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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 …
Persistent link: https://www.econbiz.de/10012922768
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Valuing Companies by Cash Flow Discounting : Only APV Does Not Require Iteration
Fernandez, Pablo - 2020
The most used methods for valuing companies by Cash Flow Discounting are equity cash flow, free cash flow, capital cash flow and APV (Adjusted Present Value). Only APV does not require iteration All four methods, if properly applied, always give the same value. This result is logical, as all the...
Persistent link: https://www.econbiz.de/10012824556
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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 …
Persistent link: https://www.econbiz.de/10012890011
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WACC and CAPM According to Utilities Regulators : Confusions, Errors and Inconsistencies
Fernandez, Pablo - 2019
Regulators of many countries try to find the “true” WACC of Electricity, Gas, Water… activities. All their documents have in common a main confusion: they do not differentiate among expected, required, historical, and regulator allowed returns, which are 4 very different concepts. Most of...
Persistent link: https://www.econbiz.de/10012893723
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Discount Rate (Risk-Free Rate and Market Risk Premium) Used for 41 Countries in 2015 : A Survey
Fernandez, Pablo - 2017
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and of the Market Risk Premium (MRP) used ….The change between 2013 and 2015 of the average Market risk premium used was higher than 1% for 13 countries. Most of the … respondents use for US, Europe and UK a Risk-Free Rate (RF) higher than the yield of the 10-year Government bonds …
Persistent link: https://www.econbiz.de/10012971846
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Discount Rate (Risk-Free Rate and Market Risk Premium) Used for 41 Countries in 2017 : A Survey
Fernandez, Pablo - 2017
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used in … 6). The change between 2015 and 2017 of the average Market risk premium used was higher than 1% for 11 countries (see … table 6). Most of the respondents use for Europe and UK a Risk-Free Rate (RF) higher than the yield of the 10-year …
Persistent link: https://www.econbiz.de/10012958524
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Bonos Singulares : Perpetuos, 'Bella Durmiente,' 'Matusalén,' Basura... (Singular Bonds: Perpetuals, Matusalem, Junk Bonds...)
Fernandez, Pablo - 2018
Spanish Abstract: Se presentan varios bonos interesantes. Algunos por su gran duración: bonos “la bella durmiente” (a 100 años, emitidos por Walt Disney Co. en 1993), bonos Matusalén (a 50 años), bonos perpetuos. Se analizan los bonos a 100 años y se comparan con un bono a 30 años y...
Persistent link: https://www.econbiz.de/10012937957
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Value of Tax Shields (VTS) : 3 Theories with 'Some' Sense
Fernandez, Pablo - 2019
interest payments on debt, but Modigliani and Miller (MM) propose discounting the tax savings at the risk-free rate (RF), and … the VTS. Most authors think of calculating the VTS in terms of the appropriate present value of the tax savings due to … Miles and Ezzell (ME) and many others propose discounting these tax savings the first year at the cost of debt and the …
Persistent link: https://www.econbiz.de/10012904517
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CAPM : The Model and 307 Comments About It
Fernandez, Pablo - 2019
, the market risk premium …
Persistent link: https://www.econbiz.de/10012904629
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CAPM : An Absurd Model
Fernandez, Pablo - 2019
”, not of “the world according to a wrong theory”. Ricardo Yepes, professor of philosophy of my university, wrote: “Learning …
Persistent link: https://www.econbiz.de/10012904691