When finance textbooks address net borrowing calculation in free cash flow to equity perpetuity, they predominantly do it as the proportion of firm net investment financed by debt (Alternative 1). This method does not apply to all scenarios and requires a peculiar debt ratio. Alternatively, one can calculate net borrowing by applying sustainable growth rate to existing debt (Alternative 2). This method is broader and of simpler implementation. Alternative 1 can lead students, instructors and practitioners to confusion and, therefore, to misapplication and/or misuse. I suggest that neglected Alternative 2 becomes the standard method.
{"title":"Two Different Ways to Calculate Net Borrowing in FCFE Perpetuity","authors":"Ricardo Goulart Serra","doi":"10.2139/ssrn.3516402","DOIUrl":"https://doi.org/10.2139/ssrn.3516402","url":null,"abstract":"When finance textbooks address net borrowing calculation in free cash flow to equity perpetuity, they predominantly do it as the proportion of firm net investment financed by debt (Alternative 1). This method does not apply to all scenarios and requires a peculiar debt ratio. Alternatively, one can calculate net borrowing by applying sustainable growth rate to existing debt (Alternative 2). This method is broader and of simpler implementation. Alternative 1 can lead students, instructors and practitioners to confusion and, therefore, to misapplication and/or misuse. I suggest that neglected Alternative 2 becomes the standard method.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133085282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper builds on Wurts (2018a,b) in a variety of ways. It (1) introduces a Return-on-Equity variable g (ROEg) equation as an additional archetypal model, as an opinion-based analytical model, (2) introduces two additional bright-line tests (BLT) (to address Yule-Simpson Paradox (YSP) and ROEg as archetypes for empirical and opinion-based models, respectively, to complement the BLT for the Put-Call Parity (PCP) as an archetypal analytical model), (3) adds additional attention-direction tools (e.g., the Five Demonstrations (5D) and the Defining and Simplifying Story and Model (DSSM) frame, both to help resolve the broad validation issue) and a host of named analogies that can be applied more broadly to help identify biased persuasion within the rhetoric of models, (4) elaborates more on (4a) corporate governance (CG) issues regarding model validation (MV), (4b) requirements for theories of model validation (TMV), (4c) the archetypal CGMV story, and (4d) the NEP-WED frame. Specifically, (5) a DSSM frame is introduced to provide language to help understand how a model can fail in perhaps an abstract sense; namely, because it cannot answer the question of interest (QOI) provided by the Defining Story of the issue of concern (IOC), with perhaps (6) a cascade of deterioration with respect to the power of an argument as (6a) the Simplifying Story the model is intended to address has lost too much information (i.e., become too “degree negative”), (6b) leading to a Simplifying Model that cannot really answer the QOI (i.e., the Minimal Model Story is insufficient to even answer the IOC presented by the Simplifying Story), (6c) sometimes leading questionable modelers to add information that did not exist (i.e., hence, “degree positive”) in either the Defining or Simplifying Story, creating an accompanying Maximal Model Story laden with unsupportable “degree positive” assumptions that influence conclusions beyond sensible inference. Together, (7) the 5D and DSSM tools provide frames to both (7a) proactively identify inference concerns to avoid having a model blow-up a company and (7b) reactively identify, as forensic analysis, specifically how a model blew-up a company. Together, they address two directions of a common question: what question does the model actually answer, regardless of what advocates claim it can answer and is answering? Key conclusions are justified: (1) the ROEg model helps illustrate how accounting reporting measurements may be inadequate for measuring economic risks of corporate interest, (2) the PCP model helps identify that arbitrage forces may not be strong enough to justify the use of arbitrage-free pricing models in a corporate finance context, and (3) the YSP model illustrates that regression equation coefficient estimates are often inadequate as isolated performance measures of factor sensitivities. And yet, such conclusions can be generalized toward more-complex models.
