This paper shows that the three valuation methods (if used correctly) always yield the same result. The most striking result of this paper is that the Net Present Value of the tax shield due to interest payments (in the APV approach) should be calculated as follows in order to derive an accurate...

El impacto de las nuevas tecnologías de la información e Internet en el mundo de la empresa ha sido enorme, y el estallido de la burbuja financiera no invalida algunos supuestos de la llamada nueva economía. Este trabajo analiza los efectos diferenciales de Internet en la dirección de...

2002 was a bad year: the shareholder value destruction of the companies in the S&P 500 was $3.3 trillion. In 2002 only 16% of the companies created value (80 companies created value and 420 companies destroyed value). The percentage of value creators was 35%, 54%, 47% and 53% for 2001, 2000,...

Growth expectations and institutional settings in Central Eastern Europe are assumed to be favorable for the establishment of a vibrant Venture Capital and Private Equity market. Despite this, there is a lack of risk capital. We examine the obstacles to institutional investments in the region...

This study provides an empirical investigation of the incidence and antecedents of contractual renegotiations in strategic alliances. We bring together initial conditions based on transaction cost theory and ex post contingencies highlighted by recent conceptual and qualitative research on the...

We calculate betas of 3,813 companies using 60 monthly returns each day of December 2001 and January 2002. The median (average) of the maximum beta divided by the minimum beta was 3.07 (15.7). The median of the percentage daily change (in absolute value) of the betas was 20%. Industry betas are...

Wide experimental evidence shows that people do care about their opponents' payoff during social interaction. Our research aims to shed light on the relative importance of different motives in non-selfish choices highlighted in the recent literature. After a standard public-good game, one player...

En este documento se cuantifica la creación de valor para los accionistas de Bankinter entre diciembre de 1991 y diciembre de 2005. En ese período, el aumento de la capitalización de Bankinter fue de 2.834 millones de euros, el aumento del valor para los accionistas fue de 4.120 millones de...

In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit...

En los últimos 10 y 17 años, la rentabilidad promedio de los planes de pensiones fue inferior a la inversión en bonos del estado. Sólo 2 de los 170 planes con 17 años de historia tuvieron una rentabilidad superior a la de los bonos del Estado. Ninguno de los 170 planes con 17 años de...