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Fernandez, Pablo - 2019

I review 150 textbooks on corporate finance and valuation published between 1979 and 2009 by authors such as Brealey, Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Arzac… and find that their recommendations regarding the equity premium range from 3% to 10%, and that 51 books...

Persistent link: https://www.econbiz.de/10012906191

A Case of Insider Trading in Spain (in Spanish)

Fernandez, Pablo - 2009

Persistent link: https://www.econbiz.de/10013157671

The equity premium in 150 textbooks

Fernandez, Pablo - In: Journal of Financial Transformation 27 (2009), pp. 14-18

I review 150 textbooks on corporate finance and valuation published between 1979 and 2009 by authors such as Brealey, Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, and Arzac, and find that their recommendations regarding the equity premium range from 3% to 10%, and that 51...

Persistent link: https://www.econbiz.de/10008471885

Is It Ethical to Teach That Beta and CAPM Explain Something?

Fernandez, Pablo - 2019

My answer to the question in the title is NO. It is crystal clear that CAPM and its Betas do not explain anything about … Beta and CAPM explain something and he knows that they do not explain anything, such a person is lying. To lie is not … ethical. If the person “believes” that Beta and CAPM explain something, his “belief” is due to ignorance (he has not studied …

Persistent link: https://www.econbiz.de/10012901774

The Market Portfolio is NOT Efficient : Evidences, Consequences and Easy to Avoid Errors

Fernandez, Pablo - 2019

The Market Portfolio is not an efficient portfolio. There are many evidences that tell us that: the equal weighted indexes have beaten their market-value weighted indexes for many years, many easy-to-build portfolios (some “smart-beta”, “multifactors”) have beaten market-value weighted...

Persistent link: https://www.econbiz.de/10012903557

CAPM : The Model and 307 Comments About It

Fernandez, Pablo - 2019

about the CAPM: 234 basically agree in using the adjective “absurd” to qualify the CAPM and 71 do not agree for several …) their opinions: real opinions of real persons that know finance and have thought about the CAPM, the market return, the beta …

Persistent link: https://www.econbiz.de/10012904629

CAPM : An Absurd Model

Fernandez, Pablo - 2019

The CAPM is about expected return. If you find a formula for expected returns that works well in the real markets …, would you publish it? Before or after becoming a billionaire?The CAPM is an absurd model because its assumptions and its … predictions/conclusions have no basis in the real world. The use of CAPM is also a source of litigation: many professors, lawyers …

Persistent link: https://www.econbiz.de/10012904691

WACC and CAPM According to Utilities Regulators : Confusions, Errors and Inconsistencies

Fernandez, Pablo - 2019

CAPM and the WACC), several inconsistencies estimating parameters and multiply the WACC by the depreciated book value of …

Persistent link: https://www.econbiz.de/10012893723

IBEX 35 : 1991-2010 - Value Creation and Return

Fernandez, Pablo - 2011

We compute the shareholder value creation and the return of the companies in the IBEX 35 for the 19-year period 1991-201'3 The average return was 11%, but 2.9% was due to the decline in interest rates (from 13% to 5.5%). The shareholder value creation in the whole period was 23 billion euros,...

Persistent link: https://www.econbiz.de/10013131614

Total Return (TR) and Total Return for All Shareholders (TRAS). Difference for the Companies in the S&P 100

Fernandez, Pablo - 2020

The Total Return (TR), also called “return including dividends” and “Total Index Return” provides the theoretical return of a share, assuming that dividends are re-invested to purchase additional shares.The Total Return for All Shareholders (TRAS) is the return that all the shareholders...

Persistent link: https://www.econbiz.de/10012833189

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