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A Corporate Finance Cash Flow model with Float

Apreda, Rodolfo - Universidad del CEMA - 1999

In this paper we introduce a Cash Flow Model with Float so as to overcome apparent shortcomings that pervade the Standard Cash Flow Model. We deploy the complex structure the float exhibits and this allows not only for strategic financial decision making but a much more sensible use of sources...

Persistent link: https://www.econbiz.de/10005668800

Embedding Minsky´s taxonomy of cash flows into a corporate finance framework (The microeconomic linkage between speculative and Ponzi schemes)

Apreda, Rodolfo - Universidad del CEMA - 2012

When Minsky put forward his financial instability hypothesis, he resorted – among other macroeconomic tools of analysis – to categories like income, balance-sheet, and portfolio cash flows, so as to cope with the successive stages of hedging, speculative and Ponzi schemes. This paper makes...

Persistent link: https://www.econbiz.de/10010839355

Cooperatives: The governance of patronage dividends (A Corporate Finance viewpoint)

Apreda, Rodolfo - Universidad del CEMA - 2013

Members of cooperatives are patrons and owners simultaneously, which turns out to be a consequential feature ingrained in that sort of business associations. This paper puts forward some contributions to the subject. Firstly, it defines a primary cooperative, making hence a contrast with...

Persistent link: https://www.econbiz.de/10010839366

A clinical approach to the governance of conflict-systems

Apreda, Rodolfo - Universidad del CEMA - 2012

Whereas a clinical approach to organizations has a well-deserved predicament, narrowing down such viewpoint to governance issues in organizations shows that there has been, so far, an almost complete neglect of this field of enquiry, on which this paper intends to make a contribution. Firstly,...

Persistent link: https://www.econbiz.de/10010839372

Accountability and transparency as learning processes in private, public and global governance.

Apreda, Rodolfo - Universidad del CEMA - 2014

This paper argues that accountability in organizations should not be constrained to responsibilities alone, but it must also comprise the previous commitments without which responsibilities remain meaningless. It also asserts that transparency should not be merely predicated upon the production...

Persistent link: https://www.econbiz.de/10010933483

A real options approach to tender offers and acquisitions processes

Dapena, José; Fidalgo, Santiago - Universidad del CEMA - 2003

Corporate control has added value for an investor since it gives degrees of freedom about the use of assets, sources of finance, salaries, etc. On the other hand, real options create value through the flexibility associated to the ability to react to some relevant uncertainty. The process of...

Persistent link: https://www.econbiz.de/10005668455

La governancia en las empresas de familia. Un código de buenas prácticas para la supervivencia

Barugel, Ernesto - Universidad del CEMA - 2005

Al analizar la problemática particular de las empresas de familia surgen dos características bien distintivas: a) la gran contribución que realizan estas empresas al desarrollo de las economías donde actúan y b) la altísima probabilidad de desaparecer en sus primeros años de vida. Para...

Persistent link: https://www.econbiz.de/10005668469

Factoring governance risk into investors´expected rates of return by means of a weighted average governance index

Apreda, Rodolfo - Universidad del CEMA - 2007

evolving premium risk stemming from variegated governance issues has not been factored yet into the expected return of any …. Afterwards, a measure of governance risk premium will be derived out of the index rate of change. Lastly, it will be introduced a … multiplicative model of expected returns with a risk adjustment factor over the risk-free asset comprising systematic, nonsystematic …

Persistent link: https://www.econbiz.de/10005668484

A two-tiered approach to the valuation of investment projects adjusted for governance risk

Apreda, Rodolfo - Universidad del CEMA - 2009

for country and credit risk; this procedure accounts for the first tier. It is for the second tier to bring about both the … Corporate Governance risk rate. As a byproduct, the paper also attempts to furnish analysts as well graduate students taking …

Persistent link: https://www.econbiz.de/10005668514

Incremental cash flows, information sets and conflicts of interest.

Apreda, Rodolfo - Universidad del CEMA - 2002

This paper attempts to make of the standard incremental cash flow model (SICFM) a functional vehicle for coping with conflicts of interest. After outlining the model, residual rights to cash flows are linked to residual risks. Then, the underlying information sets to cash flows are brought to...

Persistent link: https://www.econbiz.de/10005668529