The market value of debt, market versus book value of debt, and returns of assets. (includes appendices) From: Financial Management | Date: March 22, 1997| Author: Sweeney, Richard J.; Warga, Arthur D.; Winters, Drew | COPYRIGHT 1997 Financial Management Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Empirical studies usually measure the value of debt based on book rather than market value, even though the underlying theory is almost always based on market values. This paper documents how using book value to measure debt can distort debt-equity ratios and cost of capital calculations. (Reprinted by permission of the publisher.)

Empirical research typically relies on book rather than market value of debt, though theory is virtually always in terms of market values. This paper doc...

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