{"title":"On the Corporate Governance (CG) of Model Validation (Mv): A Micro-CG Illustration of ROEg, Put-Call Parity (Pcp), and Yule-Simpson Paradox (Ysp) As Archetypal Models of Financial Risk Evaluation and Valuation Subject to Mv","authors":"Henry Wurts","doi":"10.2139/ssrn.3511582","DOIUrl":"https://doi.org/10.2139/ssrn.3511582","url":null,"abstract":"This paper builds on Wurts (2018a,b) in a variety of ways. It (1) introduces a Return-on-Equity variable g (ROEg) equation as an additional archetypal model, as an opinion-based analytical model, (2) introduces two additional bright-line tests (BLT) (to address Yule-Simpson Paradox (YSP) and ROEg as archetypes for empirical and opinion-based models, respectively, to complement the BLT for the Put-Call Parity (PCP) as an archetypal analytical model), (3) adds additional attention-direction tools (e.g., the Five Demonstrations (5D) and the Defining and Simplifying Story and Model (DSSM) frame, both to help resolve the broad validation issue) and a host of named analogies that can be applied more broadly to help identify biased persuasion within the rhetoric of models, (4) elaborates more on (4a) corporate governance (CG) issues regarding model validation (MV), (4b) requirements for theories of model validation (TMV), (4c) the archetypal CGMV story, and (4d) the NEP-WED frame. Specifically, (5) a DSSM frame is introduced to provide language to help understand how a model can fail in perhaps an abstract sense; namely, because it cannot answer the question of interest (QOI) provided by the Defining Story of the issue of concern (IOC), with perhaps (6) a cascade of deterioration with respect to the power of an argument as (6a) the Simplifying Story the model is intended to address has lost too much information (i.e., become too “degree negative”), (6b) leading to a Simplifying Model that cannot really answer the QOI (i.e., the Minimal Model Story is insufficient to even answer the IOC presented by the Simplifying Story), (6c) sometimes leading questionable modelers to add information that did not exist (i.e., hence, “degree positive”) in either the Defining or Simplifying Story, creating an accompanying Maximal Model Story laden with unsupportable “degree positive” assumptions that influence conclusions beyond sensible inference. Together, (7) the 5D and DSSM tools provide frames to both (7a) proactively identify inference concerns to avoid having a model blow-up a company and (7b) reactively identify, as forensic analysis, specifically how a model blew-up a company. Together, they address two directions of a common question: what question does the model actually answer, regardless of what advocates claim it can answer and is answering? Key conclusions are justified: (1) the ROEg model helps illustrate how accounting reporting measurements may be inadequate for measuring economic risks of corporate interest, (2) the PCP model helps identify that arbitrage forces may not be strong enough to justify the use of arbitrage-free pricing models in a corporate finance context, and (3) the YSP model illustrates that regression equation coefficient estimates are often inadequate as isolated performance measures of factor sensitivities. And yet, such conclusions can be generalized toward more-complex models.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125553084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-12-30DOI: 10.34218/ijm.10.6.2019.023
Dr. V. Andal, Dr. S. Suganya, Dr. S. Vennilaa Shree
The financial statement of PUMA, a sports company has been selected for this research. The financial statement has been examined throughout this paper. The financial statement includes the Income statement, Balance sheet, and Cash flow statement. Horizontal analysis, Vertical analysis, Trend analysis and mainly Ratio Analysis has been used to examine the financial performance and to make suggestions to improve finance flow, improve dividend and to reduce liabilities of PUMA. The major analysis is based on the financial years 2017 and 2016 ending on the 31st of December in each and every year. The latest financial performance of the company is being compared with the company’s statements for the last five years starting 2013 for showing trends. On the basis of the analysis, suggestions have been made to improve the financial performance and market share of PUMA.
{"title":"Financial Performance Analysis of Puma","authors":"Dr. V. Andal, Dr. S. Suganya, Dr. S. Vennilaa Shree","doi":"10.34218/ijm.10.6.2019.023","DOIUrl":"https://doi.org/10.34218/ijm.10.6.2019.023","url":null,"abstract":"The financial statement of PUMA, a sports company has been selected for this research. The financial statement has been examined throughout this paper. The financial statement includes the Income statement, Balance sheet, and Cash flow statement. Horizontal analysis, Vertical analysis, Trend analysis and mainly Ratio Analysis has been used to examine the financial performance and to make suggestions to improve finance flow, improve dividend and to reduce liabilities of PUMA. The major analysis is based on the financial years 2017 and 2016 ending on the 31st of December in each and every year. The latest financial performance of the company is being compared with the company’s statements for the last five years starting 2013 for showing trends. On the basis of the analysis, suggestions have been made to improve the financial performance and market share of PUMA.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132372167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many companies talk about their social and environmental contributions, but very few make them visible. This is typically attributed to lack of methods and data. But ABN AMRO has taken the bold step to produce insightful impact statements, including an Integrated P&L, which show that it can be done. This case study analyses how ABN AMRO got to produce its Impact Report, what is in there, and what its impact could be. The main obstacles seem to be mindsets rather than data and methods.
