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The Colombian Stock Market: 1930-1998

Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999

Index (Indice de la Bolsa de Bogota, IBB). The index is analyzed from January, 1930 to December, 1998. The inflation rate … covers the same period; the inflation rate as measured by the Consumer Price Index. This exploratory paper does not intend to … in terms of economic return. Also it can be said that inflation is negative to the return at the stock market, thus: the …

Persistent link: https://www.econbiz.de/10010827952

Risky Tax Shields and Risky Debt: A Monte Carlo Approach

Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

I present a set of conditions for defining risky debt associated to cash flow and not to accounting earnings. I explain why realization of tax shields for finite cash flows in any period of time t are correlated to Earnings before Interest and Taxes and are not correlated to interest expenses at...

Persistent link: https://www.econbiz.de/10010762909

Blind Man's Buff: On the Search of the Optimal Capital Structure

Ignacio Velez-Pareja, Felipe Mejia-Pelaez, James W. Kolari - MASTER CONSULTORES - 2012

In these slides we discuss the practical and conceptual difficulty of finding an Optimal Capital Structure. We propose a normative approach we call Implicit Bankruptcy Costs Theory and how to proceed to find the optimal capital structure and value with period-to-period constant and variable...

Persistent link: https://www.econbiz.de/10010762910

Solución Analítica al Problema de la Circularidad Usando Flujos de Caja Descontados

Mejia, Felipe; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

Persistent link: https://www.econbiz.de/10010762911

Dividendos "potenciales" versus pagados : razones teoricas y empiricas para usar dividendos pagados. Casos de America Latina y Argentina

Velez-Pareja, Ignacio; Merlo, Mariano; Londono, David Andres - MASTER CONSULTORES - 2008

Muchos consultores, autores y profesores de Finanzas incluyen los cambios en losactivos liquidos (dividendos potenciales") en los flujos de caja. Esta practica escontraria a la teoria basica de las finanzas. Presentamos razones economicas, teoricas, yempiricas para apoyar la tesis. Por lo tanto,...

Persistent link: https://www.econbiz.de/10010762913

Estimating the Appropriate Risk Profile for the Tax Savings: A Contingent Claim Approach

Hoyos, Gonzalo Diaz; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

Tax saving´s valuation is crucial for discounted cash flow valuation and WACC estimation. There is an ongoing debate about the appropriate discount rate for tax savings under CAPM approach. On this paper we evaluate tax savings from a contingent claim approach in order to establish a framework...

Persistent link: https://www.econbiz.de/10010762920

Tasas de interés efectivas y nominales: el calvario de los estudiantes de finanzas

Vélez-Pareja, Ignacio - MASTER CONSULTORES - 2004

A nuestros estudiantes de Finanzas les enseñan que lo más importante en ese área es saber calcular y utilizar la tasa de interés efectiva o capitalizada. Para algunos de nuestros profesores, eso es todo; si un estudiante llega sin saber esa ficción, no sabe Finanzas. Más aun, una gran...

Persistent link: https://www.econbiz.de/10010762921

Consistency in Chocolate. A Fresh Look at Copeland’s Hershey Foods & Co Case

Vélez-Pareja, Ignacio; Tham, Joseph - MASTER CONSULTORES - 2004

In cash flow valuation, on grounds of simplicity, it is common to assume that the leverage is constant over time. With constant leverage, the return to levered equity is constant and consequently, the Weighted Average Cost of Capital (WACC) applied to the Free Cash Flow is constant. However,...

Persistent link: https://www.econbiz.de/10010762922

Corporation Income Taxes and the Cost of Capital: A Revision

Kolari, James W.; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper argues that a fundamental valuation problem exists in the MM tax...

Persistent link: https://www.econbiz.de/10010762923

Valoración de intangibles

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2003

En esta nota se presenta los conceptos básicos jurídicos de la propiedad intelectual en sus diferentes modalidades. También se ofrece, un sencillo resumen de los principales métodos de valoración de intangibles. Incluye la presentación de conceptos básicos de valor del dinero en el tiempo...

Persistent link: https://www.econbiz.de/10010762932