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Firm Valuation with Deferred Taxes: A Theoretical Framework

Author

Listed:
  • Amir, E.
  • Kirschenheiter, M.
  • Willard, K.

Abstract

This paper proposes a method for valuing a firm's debt and equity that relies on readily-accessible current accounting data applied in an easily understood and intuitively appealing manner and which addresses the impact of a firm's accounting for taxes on a its economic profitability. We derive parsimonious expressions for the value of a firm's equity and debt in terms of current book values and future abnormal earnings which require no separate adjustments for deferred tax balances.

Suggested Citation

  • Amir, E. & Kirschenheiter, M. & Willard, K., 1997. "Firm Valuation with Deferred Taxes: A Theoretical Framework," Papers 97-13, Columbia - Graduate School of Business.
    • Handle: RePEc:fth:colubu:97-13
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    More about this item

    Keywords

    DEBT ; EQUITY ; ACCOUNTING ; TAXES;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence

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