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How to Ensure Consistency between Discount Rates and Cash Flows?

Cheremushkin, Sergei Vasilievich - 2012

valuation requires attention to plenty of details. The slightest negligence or insufficient knowledge of underlying theory can …

Persistent link: https://www.econbiz.de/10013102130

In Search of the 'Lost Capital' : A Theory for Valuation, Investment Decisions, Performance Measurement

Magni, Carlo Alberto - 2012

nonstandard theory of residual income. It is derived from the notion of “unrecovered” capital, which is here named “lost” capital … the simple average residual income play a major role in valuation; a dual relation between the standard theory and the … lost-capital theory is proved, clarifying the way periodic performance is computed in the two paradigms and the rationale …

Persistent link: https://www.econbiz.de/10013104372

Optimal Capital Structure for Finite Cash Flows

Mejia-Pelaez, Felipe - 2013

La versión española de este artículo se puede encontrar en: "http://ssrn.com/abstract=1826264" http://ssrn.com/abstract=1826264This paper shows how to proceed to find the optimal capital structure and value with period-to-period constant and variable leverage, when the discount rate for tax...

Persistent link: https://www.econbiz.de/10013093640

Discount Rate (Risk-Free Rate and Market Risk Premium) Used for 41 Countries in 2017 : A Survey

Fernandez, Pablo - 2017

countries are negatively correlated (Spain -51%; Germany -28%; France -47%; Italy -30%) …

Persistent link: https://www.econbiz.de/10012958524

The Market Portfolio is NOT Efficient : Evidences, Consequences and Easy to Avoid Errors

Fernandez, Pablo - 2019

The Market Portfolio is not an efficient portfolio. There are many evidences that tell us that: the equal weighted indexes have beaten their market-value weighted indexes for many years, many easy-to-build portfolios (some “smart-beta”, “multifactors”) have beaten market-value weighted...

Persistent link: https://www.econbiz.de/10012903557

339 Questions on Valuation and Finance

Fernandez, Pablo - 2019

The document starts with 100 questions that students, alumni and other persons (judges, arbitrageurs, clients…) have posed to me over the past years. They were recompiled so as to help the reader remember, clarify and, in some cases, discuss some useful concepts in finance. Most of the...

Persistent link: https://www.econbiz.de/10012905134

1,959 Valuations of the YPF Shares Expropriated to Repsol

Fernandez, Pablo - 2019

On April 16, 2012 the Argentine Federal Government decreed the intervention of YPF. Its share price declined 29% the day after. Two weeks later the Argentinean Parliament approved the expropriation of 51% of the YPF shares owned by Repsol. We prepared a month ago the case “Valuation of an...

Persistent link: https://www.econbiz.de/10012905398

A Solution to 'Valuation of the Shares after an Expropriation : The Case of Electrabul'

Fernandez, Pablo - 2019

The “VERAVAL Valuation” forecasts a great future for ElectraBul with solid customer, sales and FCF growth. Between 2010 and 2019 the customer base is expected to grow by 60%, sales in MWh by 72%, etc. However, the “VERAVAL Valuation” concludes that the value of ElectraBul shares in April...

Persistent link: https://www.econbiz.de/10012905411

Interest Rates and Company Valuation

Fernandez, Pablo - 2019

Interest rates have a considerable bearing on share prices. Any investor's experience shows that, in general, when interest rates fall significantly, share prices rise, and vice-versa. We begin by observing the evolution of interest rates in the last 22 years in the United States. We also look...

Persistent link: https://www.econbiz.de/10012905414

How Inflation Destroys Value : Taxes

Fernandez, Pablo - 2019

La versión española de este artículo se puede encontrar en: "http://ssrn.com/abstract=1125625" http://ssrn.com/abstract=1125625.The return on investments depends on the effects of inflation. To analyze the effect of inflation, we shall use a case study of two companies engaging in the same...

Persistent link: https://www.econbiz.de/10012905415