investment Analysts Journal - Debt, tax shield and bankruptcy costs : some evidence from JSE

Volume 2001, Issue 54
  • ISSN : 1029-3523
  • E-ISSN: 2077-0227
This article is unavailable for purchase outside of Africa



Extracted from text ... Number 54 - Part 3 M Negash* Debt, tax shield and bankruptcy costs: Some evidence from JSE *School of Accountancy, The University of the Witwatersrand, Private Bag 3, Wits 2050, Republic of South Africa. Email: mnegash@isys.wits.ac.za 1. Introduction One of the contentious issues of corporate finance is the theory of capital structure. Modigiliani and Miller (1963) show the 'irrelevance' of capital structure in the absence of market imperfections. This conclusion however changes when market imperfections are invoked. When corporate taxes are considered and the firm is allowed to source its finances both from owners and lenders, the value of the ..

Loading full text...

Full text loading...


Article metrics loading...


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error