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Chapter 17 Capital Structure 17A-1
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Some Useful Formulas of Financial Structure
Definitions:
 E(EBIT) 5 A perpetual expectation of cash operating income before interest and 
 taxes.
 VU 5 Value of an unlevered firm.
 VL 5 Value of levered firm.
 B 5 Present value of debt.
 S 5 Present value of equity.
 RS 5 Cost of equity.
 RB 5 Cost of debt capital.
 R0 5 Cost of capital to an all-equity firm. In a world of no corporate taxes, the 
 weighted average cost of capital to a levered firm, RWACC, is also equal to 
 R0. However, with corporate taxes, R0 is above RWACC for a levered firm.
Model I (No Tax):
 VL 5 VU 5 
E(EBIT)
 ________ R0 
 
RS 5 R0 1 (R0 2 RB) 3 ByS
Model II (Corporate Tax, tC . 0; No Personal Taxes, tS 5 tB 5 0):
VL 5 
E[EBIT] 3 (1 2 tC)
 _________________ R0
 1 
tC RB B ______ RB
 5 VU 1 tC B 
 RS 5 R0 1 (1 2 tC) 3 (R0 2 RB) 3 ByS
Model III (Corporate Tax, tC . 0; Personal Tax, tB . 0; tS . 0):
VL 5 VU 1 f 1 2 
(1 2 tC) 3 (1 2 tS)
 ________________ (1 2 tB) g 3 B 
Appendix 17A
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