A Minister in a lower middle-income country requests a proposal for implementing Evidence-Based Policy Making (EBPM) in all the agencies in the government. You review the literature and find that over the past few decades, there has been slow progress in promoting the use of evidence. The three...

From a practitioner's perspective, this conceptual article examines the challenges in promoting Evidence-Based Policy Making (EBPM) in non-Western, non-affluent developing countries. The focus is on the use of evidence in sectors other than medicine, health care and human services because the...

This paper reviews the recent research findings from the DFID-funded BCURE (Building Capacity to Use Research Evidence) Program for the determinants of the demand for evidence in making policy in agencies, ministries and departments across the public sector in developing countries

The DFID-funded BCURE (Building Capacity for Use of Research Evidence) Program has generated important research findings on the determinants for the demand of evidence use in six countries: Bangladesh, Kenya, Pakistan, Sierra Leone, South Africa and Zimbabwe. What is the relevance of these...

In cash flow valuation, on grounds of simplicity, it is common to assume that the leverage is constant over time. With constant leverage, the return to levered equity is constant and consequently, the Weighted Average Cost of Capital (WACC) applied to the Free Cash Flow is constant. However,...

We argue that the Economic Value Added (EVA) is biased by design and will generally yield distorted assessment of both the operating and overall performance. Fundamentally, the scale of measurement bias depends on the interest tax shield actually obtained in a measurement period and on a book to...

Vélez-Pareja and Tham, 2003a, Vélez-Pareja and Tham, 2003b and Tham and Vélez-Pareja, 2004 showed the matching between discounted cash flow (DCF) methods and value added methods. They departed from the net operating profit less adjusted taxes NOPLAT and net income when using market values to...

We present the derivation of cost of capital under the assumption of risky tax shields discounted with the cost of levered equity. We show that the formulation is consistent and is derived from basic financial principles. This formulation is valid for finite cash flows and non growing...