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A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches
Akalu, Mehari Mekonnen; Turner, Rodney - 2002
One of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher...
Persistent link: https://www.econbiz.de/10010324971
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Evaluating the Capacity of Standard Investment Appraisal Methods
Akalu, Mehari Mekonnen - 2002
The survey findings indicate the existence of gap between theory and practice of capital budgeting. Standard appraisal …
Persistent link: https://www.econbiz.de/10010325018
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Technology portfolio and market value
Schmidt-Ehmcke, Jens; Zloczysti, Petra - 2008
This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in...
Persistent link: https://www.econbiz.de/10010265003
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Dynamic carbon emission management
Bustamante, Maria Cecilia; Zucchi, Francesca - 2024
The control of carbon emissions by policymakers poses the corporate challenge of developing an optimal carbon management policy. We provide a unified model that characterizes how firms should optimally manage emissions through production, green investment, and the trading of carbon credits. We...
Persistent link: https://www.econbiz.de/10014543594
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Technology spillovers, asset redeployability, and corporate financial policies
Nguyen, Phuong Anh; Kecskés, Ambrus - 2021
Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This...
Persistent link: https://www.econbiz.de/10012610154
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A Real Options Perspective on R&D Portfolio Diversification
van Bekkum, Sjoerd; Pennings, Enrico; Smit, Han - 2007
. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and …
Persistent link: https://www.econbiz.de/10010326068
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Default probabilities and default correlations
Erlenmaier, Ulrich; Gersbach, Hans - 2001
Starting from the Merton framework for firm defaults, we provide the analytics and robustness of the relationship between default correlations. We show that loans with higher default probabilities will not only have higher variances but also higher correlations between loans. As a consequence,...
Persistent link: https://www.econbiz.de/10010301737
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Integrated asset liability modelling for property casuality insurance: A portfolio theoretical approach
Dus, Ivica; Maurer, Raimond - 2001
theory and recognizes the stochastic nature of and the interaction between the underwriting and investment income of the …
Persistent link: https://www.econbiz.de/10010316238
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Private equity returns and disclosure around the world
Walz, Uwe; Cumming, Douglas - 2004
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 - 2003)...
Persistent link: https://www.econbiz.de/10010298258
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The influence of strategic patenting on companies' patent portfolios
Blind, Knut; Cremers, Katrin; Mueller, Elisabeth - 2008
This paper analyses whether strategic motives for patenting influence the characteristics of companies' patent … survey and patent data from German companies. We find clear evidence that the companies' patenting strategies explain the … characteristics of their patent portfolios. First, companies using patents to protect their technological knowledge base receive a …
Persistent link: https://www.econbiz.de/10010299473