Spanish Abstract: Es muy importante entender qué es la contabilidad porque es la manera en que las empresas nos comunican su situación. Pero en 35 años de docencia y práctica profesional he detectado varios problemas en la interpretación de la contabilidad por distintos usuarios de la...

We value a company that targets its capital structure in book-value terms. This capital structure definition provides us with a Value of Tax Shields that lies between those of Modigliani-Miller (fixed debt) and Miles-Ezzell (fixed market-value leverage ratio). If a company targets its leverage...

The equity premium (also called market risk premium, equity risk premium, market premium and risk premium), is one of the most important, discussed but elusive parameters in finance. The term equity premium is used to designate four different concepts (although many times they are mixed):...

Este documento contiene un ranking de las gestoras realizado comparando la evolución de sus fondos desde 1990 hasta 2010, según los datos proporcionados por Inverco. Según este ranking, las mejores gestoras fueron: Bestinver, Mutua Madrileña y Merchbanc; las peores fueron: Caja Cataluña,...

Este documento contiene un ranking de 79 gestoras de fondos de inversión realizado comparando la evolución de sus fondos desde 1991 hasta 2010, según la información proporcionada por Inverco. Una gestora ha sido mejor que otra cuando sus fondos han obtenido menor diferencia con los mejores...

The WACC is just the rate at which the Free Cash Flows must be discounted to obtain the same result as in the valuation using Equity Cash Flows discounted at the required return to equity (Ke) The WACC is neither a cost nor a required return: it is a weighted average of a cost and a required...

shareholders ($4.5 trillion). In 1991-1999 it created value ($5.1 trillion), but in 2000-2010 it destroyed $9.6 trillion. The market value of the S&P 500 was $2.8 trillion in 1991 and $11.4 trillion in 2010. We also calculate the created shareholder value of the 500 companies during the 18-year...

Este documento contiene 201 preguntas que me han formulado en los últimos años alumnos, antiguos alumnos y otras personas (jueces, árbitros, clientes…). Se han recopilado para ayudar al lector a recordar, aclarar, reforzar, matizar y, en su caso, discutir, conceptos útiles en finanzas....

The average MRP used by analysts in the United States and Canada (5.1%) was similar to the one used by their colleagues in Europe (5.0%), and United Kingdom (5.2%). But the average MRP used by companies in the United States and Canada (5.3%) was smaller than the one used by companies in Europe...

This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2011 for 56 countries. We got answers for 85 countries, but we only report the results for 56 countries with more than 6 answers. Most previous surveys have been interested in the Expected MRP, but this...