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Comments on 'a Reconsideration of Tax Shield Valuation'
Fernandez, Pablo - 2004
Although Arzac and Glosten (2005) affirm that the value of tax shields depends upon the nature of the equity stochastic process, which, in turn depends upon the free cash flow process, I prove that the value of tax shields depends only upon the nature of the stochastic process of the net...
Persistent link: https://www.econbiz.de/10012737796
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Valuation Methods and Shareholder Value Creation
Fernandez, Pablo - 2004
Valuation Methods and shareholder value creation is a complete book about business valuation and value creation. The book explains the nuances of different valuation methods and provides the reader with the tools for analyzing and valuing any business, no matter how complex. With 631 pages...
Persistent link: https://www.econbiz.de/10012785366
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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
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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
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Value of Tax Shields (VTS) : 3 Theories with 'Some' Sense
Fernandez, Pablo - 2019
The value of tax shields (VTS) defines the increase in the company's value as a result of the tax saving obtained by the payment of interest. However, there is no consensus in the existing literature regarding the correct way to compute the VTS. Most authors think of calculating the VTS in terms...
Persistent link: https://www.econbiz.de/10012904517
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The equity premium in 100 textbooks
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2008
I review 100 finance and valuation textbooks published between 1979 and 2008 by authors such as Brealey and Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Weston, Brigham and Arzac and find that their recommendations regarding the equity premium range from 3% to 10%. I also...
Persistent link: https://www.econbiz.de/10005057429
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The equity premium in finance and valuation textbooks
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2008
This paper is a review of the recommendations about the equity premium found in the main finance and valuation textbooks. We review several editions of books written by authors such as Brealey and Myers; Copeland, Koller and Murrin (McKinsey); Ross, Westerfield and Jaffe; Bodie, Kane and Marcus;...
Persistent link: https://www.econbiz.de/10005021724
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Comments on "A reconsideration of tax shield valuation" by Enrique R. Arzac and Lawrence R. Glosten
Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2004
While Arzac and Glosten (2005) affirm that "the value of tax shields depends upon the nature of the equity stochastic process, which, in turn, depends upon the free cash flow process," I prove that the value of tax shields depends only upon the nature of the stochastic process of the net...
Persistent link: https://www.econbiz.de/10005021771
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Market Risk Premium and Risk-Free Rate used for 59 Countries in 2018 : A Survey
Fernandez, Pablo - 2018
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used in 2018 for 59 countries. We got answers for 73 countries, but we only report the results for 59 countries with more than 5 answers.The change between 2015 and 2018 of the average...
Persistent link: https://www.econbiz.de/10012922768
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Market Risk Premium and Risk-Free Rate Used for 69 Countries in 2019 : A Survey
Fernandez, Pablo - 2019
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used in 2019 for 69 countries. We got answers for 84 countries, but we only report the results for 69 countries with more than 8 answers.Due to “Quantitative Easing”, many...
Persistent link: https://www.econbiz.de/10012890011