Analysts can use various methods to value an investment project including the standard weighted average cost of capital (WACC) method, the Arditti-Levy method, the equity residual method, and the Adjusted Present Value. We propose a unique formulation from which these methods can be derived....

According to the standard analysis of commodity prices, stockpiling is a necessary signature of speculation. This paper develops an approach suggesting that speculation may temporarily push crude oil prices above the level justified by physical-market fundamentals, without necessarily resulting...

[fre] De la solution d'un problème concret (projet d'investissement soumis à une fiscalité spécifique) à une av ncée théorique (unicité des méthodes de calcul de Valeurs actuelles). . La première partie de cet article est consacrée à un problème concret auquel peut être confrontée...

The starting point of this article deals with an applied problem of capital budgeting that a firm whose projects are subject to various tax rates (as is often the case in the oil industry) may encounter: how to value a project partly financed by borrowing and subject to a different tax rate from...