{"title":"ABN AMRO’s Impact Statements – A Case Study on Making Societal Value Visible","authors":"Willem Schramade","doi":"10.2139/ssrn.3505873","DOIUrl":"https://doi.org/10.2139/ssrn.3505873","url":null,"abstract":"Many companies talk about their social and environmental contributions, but very few make them visible. This is typically attributed to lack of methods and data. But ABN AMRO has taken the bold step to produce insightful impact statements, including an Integrated P&L, which show that it can be done. This case study analyses how ABN AMRO got to produce its Impact Report, what is in there, and what its impact could be. The main obstacles seem to be mindsets rather than data and methods.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128043946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study examined the impact of internal and external factors towards credit risk in Tiong Nam Logistics Holdings Berhad. Debt to Income was used as dependent variable represented the credit risk. Debt to Income was calculated by total liability divided by total income. This study obtained time series regression analysis of five years from 2014 to 2018. The findings resulted debt to equity is the most significant variable to debt to income which influenced credit risk of the company. Based on the result for Model 1, debt to equity recorded the moderate significant and positively influenced to debt to equity when only the internal factors were tested. Whereas, when external factors were examined in Model 2 there was no variable giving significant influenced to debt to income. Meanwhile, for Model 3, there was only debt to equity has statically significant and positively influenced to debt to income out of all variables when internal and external factors were tested together. Thus, debt to equity is the most significant variable to debt to income which will arise the credit risk in Tiong Nam Logistics Holdings Berhad.
{"title":"The Determinants of Credit Risk in Tiong Nam Logistics Holdings Berhad","authors":"Nur Anis Syazwani Ab. Bari","doi":"10.2139/ssrn.3497306","DOIUrl":"https://doi.org/10.2139/ssrn.3497306","url":null,"abstract":"The study examined the impact of internal and external factors towards credit risk in Tiong Nam Logistics Holdings Berhad. Debt to Income was used as dependent variable represented the credit risk. Debt to Income was calculated by total liability divided by total income. This study obtained time series regression analysis of five years from 2014 to 2018. The findings resulted debt to equity is the most significant variable to debt to income which influenced credit risk of the company. Based on the result for Model 1, debt to equity recorded the moderate significant and positively influenced to debt to equity when only the internal factors were tested. Whereas, when external factors were examined in Model 2 there was no variable giving significant influenced to debt to income. Meanwhile, for Model 3, there was only debt to equity has statically significant and positively influenced to debt to income out of all variables when internal and external factors were tested together. Thus, debt to equity is the most significant variable to debt to income which will arise the credit risk in Tiong Nam Logistics Holdings Berhad.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133859832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We present a case study of Jerome Kerviel, a trader at Society Generale, and how he racked up positions far exceeding his authorized risk limits resulting in a spectacular loss and in the process becoming the perpetrator of the biggest rogue trading scandal, thus far, in recorded history. We focus on many aspects of the financial markets and attempt to provide an appropriate context to the proceedings by considering some historical matters and providing an alternate definition for a rogue trader. We look at the organization structure, trading profits, risk management, regulation and the many conflicts that arise therein with some focus on Kerviel and his immediate environment. We provides a simple guide for the budding rogue trader that could also be helpful for the aspiring control agent. We conclude by delving deeper into the ethical issues regarding rogue trading and provide possible ways to mitigate if not resolve the many moral dilemmas that arise in business, life and everywhere else.
Some of the topics we discuss are: A Joke at First and Also at Last; History: A Product Structured by Winners; Rogue One (Alone?) on Delta One; Depart-Mental Drill Down (?); Confessions of The Control Agents; A Slow Walk On A Tight Rope; The Glass Castle Called Basel; “e” for Everything, Everyone, Everywhere ... including Evolution, Education and Ethics; Sick Lesson from Nick Leeson; Rogue Trading Guide for Dummies; Mathematically Sophisticated Models or Merely Superior Morals?
