En la práctica financiera y la enseñanza de las finanzas el tratamiento que se le da a algunos de los conceptos más importantes en la evaluación de proyectos y la valoración de empresas en muchos casos es por decir lo menos, ligero. Por un lado está la determinación de los flujos de caja...

The purpose of this paper is to present a procedure to include the implicit assumptions of Net Present Value NPV in the Internal Rate of Return, IRR, and the profitability index (benefit-cost ratio B/CR). The resulting indicators are the weighted IRR (WIRR) and the expanded B/CR (EB/CR). These...

This is a case for teaching. This case shows through several examples that the Net Present Value for project evaluation should be calculated based on estimates at current prices. It has been a widespread practice to evaluate projects at constant prices with a great deal of -today- unnecessary...

In this teaching note I list some suggestions that might be useful to take into account when forecasting financial statements departing from historical data. The ideas presented in this note are the result of advising undergraduate and graduate students in the course Econ 195.96/295.96...

We discuss some ideas useful when forecasting financial statements that are based on historical data.The chapter is organized as follows: First we discuss the relevance of prospective analysis for non traded firms. In a second section we a basic reviews of subjects that will be needed for...

En esta nota se hace un breve repaso de las principales estadísticas de las firmas no transadas en bolsa tanto en los Estados Unidos como en Colombia como un ejemplo de un Mercado emergente o en desarrollo. Se presentan algunas alternativas para calcular el costo del patrimonio o capital propio...

Usually a great deal of effort is devoted in typical financial textbooks to the mechanics of the calculations of time value of money equivalencies: payments, future values, present values, etc. This is necessary. However little or no effort is devoted to how to arrive at the figures required to...

The purpose of this paper is twofold: the first purpose is to tell a naive history of an experience in constructing knowledge. In this first part I tell how I approached the process to solve the inconsistency between the net present value, NPV, the internal rate of return, IRR and the...

Cuando se proyectan estados financieros hay que tener cuidado de construir un modeloconsistente y correcto. Esto no es una tarea fácil. Incluso el experto en modelaje másexperimentado puede incurrir en equivocaciones. Esto es especialmente relevante cuandose construye un modelo financiero sin...