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):...

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):...

En este documento se valoran varias emisiones de bonos bolsa (un tipo de bonos estructurados) emitidos en Espantilde;a. Estis instrumentos financieros son la combinacioacute;n de un bono y una o maacute;s opciones.I value several issues of 'bonos bolsa' issued in Spain. These instruments are the...

En este documento se muestra coacute;mo utilizar la simulacioacute;n para valorar opciones y otros instrumentos financieros. Tambieacute;n se muestra coacute;mo se ha de realizar la simulacioacute;n para, al valorar opciones, obtener el mismo resultado que con la foacute;rmula de Black y Scholes.MBA...

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...

Spanish Abstract: Este documento contiene 210 errores cometidos en distintas valoraciones de empresas.La mayor parte de las valoraciones proceden de arbitrajes, procesos judiciales, compras y ventas de empresas a los que el autor ha tenido acceso. Casi todos los nombres de personas, empresas y...

We show that the three valuation methods (if used correctly) always yield the same result. The most striking result of this paper is that for a firm growing at a rate g, the Net Present Value of the tax shield due to interest payments (in the APV approach) must be calculated as follows: NPV OF...

Spanish convertible bonds are different from the American convertible bonds. First, the conversion price is not fixed in pesetas, but is defined as a percentage discount off the average share price over a number of days before conversion. Second, the conversion option can be exercised only at a...

En este documento se analizan dos empresas con actividades muy similares: Boston Chicken, una cadena de más de 1.700 restaurantes especializados en comida casera, y TelePizza, una cadena de más de 700 pizzerías. Ambas crecieron mucho en la década de los noventa y tuvieron un período de...