The Moral Hazard Theory of Corporate Financial Structure Empirical Tests
The Moral Hazard Theory of Corporate Financial Structure Empirical Tests
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The AIP variable is fonned from replacement cost data. The figure reported on Form 10-K gives the estimate. ;' cost of replacing the firm's production capa- city (plant and equipment), net of accumulated depreciation, which would be replaced if the firm were to renew its assets as of the report date. To this number I added the book value of land. As the S. E. C. Points out, these numbers are only estimates and probably contain a large amount of noise. Note also that where markets are not perfec...tly competitive replacement cost will not exactly reflect the "market value" of a piece of equipment.
PVGO was formed from the V, AIP, and STA variables. STA is assets not included in plant and inventories (included in AIP) or intangibles (included in PVGO), minus current liabilities and deferred taxes. PVGO is a residual fonned by subtracting (AIP+STA) from V.
In using the tax shield corr-ection in the V calculation I am implicitly assuming the V
What to read after The Moral Hazard Theory of Corporate Financial Structure Empirical Tests?
You can find similar books in the "Read Also" column, or choose other free books by Scott Williamson to read online
To quickly assess the difficulty of the text, read a short excerpt:
The AIP variable is fonned from replacement cost data. The figure reported on Form 10-K gives the estimate. ;' cost of replacing the firm's production capa- city (plant and equipment), net of accumulated depreciation, which would be replaced if the firm were to renew its assets as of the report date. To this number I added the book value of land. As the S. E. C. Points out, these numbers are only estimates and probably contain a large amount of noise. Note also that where markets are not perfec...tly competitive replacement cost will not exactly reflect the "market value" of a piece of equipment.
PVGO was formed from the V, AIP, and STA variables. STA is assets not included in plant and inventories (included in AIP) or intangibles (included in PVGO), minus current liabilities and deferred taxes. PVGO is a residual fonned by subtracting (AIP+STA) from V.
In using the tax shield corr-ection in the V calculation I am implicitly assuming the V
What to read after The Moral Hazard Theory of Corporate Financial Structure Empirical Tests?
You can find similar books in the "Read Also" column, or choose other free books by Scott Williamson to read online
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