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- W183245442 abstract "The aim of this thesis is to investigate the explanatory power of interest coverage ratios in the context of financial distress. This thesis also examines the equity discount that may be applied to the market value of firms as a reflection of the adverse consequences of financial distress for firm value. The results find that a single threshold value for the interest coverage ratio is unable to discriminate for financially distressed firms. This is a result of the fact that the threshold value for each firm should be determined by firm-specific characteristics. This thesis proposes two methodologies for the estimation of optimal interest coverage ratios. The first is based on accounting variables that have been found to be relevant to the determination of a firm's optimal capital structure. The second is derived from the KMV derivative of the Merton (1974) model for the quantification of financial risk. It is hypothesised that a firm should only incur an equity discount for financial distress if its actual interest coverage ratio is below its implied optimal value. The results find that an additional equity discount of 10% to 15% is applied to the market value of firms for financial distress. This result has significant implications for the use of interest coverage ratios as a proxy for financial distress and a firm's cost of equity." @default.
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- W183245442 date "2004-01-01" @default.
- W183245442 modified "2023-09-27" @default.
- W183245442 title "The additional equity discount for financial distress as proxied by interest coverage ratios" @default.
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