Purpose: The purpose of the paper is to introduce a novel methodology to identify and quantify the difference of financial risks exhibited by listed and unlisted companies in their debt payments from an empirical point of view. Design/methodology/approach: The paper attempts to establish the...

In this paper, under Modigliani-Miller assumptions and according to the equilibrium theory of capital markets, we have demonstrated that the assets of a company can be considered as a portfolio composed by the risk-free asset and another risky portfolio. Consequently, its operating return is...

The aim of this paper is to contribute to a deeper knowledge of the CAPM in the framework of company valuation based our reasoning on the differentiation between the so-called purely financial investor and economic risk investor. Our argument is that CAPM is not a good reference to be applied in...

This paper aims to analyze, by using the concept of mutual information, the existing relationship between the nominal exchange rate and different inflation components. The proposed information measure captures the dependence structure between these two variables, resulting in new empirical...

Resumen: El objetivo de este artículo es el estudio y generalización del método de las dos funciones de distribución, utilizado en la teoría de valoración y, más concretamente, en las valoraciones agrarias. El fundamento básico de este método, propuesto por Ballestero (1973), está en...