FIN.11:11 - SoTA-Echoing

OpenStax’s capital-structure introduction supplies the basic financing distinction. Damodaran’s historical financing-mix models and transition discussion expose the need to change risk estimates with policy and to turn a proposed mix into transactions. FIN.11 uses FIN.5’s policy-qualified valuation, separating service capacity, economic value and implementability. It rejects an invariant debt/equity cost schedule, universal peer target and automatic inference from minimum WACC when operations change. The finite-debt case prices actual tax-saving dates and separate losses; changed cash, tax use, risk or access reopens the policy.