{"title":"Do Traders Become Rogues? or Do Rogues Become Traders? The Om of Jerome and The Karma of Kerviel…","authors":"R. Kashyap","doi":"10.2139/ssrn.3495356","DOIUrl":"https://doi.org/10.2139/ssrn.3495356","url":null,"abstract":"We present a case study of Jerome Kerviel, a trader at Society Generale, and how he racked up positions far exceeding his authorized risk limits resulting in a spectacular loss and in the process becoming the perpetrator of the biggest rogue trading scandal, thus far, in recorded history. We focus on many aspects of the financial markets and attempt to provide an appropriate context to the proceedings by considering some historical matters and providing an alternate definition for a rogue trader. We look at the organization structure, trading profits, risk management, regulation and the many conflicts that arise therein with some focus on Kerviel and his immediate environment. We provides a simple guide for the budding rogue trader that could also be helpful for the aspiring control agent. We conclude by delving deeper into the ethical issues regarding rogue trading and provide possible ways to mitigate if not resolve the many moral dilemmas that arise in business, life and everywhere else.<br><br>Some of the topics we discuss are: A Joke at First and Also at Last; History: A Product Structured by Winners; Rogue One (Alone?) on Delta One; Depart-Mental Drill Down (?); Confessions of The Control Agents; A Slow Walk On A Tight Rope; The Glass Castle Called Basel; “e” for Everything, Everyone, Everywhere ... including Evolution, Education and Ethics; Sick Lesson from Nick Leeson; Rogue Trading Guide for Dummies; Mathematically Sophisticated Models or Merely Superior Morals?","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129911201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study’s aim is an attempt to determine the altogether performance of Telekom Malaysia Berhad which involved two main factors of internal (firm-specific) and external (macroeconomics) factors of Telekom Malaysia. This data was interpreted and collected Telekom Malaysia annual reports of five year period from 2014 to 2018. There are four risks involved which are liquidity risk, credit risk, operational risk, and market risk. Measurement of current ratio, quick ratio, average-collection period, debt to income ratio, operational ratio, and operating margin are used to examine the overall five years performance of Telekom Malaysia. Hence, to determine the relationship of these risk factors to the company’s performance, this study used liquidity risk, credit risk, operational risk, market risk, gross domestic products (GDP), inflation, interest rate, exchange rate, BETA, and corporate governance index. SPSS system is used to do data analysis in which by implementing step-wise method which applies the descriptive statistics, correlation, and model summary. Based on the data analysis, we can conclude that operational risk is the most significant to ROA since it gives the highest impact on performance of the company. Nonetheless, the other variables give low impact on the ROA and there is no significant related with.
{"title":"Telekom Malaysia Berhad: A Study of Relationship Between Performance (ROA) And Internal and External Factors","authors":"Nur Aisyah Mohd Shafarin","doi":"10.2139/ssrn.3496815","DOIUrl":"https://doi.org/10.2139/ssrn.3496815","url":null,"abstract":"The study’s aim is an attempt to determine the altogether performance of Telekom Malaysia Berhad which involved two main factors of internal (firm-specific) and external (macroeconomics) factors of Telekom Malaysia. This data was interpreted and collected Telekom Malaysia annual reports of five year period from 2014 to 2018. There are four risks involved which are liquidity risk, credit risk, operational risk, and market risk. Measurement of current ratio, quick ratio, average-collection period, debt to income ratio, operational ratio, and operating margin are used to examine the overall five years performance of Telekom Malaysia. Hence, to determine the relationship of these risk factors to the company’s performance, this study used liquidity risk, credit risk, operational risk, market risk, gross domestic products (GDP), inflation, interest rate, exchange rate, BETA, and corporate governance index. SPSS system is used to do data analysis in which by implementing step-wise method which applies the descriptive statistics, correlation, and model summary. Based on the data analysis, we can conclude that operational risk is the most significant to ROA since it gives the highest impact on performance of the company. Nonetheless, the other variables give low impact on the ROA and there is no significant related with.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132180432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-04DOI: 10.1108/JEFAS-02-2018-0022
Peter Omondi-Ochieng
Purpose The purpose of this paper is to examine the 2009 to 2016 financial performance of the US Hockey Inc., using financial effectiveness indicators and financial efficiency ratios. Design/methodology/approach With the assistance of financial trend analysis, archival data were used to examine the financial performance (evaluated by net income), financial effectiveness (indicated by total assets and total revenues) and financial efficiency (examined by programme services ratios and return on assets) of US Hockey Inc. Findings On average, the financial performance of the organization was positive ($30,895 net income per year). Financial effectiveness was steady with increases in assets and revenues. Financial efficiency was poor with 79% of revenues spent on programme services and 1.45% average return on asset. Research limitations/implications The results can be generalized to similar national non-profit sports federations but not corporate sports entities with dissimilar financial goals. Practical implications The results revealed that national non-profit sports federations can boost their financial performance by maintaining a double strategically focus on both financial effectiveness and financial efficiency. Originality/value The study used both financial effectiveness and financial efficiency measures to evaluate the financial performances of a national non-profit sports federation – a neglected approach similar studies.
