Similar Search Results

Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields

Tham, Joseph - 2011

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...

Persistent link: https://www.econbiz.de/10013133138

Risky Tax Shields and Risky Debt : A Monte Carlo Approach

Velez-Pareja, Ignacio - 2010

I identify three sources of risk for the tax shields: two of them associated to the risk of debt and one associated to … the operating risk. I present a set of conditions for defining risky debt associated to cash flow and not to accounting … risk of tax shields is Ku, the unlevered cost of equity …

Persistent link: https://www.econbiz.de/10013141867

Risky Tax Shields : An Exploratory Study

Velez-Pareja, Ignacio - 2013

This article (1) identifies three sources of risk for tax shields (TS): Two of them are associated with debt risk and … one is associated with operating risk. (2) A set of conditions for defining risky debt associated with cash flow, not with … suggests that it is not reasonable to define the risk of TS as measured by a single discount rate, but rather as a mix of debt …

Persistent link: https://www.econbiz.de/10013094155

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

Valoración de intangibles

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2003

En esta nota se presenta los conceptos básicos jurídicos de la propiedad intelectual en sus diferentes modalidades. También se ofrece, un sencillo resumen de los principales métodos de valoración de intangibles. Incluye la presentación de conceptos básicos de valor del dinero en el tiempo...

Persistent link: https://www.econbiz.de/10010762932

Potential dividends versus actual cash flows in firm valuation

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

Practitioners and some academics use potential dividends rather than actual payments toshareholders for valuing a firm´s equity. We underline the differences between the two methods and present some arguments supporting the thesis that firm valuation with potential dividends overstate the...

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

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

Optimal Portfolio Selection: A Note with a VBA Solution

Velez-Pareja, Ignacio; Ávila, Pedro Fabián Castilla; … - MASTER CONSULTORES - 2012

Usually in financial textbooks and courses the theory of portfolio selection is taught in a strictly theoretical way. There is a model (Markowitz) that stipulates that an investor has preferences and that she will choose the best portfolio, given her preference curves and an efficient frontier....

Persistent link: https://www.econbiz.de/10010762986

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