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Advertising for attention in a consumer search model
Haan, Marco A.; Moraga-Gonzalez, Jose L. - IESE Business School, Universidad de Navarra - 2009
We model the idea that when consumers search for products, they first visit the firm whose advertising is more salient. The gains a firm derives from being visited early increase in search costs, so equilibrium advertising increases as search costs rise. This may result in lower firm profits...
Persistent link: https://www.econbiz.de/10004991337
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Quality of government regulated goods
Moszoro, Marian - IESE Business School, Universidad de Navarra - 2010
Regulators face the difficult task of determining the sets of price and quality of government-regulated goods. While … the profit-maximizing monopoly always produces less in quantity than under free competition, the level of quality produced … by the monopoly is not unequivocal: it depends on its cost and demand functions. The social effect of quality change is …
Persistent link: https://www.econbiz.de/10008751318
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Non-cost-raising discrimination: A rationale for functional separation in broadband open access
Hervas-Drane, Andres - IESE Business School, Universidad de Navarra - 2011
I present a vertical differentiation model to assess the quality-wise strategy of an incumbent telecommunications … degrade wholesale quality in a non-recoverable fashion. The findings are robust to the number of competitors and the price cap …
Persistent link: https://www.econbiz.de/10010833009
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Shareholder value creation in Europe. Eurostoxx 50: 1997-2003
Fernandez, Pablo; Villanueva, Alvaro - IESE Business School, Universidad de Navarra - 2004
2003 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €150,016 million. The companies that created most value for their shareholder were Siemens (€18,778 million), Telefonica (15,382) and BSCH (12,443). The...
Persistent link: https://www.econbiz.de/10005021695
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Levered and unlevered Beta
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2003
We prove that in a world without leverage cost the relationship between the levered beta ( L) and the unlevered beta ( u) is the No-costs-of-leverage formula: L = u + ( u - d) D (1 - T) / E. We also analyze 6 alternative valuation theories proposed in the literature to estimate the relationship...
Persistent link: https://www.econbiz.de/10005021700
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Rentabilidad y creación de valor de 125 empresas españolas en 2008 (hasta el 17 de septiembre)
Fernandez, Pablo; Bermejo, Vicente J. - IESE Business School, Universidad de Navarra - 2008
En 2008 (hasta el 17 de septiembre), la rentabilidad de la bolsa española fue -25,9%, y hubo nueve empresas (entre 125) con rentabilidad positiva. Las 125 empresas destruyeron valor para sus accionistas por importe de 267 millardos de euros. Considerando conjuntamente 2007 y 2008 (hasta el 17...
Persistent link: https://www.econbiz.de/10005021701
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Las empresas españolas en 2007 (y en el periodo 1993-2007). Rentabilidad y creación de valor
Fernandez, Pablo; Bermejo, Vicente J. - IESE Business School, Universidad de Navarra - 2008
La destrucción de valor para los accionistas de las 125 empresas españolas del mercado continuo en 2007 fue €15 millardos en 2007 y €89 millardos en los 17 primeros días de 2008. Telefónica fue la que más valor creó para sus accionistas en 2007, seguida de Arcelor, Iberdrola, Acciona y...
Persistent link: https://www.econbiz.de/10005021703
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EuroStoxx 50: 1997-2004. Shareholder value creation in Europe
Fernandez, Pablo; Villanueva, Alvaro - IESE Business School, Universidad de Navarra - 2005
2004 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €42,880 million. It was not as good as 2003, however, when their value creation reached slightly over €160,000 million. The companies that created most...
Persistent link: https://www.econbiz.de/10005021704
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Equivalence of ten different discounted cash flow valuation methods
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2004
This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and...
Persistent link: https://www.econbiz.de/10005021707
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Rentabilidad y creación de valor para los accionistas de las empresas españolas y del IBEX 35. 1992-2003
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2004
En este documento se analiza la evolución del IBEX y de las 75 empresas españolas que cotizaron en bolsa (en el mercado continuo) desde diciembre de 1992 hasta diciembre de 2003. Los datos de 2003 se incluyen en los Anexos del artículo.
Persistent link: https://www.econbiz.de/10005021708