Nós apresentamos argumentos econômicos, teóricos e empíricos para apoiar essa tese. Esta prática comum e incorreta é inconsistente com a teoria financeira básica. Profissionais e a maioria dos académicos trabalhando no campo da valoração incluem mudanças em ativos disponíveis (potenciais dividendos) nos fluxos de caixa. Potenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Por tanto, al valorar los flujos de caja, se debería considerar sólo los pagos que en realidad ocurren.įlujo de caja del accionista, dividendos potenciales, valor del patrimonio. Los argumentos empíricos sugieren que los inversionistas descuentan los dividendos potenciales con altas tasas de descuento, lo que significa que el cambio en activos líquidos destruyen valor. Los argumentos económicos dicen que para la valoración sólo se deben considerar flujos de caja los teóricos muestran cómo los dividendos potenciales conducen a contradicciones y a pérdidas de arbitraje. Se presentan argumentos económicos, teóricos y empíricos para apoyar esta tesis. Esta práctica generalizada y equivocada es incompatible con la teoría básica de finanzas. Profesionales y la mayoría de los académicos de valoración incluyen los cambios en activos líquidos (dividendos potenciales) en los flujos de efectivo. Hence, when valuing cash flows, we should consider only actual payments.Ĭash flow to equity, potential dividends, equity value.ĭividendos potenciales y flujos de caja reales en valoración. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Economic arguments underline that only flows of cash should be considered for valuation theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. We present economic, theoretical, and empirical arguments to support the thesis. This widespread and wrong practice is inconsistent with basic finance theory. Practitioners and most academics in valuation include changes in liquid assets (potential dividends) in the cash flows. Grupo de investigación Instituto de Estudios para el Desarrollo, IDE, Colombia. Associate Professor of Mathematical Methods for Economics, Actuarial and Financial Sciences, University of Modena and Reggio Emilia, Faculty of Economics, Italia. Dirigir correspondencia a: Universidad Tecnológica de Bolívar, Calle del Bouquet No 25-92, Manga, Cartagena, Colombia in Mathematics applied to economic problems, University of Trieste, Italia. Profesor Asociado, Universidad Tecnológica de Bolívar, Colombia. IGNACIO VÉLEZ-PAREJA* 1, CARLO ALBERTO MAGNI 2ġMaster of Science en Industrial Engineering, University of Missouri, Estados Unidos. insufficient experience d.POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS IN EQUITY VALUATION. ![]() information asymmetry and a conflict between tactically best interest and one's dutyĮ. lack of proper assignment of individual tasksĭ. ![]() equals the marginal cost of the test The moral hazard in team production arises fromī. is lower than the marginal cost of an additional testĮ. is greater than the marginal cost of the testĬ. The optimal frequency should be where the marginal benefit of an additional pap-test:ī. The new frequency recommendation was designed to address the family histories of the patients. create incentives so that managers act like owners of the firm Recently, the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. be an increasing function of the firm's expensesĮ. avoid making the executives own shares in the companyĭ. create incentives so that managers act like owners of the firmĬ. innovation theory of profit To reduce Agency problems, executive compensation should be designed toī. stochastic optimization theory of profit c. ![]() ![]() What theory of profit best reflects the performance of the plasma screen makers?ĭ. The originators of this technology are earning higher profits. The flat-screen plasma TVs are selling extremely well.
0 Comments
Leave a Reply. |