Todo el mundo usa los ahorros en impuestos, AI o escudos fiscales cuando se calcula elCosto Promedio Ponderado de Capital (CPPC) en inglés Weighted Average Cost of Capital (WACC). Esta formula de los libros de texto incluye el AI cuando se introduce el factor (1-T) que afecta la contribución...

We discuss some ideas useful when forecasting financial statements that are based on historical data.The chapter is organized as follows: First we discuss the relevance of prospective analysis for non traded firms. In a second section we a basic reviews of subjects that will be needed for...

It is widely known that if the leverage is constant over time, then the cost of equity and the Weighted Average Cost of Capital (WACC) for the free cash flow, FCF, is constant over time. In other words, it is inappropriate to use a constant WACCFCF to discount the free cash flow (FCF) if the...

La mayoría de los textos de finanzas corporativas y los analistas presentan el cálculo delCosto Promedio Ponderado de Capital CPPC (WACC) como independiente del Flujo de caja libre.Es una práctica común que los analistas calculen un CPPC (WACC) a priori y lo usen independientemente del valor...

En este trabajo se exploraron diversas hipotesis acerca del efecto del endeudamiento sobre algunos indicadores de la firma aplicando analisis de datos de panel: crecimiento real, plazo de proveedores, margenes bruto y operativo. Exploramos si hay evidencia estadistica de la influencia del nivel...

Llano-Ferro (2009) proposes a solution to avoid "significant errors" when the Weighted Average Cost of Capital (WACC) "obtained by the standard formula leads to significant errors in Net Present Value of the Firm calculations; particularly in those that apply to perpetual cash flow series. In...

In this work we explore the effect of book value leverage upon some financial indexes, such as real growth, payment terms from suppliers and gross and operating margins. We explore if there is statistical evidence on the influence of the book value leverage level in the financial distress or...

Using the model proposed by Velez-Pareja (2006) and assuming straight line depreciation we examine the conditions to assure a constant growth rate in a growingperpetuity. Our findings are that in practical terms for a growing perpetuity there are two options: either depreciation life is one year...

The prevalence of malnutrition and anemia is high in Uganda. Thirty three percent of children under 5 years of age, are stunted and 5 percent wasted. This study conducts a cost-effectiveness analysis of the Integrated Management of Acute Malnutrition (IMAM) program in the southwest region of...

El presente documento tiene como objetivo evaluar alternativas de gestión y tamaños de colegios públicos en función de su contribución a la mejora del rendimiento de los estudiantes de primaria y al uso eficiente de los recursos públicos. Para tal fin, se utiliza la metodología de...