Volumes of oil reserves are important indicators of energy availability in the future since it is still the world’s main source of energy. In this paper, we estimate the oil reserve volume under oil price uncertainty using the traditional discounted cash flow (DCF) and the real options theory...

The valuation of equities remains a challenge both in practice and in theory. The value of an asset must reflect the present value of the future payments that accrue to the holder of the asset. Hence, the key question in equity valuation is how to determine the value today of a sequence of...

This paper develops a novel theory of accounting, in the form of a quantitative language, capable of reformulating, generalizing, and studying the discounted cash flow model, in plain accounting terms - going through the reformulation of the underlying future cash flows and their financing. This...

This paper develops a novel theory of accounting, in the form of a quantitative language, capable of reformulating, generalizing, and studying the discounted cash flow model, in plain accounting terms - going through the reformulation of the underlying future cash flows and their financing. This...