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La subvencion financiera del coste de la deuda: la importancia de la pregunta en la investigacion financiera

Sanchez, Mariano Gonzalez; Velez-Pareja, Ignacio; … - MASTER CONSULTORES - 2008

The purpose of this work is double. On one side, we wish to examine if subsidizing the cost of debt has some influence on the firm value (debt plus equity) or if it is just a transfer from debt holders to shareholders. On the other hand, we wish to show that research in Finance, as in many...

Persistent link: https://www.econbiz.de/10010762999

Estimating the Appropriate Risk Profile for the Tax Savings: A Contingent Claim Approach

Hoyos, Gonzalo Diaz; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

Tax saving´s valuation is crucial for discounted cash flow valuation and WACC estimation. There is an ongoing debate about the appropriate discount rate for tax savings under CAPM approach. On this paper we evaluate tax savings from a contingent claim approach in order to establish a framework...

Persistent link: https://www.econbiz.de/10010762920

The Colombian Stock Market: 1930-1998

Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999

This article explores the behavior of the stock market in Colombia with the information given by the Bolsa de Bogota Index (Indice de la Bolsa de Bogota, IBB). The index is analyzed from January, 1930 to December, 1998. The inflation rate covers the same period; the inflation rate as measured by...

Persistent link: https://www.econbiz.de/10010827952

Costo de capital para empresas no transadas en bolsa

Vélez-Pareja, Ignacio - MASTER CONSULTORES - 2002

En esta nota se hace un breve repaso de las principales estadísticas de las firmas no transadas en bolsa tanto en los Estados Unidos como en Colombia como un ejemplo de un Mercado emergente o en desarrollo. Se presentan algunas alternativas para calcular el costo del patrimonio o capital propio...

Persistent link: https://www.econbiz.de/10010763040

The use of Npv and CAPM for capital budgeting is not a good idea. A reply to De Reyck (2005)

Magni, Carlo Alberto - MASTER CONSULTORES - 2009

disequilibrium values, is at odds with arbitrage theory, and that the corresponding CAPM-based NPV rule is meaningless even in the …, leaves decision makers open to arbitrage losses, because it is an (admittedly interesting) reframing of the security market … lineand (as surprising as it might be) the use of the SML for project valuation is incompatible with the no-arbitrage …

Persistent link: https://www.econbiz.de/10010762957

El mercado de acciones en Colombia: 1930-1998

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2009

This article explores the behavior of the stock market in Colombia with the information given by the Bolsa de Bogotá Index (Indice de la Bolsa de Bogotá, IBB). The index is analyzed from January, 1930 to December, 1998. The inflation rate covers the same period; the inflation rate as measured...

Persistent link: https://www.econbiz.de/10010762969

Cost of Equity and WACC for Perpetuities with Constant Growth

Mejia, Felipe; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

This paper shows a formulation for the cost of equity and the WACC for growing perpetuities. Some authors have derived the general expressions for those formulas but not specifically for perpetuities with constant growth. The result obtained is that a previously general formulation for a finite...

Persistent link: https://www.econbiz.de/10010827955

Aggregate Return on Investment for Investments under Uncertainty

Magni, Carlo Alberto - MASTER CONSULTORES - 2014

This paper deals with with capital budgeting decisions under uncertainty. We present an Aggregate Return On Investment (AROI), obtained as the ratio of total (undiscounted) cash flow to total invested capital and show that it is a genuine rate of return which, compared with the risk-adjusted...

Persistent link: https://www.econbiz.de/10010827956

Company Valuation in an Emerging Economy - Caldonia: A Case Study

Pareja, Ignacio Vélez; Tham, Joseph - MASTER CONSULTORES - 2010

Persistent link: https://www.econbiz.de/10010827965

Risky Tax Shields and Risky Debt: A Monte Carlo Approach

Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

I present a set of conditions for defining risky debt associated to cash flow and not to accounting earnings. I explain why realization of tax shields for finite cash flows in any period of time t are correlated to Earnings before Interest and Taxes and are not correlated to interest expenses at...

Persistent link: https://www.econbiz.de/10010762909