Obesity has risen dramatically at the same time as globalization has surged, which poses the question of whether the two are related. In this paper we document the association between type of globalization (economic, political or social) and obesity using data from 15 up to 23 different...

On April 16, 2012 the Argentine federal government decreed the intervention of YPF. The share price of YPF fell 29% the next day. Two weeks later (May 3), the Argentine Parliament approved the expropriation of 51% of the YPF shares owned by Repsol. Repsol had a 57.4% stake in YPF. YPF was the...

Company valuation using discounted cash flows is based on the valuation of government bonds: it consists of applying the procedure used to value government bonds to the debt and shares of a company. This is easy to understand (sections 1, 2 and 3). But company valuations are often complicated by...

Empresa A firmó, el 27 de febrero de 2008, un contrato de crédito de 800.000 euros por el que pagaría a Banco B el tipo euríbor más un 1% anual (véase la Figura 1 del caso). La empresa A invertía en plantas de energía solar fotovoltaica. Con este crédito, Empresa A tiene lo que se...

The 1990s witnessed significant regulatory changes in several Spanish network industries such as electricity, telecommunications, natural gas and oil. This article provides an assessment of these developments, trying to ascertain what goals policy-makers attempted to achieve with the...

In this paper, we will define and analyze shareholder value creation. To help us understand this concept better, we will use the example of a listed company, General Electric, between 1991 and 1999. To obtain the created shareholder value, we must first define the increase of equity market...

This paper shows that the three valuation methods (if used correctly) always yield the same result. The most striking result of this paper is that the Net Present Value of the tax shield due to interest payments (in the APV approach) should be calculated as follows in order to derive an accurate...

In this paper, we describe the four main groups comprising the most widely used company valuation methods: balance sheet-based methods, income statement-based methods, mixed methods, and cash flow discounting-based methods. The methods that are conceptually "correct" are those based on cash flow...

In this paper we review several methods used for valuing brands. Among them, those of Interbrand, Damodaran, Financial World, Houlihan Valuation Advisors, Market Facts, Young & Rubicam and CDB Research & Consulting. In particular, we analyze in depth the valuations of Kellogg's and Coca-Cola...

This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows;...