{"title":"Financial Performance Trends of United States Hockey Inc: A Resource-Dependency Approach","authors":"Peter Omondi-Ochieng","doi":"10.1108/JEFAS-02-2018-0022","DOIUrl":"https://doi.org/10.1108/JEFAS-02-2018-0022","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine the 2009 to 2016 financial performance of the US Hockey Inc., using financial effectiveness indicators and financial efficiency ratios.\u0000\u0000\u0000Design/methodology/approach\u0000With the assistance of financial trend analysis, archival data were used to examine the financial performance (evaluated by net income), financial effectiveness (indicated by total assets and total revenues) and financial efficiency (examined by programme services ratios and return on assets) of US Hockey Inc.\u0000\u0000\u0000Findings\u0000On average, the financial performance of the organization was positive ($30,895 net income per year). Financial effectiveness was steady with increases in assets and revenues. Financial efficiency was poor with 79% of revenues spent on programme services and 1.45% average return on asset.\u0000\u0000\u0000Research limitations/implications\u0000The results can be generalized to similar national non-profit sports federations but not corporate sports entities with dissimilar financial goals.\u0000\u0000\u0000Practical implications\u0000The results revealed that national non-profit sports federations can boost their financial performance by maintaining a double strategically focus on both financial effectiveness and financial efficiency.\u0000\u0000\u0000Originality/value\u0000The study used both financial effectiveness and financial efficiency measures to evaluate the financial performances of a national non-profit sports federation – a neglected approach similar studies.\u0000","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129540719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Spanish Abstract: Este documento contiene preguntas sobre valoración de empresas que me han formulado en los últimos años alumnos, antiguos alumnos y otras personas (jueces, árbitros, clientes,…). Se han recopilado para ayudar al lector a recordar, aclarar, reforzar, matizar y, en su caso, discutir, conceptos útiles en valoración. La mayoría de las preguntas tienen una respuesta clara, pero otras son matizables.
Las preguntas se agrupan en 6 apartados: flujos, endeudamiento, tasas de descuento, valoración, transacciones e intangibles. A todas las preguntas les sigue una respuesta breve.
English Abstract: This document has 205 questions from students, alumnae and other persons (judges, lawyers, clients, etc.). They are useful to clarify some useful concepts in valuation. Most of the questions have a clear answer. The document also has short answers to all questions.
{"title":"Preguntas Y Respuestas Sobre Valoración (Questions and Answers on Valuation)","authors":"Pablo Fernández","doi":"10.2139/ssrn.3468163","DOIUrl":"https://doi.org/10.2139/ssrn.3468163","url":null,"abstract":"<b>Spanish Abstract:</b> Este documento contiene preguntas sobre valoración de empresas que me han formulado en los últimos años alumnos, antiguos alumnos y otras personas (jueces, árbitros, clientes,…). Se han recopilado para ayudar al lector a recordar, aclarar, reforzar, matizar y, en su caso, discutir, conceptos útiles en valoración. La mayoría de las preguntas tienen una respuesta clara, pero otras son matizables.<br><br>Las preguntas se agrupan en 6 apartados: flujos, endeudamiento, tasas de descuento, valoración, transacciones e intangibles. A todas las preguntas les sigue una respuesta breve.<br><br><b>English Abstract:</b> This document has 205 questions from students, alumnae and other persons (judges, lawyers, clients, etc.). They are useful to clarify some useful concepts in valuation. Most of the questions have a clear answer. The document also has short answers to all questions.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125395964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is a textbook on Mathematical Finance for postgraduate students and bank practitioners. The course specifies on option pricing theory in addition to focussing on mathematical models as well as detailing some of their applications. Our aim is to make some of the most fundamental articles written throughout the evolution of mathematical finance more accessible to readers. We site the main results of these influential articles, while detailing the steps used to reach those conclusions and giving proof when necessary. We teach all the necessary mathematical tools concerning basic algebra, probabilities and stochastic calculus, lest the reader need to consult a probability-based textbook.
{"title":"Option Pricing: Theory and Applications","authors":"D. Bloch","doi":"10.2139/ssrn.3467551","DOIUrl":"https://doi.org/10.2139/ssrn.3467551","url":null,"abstract":"This is a textbook on Mathematical Finance for postgraduate students and bank practitioners. The course specifies on option pricing theory in addition to focussing on mathematical models as well as detailing some of their applications. Our aim is to make some of the most fundamental articles written throughout the evolution of mathematical finance more accessible to readers. We site the main results of these influential articles, while detailing the steps used to reach those conclusions and giving proof when necessary. We teach all the necessary mathematical tools concerning basic algebra, probabilities and stochastic calculus, lest the reader need to consult a probability-based textbook.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"213 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133626756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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