Journal of Finance
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Опубликовано на портале: 14-06-2006
J. R. Franks, J. J. Pringle
Journal of Finance.
1982.
Vol. 37.
No. 3.
P. 751-763.
In this paper we consider the role of financial intermediaries in the valuation of
firms and projects. We show that security prices should reflect both used and unused
debt capacity if some corporations can act as financial intermediaries and can capture
the tax benefits of debt capacity unused by the operating firm. We also provide some
reasons why the value of the firm might be increased if the financing and operating
risks of the firm are separated and financial intermediaries issue debt rather than
the unit operating the asset.
