0000000000628183
AUTHOR
Juan Gutiérrez Ruiz
showing 2 related works from this author
Valor de los Ahorros en Impuestos por Deuda en Colombia: Un Estudio Empírico (Value of Debt Tax Shields in Colombia: An Empirical Study)
2011
The English version of this paper can be found at http://ssrn.com/abstract=1919305This paper estimates the value of tax savings, using the method of discounted cash flows for 23 major industrial firms in the Bolsa de Valores de Colombia (Colombian Stock Market) between 2001 and 2010, showing that this value represents on average between 5.74% and 56.73% out of total firm value depending on discount rate for tax savings. Using Data Panel regressions, it also finds that the average leverage of firms is low relative to other countries. Given this fact, we explored the behavior of the total value of the firm, VT and found no evidence that debt creates value.
Calidad de la información contable y el acceso al endeudamiento en Bolívar (Accounting Quality and Debt Access in Bolivar)
2017
Spanish Abstract: El objetivo de este trabajo es estudiar la relacion entre la calidad de la informacion contable y el acceso al endeudamiento en Bolivar, usando una muestra representativa de empresas no listadas en bolsa. Los resultados del estudio muestran que firmas con mayor calidad contable tienen en promedio mayor endeudamiento, pero esta mayor calidad no se ve reflejada en menores tasas de interes, lo que sugiere problemas de ineficiencia y de seleccion adversa en el mercado privado de deuda. English Abstract: In this paper we study the relationship between accounting quality and debt using a sample of non-listed companies in Bolivar, Colombia. We predict that companies with higher a…