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La mayoría de los textos de finanzas corporativas y los analistas presentan el cálculo del Costo 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...
Persistent link: https://www.econbiz.de/10005767945
Esta nota pedagógica ilustra el cálculo de la elasticidad precio-demanda y su aplicación en la proyección de estados financieros.
Persistent link: https://www.econbiz.de/10005767946
Muchos consultores, autores y profesores de Finanzas incluyen los cambios en los activos liquidos (dividendos “potenciales”) en los flujos de caja. Esta practica es contraria a la teoria basica de las finanzas. Presentamos razones economicas, teoricas, y empiricas para apoyar la tesis. Por...
Persistent link: https://www.econbiz.de/10005767948
Typical textbooks on corporate finance and forecasting and budgeting recommend "closing" and matching the financial statements what is known as a plug. A plug is a formula to match the Balance Sheet using the differences in some items listed in it in such a way that the accounting equation...
Persistent link: https://www.econbiz.de/10005767949
En esta nota pedagógica presento algunas sugerencias e ideas que puede ser útil tener en cuenta cuando se trata de pronosticar estados financieros a partir de datos históricos. Las ideas que se presentan son el resultado de la experiencia de aconsejar a los estudiantes de licenciatura y de...
Persistent link: https://www.econbiz.de/10005767952
Debt financing with subsidizes interest rate has a multidimensional impact on the firm. Value of the levered equity, value of the debt and overall firm value will be different of those values with debt financing at market rate. Subsidized interest rate on debt does not create any additional cash...
Persistent link: https://www.econbiz.de/10005767955
Typical textbooks on corporate finance and forecasting and budgeting recommend “closing” and matching the financial statements using what is known as a plug. A plug is a formula to match the Balance Sheet using differences in some items listed in it in such a way that the accounting equation...
Persistent link: https://www.econbiz.de/10005767957
In this teaching note we show that using the findings of Tham and Velez-Pareja 2002, for finite cash flows, Ke and hence WACC depend on the discount rate that is used to value the tax shield, TS and as expected, Ke and WACC are not constant with Kd as the discount rate for the tax shield, even...
Persistent link: https://www.econbiz.de/10005767958
When forecasting financial statements care has to be taken to construct a consistent and correct model. This is not an easy task. Even the most experienced expert in modeling makes mistakes. This is especially relevant when we construct a financial model without plugs and without circularity. In...
Persistent link: https://www.econbiz.de/10005767959
Todo el mundo usa los ahorros en impuestos, AI o escudos fiscales cuando se calcula el Costo 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...
Persistent link: https://www.econbiz.de/10005767960