Azar, Samih Antoine - In: International Journal of Accounting and Finance 2 (2010) 3/4, pp. 254-274
is equal to the present value of future cash flows discounted at an appropriate market yield. Accordingly, if inflation … is higher, the cash flows and the market yield are both adjusted upward, leaving the present worth unchanged. This … present worth is the same if real (inflation-adjusted) cash flows are discounted at the real (inflation-adjusted) interest …