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

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

being consistent with tax saving´s nature. We present two approach based on contingent claims with continuous real and risk …

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

The Colombian Stock Market: 1930-1998

Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999

This article explores the behavior of the stock market in Colombia with the information given by the Bolsa de Bogota 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...

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

Cost of Equity and WACC for Perpetuities with Constant Growth

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

This paper shows a formulation for the cost of equity and the WACC for growing perpetuities. Some authors have derived the general expressions for those formulas but not specifically for perpetuities with constant growth. The result obtained is that a previously general formulation for a finite...

Persistent link: https://www.econbiz.de/10010827955

Aggregate Return on Investment for Investments under Uncertainty

Magni, Carlo Alberto - MASTER CONSULTORES - 2014

of return which, compared with the risk-adjusted cost of capital, correctly signals wealth creation. The AROI exists and … is unique and, for two mutually exclusive projects, we derive an incremental AROI and an incremental risk-adjusted cost … of capital, by means of which two unequal-risk projects can be correctly compared. Iterating the incremental procedure …

Persistent link: https://www.econbiz.de/10010827956

Company Valuation in an Emerging Economy - Caldonia: A Case Study

Pareja, Ignacio Vélez; Tham, Joseph - MASTER CONSULTORES - 2010

Persistent link: https://www.econbiz.de/10010827965

Valor De Los Ahorros En Impuestos Por Deuda En Colombia: Un Estudio Empírico

Perez, Rafael Yesid Salas; Gutierrez, Juan David; … - MASTER CONSULTORES - 2011

Los ahorros en impuestos por deuda son un tema de obligado interés dentro de la literatura financiera porque desafían el supuesto de que la deuda destruye valor, al demostrar que genera subsidios de impuestos que representan valor para las compañías. Pocos son los estudios empíricos que se...

Persistent link: https://www.econbiz.de/10011031624

¿Coinciden EVA(R) y Utilidad Economica (UE) con los metodos de Flujo de Caja Descontado en valoracion de empresas?

Pareja, Ignacio Vélez; Tham, Joseph - MASTER CONSULTORES - 2003

En Vélez-Pareja y Tham (2001), presentamos diferentes maneras de valorar los flujos de caja. Primero se utilizó el costo promedio ponderado de capital (CPPC) (Weighted Average Cost of Capital, WACC) para descontar el flujo de caja libre (FCL). Segundo, se descontó el FCL con el WACC ajustado....

Persistent link: https://www.econbiz.de/10011031625

Risky Tax Shields and Risky Debt: A Monte Carlo Approach

Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

scenarios applied to a financial planning model. I conclude that the risk of tax shields is Ku, the unlevered cost of equity. …

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