Similar Search Results

Dividendos "potenciales" versus pagados : razones teoricas y empiricas para usar dividendos pagados. Casos de America Latina y Argentina

Velez-Pareja, Ignacio; Merlo, Mariano; Londono, David Andres - MASTER CONSULTORES - 2008

Muchos consultores, autores y profesores de Finanzas incluyen los cambios en losactivos liquidos (dividendos potenciales") en los flujos de caja. Esta practica escontraria a la teoria basica de las finanzas. Presentamos razones economicas, teoricas, yempiricas para apoyar la tesis. Por lo tanto,...

Persistent link: https://www.econbiz.de/10010762913

Potential dividends versus actual cash flows in firm valuation

Magni, Carlo Alberto; Velez-Pareja, Ignacio - MASTER CONSULTORES - 2009

´s equity. We underline the differences between the two methods and present some arguments supporting the thesis that firm …

Persistent link: https://www.econbiz.de/10010762934

Proper Determination of the Growth Rate for Growing Perpetuities: The Growth Rate for the Terminal Value

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2004

In this paper we find restrictions for the value of a parameter used in defining the cost of capital for perpetuities and terminal values: the growth rate for the free cash flow. When defining the growth rate for the free cash flow the usual warning is to set it below the growth of the economy...

Persistent link: https://www.econbiz.de/10010762940

Once More, the Correct Definition for the Cash Flows to Value a Firm. (Free Cash Flow and Cash Flow to Equity)

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2004

This paper is an extension of a previous one untitled The Correct Definition for the Cash Flows to Value a Firm (Free Cash Flow and Cash Flow to Equity) . We have added a comparative analysis between the current practice of including as cash flows amounts that belong to the Balance Sheet and the...

Persistent link: https://www.econbiz.de/10010762961

Looking Forward Financial Ratio and Value Analysis (Valor de la firma y razones financieras para el análisis financiero)

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2007

Usualmente los textos de finanzas presentan por lo menos un capítulo sobre análisis financiero, entendido como análisis de razones financieras. Se enseñan muchos cursos en análisis financiero y se gasta una enorme cantidad de tiempo en cómo calcular las razones financieras basados en...

Persistent link: https://www.econbiz.de/10010762968

Do the RIM (Residual Income Model), EVA® and DCF (Discounted Cash Flow) Really Match?

Velez-Pareja, Ignacio; Tham, Joseph - MASTER CONSULTORES - 2003

appropriate returns to levered equity. We refer to these four ways as the "discounted cash flow (DCF)" methods. In recent years …. Supporters claim the RIM and EVA are superior to the DCF methods. It may be case that the RIM and EVA approaches are useful tools …, the results from the RIM and EVA exactly match the results from the DCF methods. Velez-Pareja 1999 reported that when …

Persistent link: https://www.econbiz.de/10010762982

Why We Subtract the Change in Working Capital when Defining Cash Flows? A Pedagogical Note

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2005

In this short teaching note I explain why we subtract the change in working capital from the proper item (Earnings before interest and taxes (EBIT) or Net income) in the Income Statement. I show in detail how departing from the sales revenues and the cost of goods sold we have to subtract the...

Persistent link: https://www.econbiz.de/10010762993

Potential Dividends and Actual Cash Flows. Theoretical and Empirical Reasons for Using 'Actual' and Dismissing 'Potential'. Or: How Not to Pull Pot...

Velez-Pareja, Ignacio; Magni, Carlo Alberto - MASTER CONSULTORES - 2008

Practitioners and academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments...

Persistent link: https://www.econbiz.de/10010763000

There exists circularity between WACC and value? Another solution

Velez-Pareja, Ignacio; Franco, Julian Benavides - MASTER CONSULTORES - 2008

Although we know there exists a simple approach to solve the circularity between value and the discount rate, known as the Adjusted Present Value proposed by Myers, 1974, it seems that practitioners still rely on the traditional Weighted Average Cost of Capital, WACC approach of weighting the...

Persistent link: https://www.econbiz.de/10010763003

Analytical solution to the circularity problem in the discounted cash flow valuation framework

Mejia, Felipe; Velez-Pareja, Ignacio - MASTER CONSULTORES - 2010

based upon the iteration feature of a spreadsheet. Our conclusion is that, as expected, all methods produce the same answer …

Persistent link: https://www.econbiz.de/10010763025

1
2
3
4
5
6
7
8
Next
Last