Costo de capital e impuestos en un sistema tributario no integrado y en uno integrado: Generalización del modelo

T. Jorge Niño, L. Salvador Zurita, R. Augusto Castillo

Research output: Contribution to journalArticlepeer-review

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In this paper we obtain expressions for both the tax benefit of debt and the return on equity, when the company and the debt grow, under the non-integrated tax system prevailing in the USA. Then we develop the equivalent expressions under a totally integrated tax system. The main contribution of this paper is the extension and generalization of the company valuation and cost of equity formulas to a tax system different to the one used in the USA, but prevailing in many other countries in the world.

Original languageSpanish
Pages (from-to)109-132
Number of pages24
JournalTrimestre Economico
Issue number321
StatePublished - 2014
Externally publishedYes

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