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Departamento Gestión de Conocimiento, Monitoreo y Prospección
Consultas o comentarios: productividad@anid.cl
Consultas o comentarios: productividad@anid.cl
Does firm value move too much to be justified by subsequent changes in cash flow?
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| DOI | 10.1016/J.JFINECO.2007.01.002 | ||||
| Año | 2008 | ||||
| Tipo | artículo de investigación |
Citas Totales
Autores Afiliación Chile
Instituciones Chile
% Participación
Internacional
Autores
Afiliación Extranjera
Instituciones
Extranjeras
Abstract
The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends, interest, and net repurchases of equity and debt. Variation in net payout yield, the ratio of net payout to asset value, is mostly driven by movements in expected cash flow growth, instead of movements in discount rates. Net payout yield is less persistent than dividend yield and implies much smaller variation in long-horizon discount rates. Therefore, movements in the value of corporate assets can be justified by changes in expected future cash flow. (c) 2007 Elsevier B.V. All rights reserved.
| Ord. | Autor | Género | Institución - País |
|---|---|---|---|
| 1 | Larrain, Boria | Hombre |
Pontificia Universidad Católica de Chile - Chile
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| 1 | LARRAIN-CRUZAT, FRANCISCO DE BORJA | Hombre |
Pontificia Universidad Católica de Chile - Chile
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| 2 | Yogo, Motohiro | Hombre |
UNIV PENN - Estados Unidos
Natl Bur Econ Res - Estados Unidos Wharton School of the University of Pennsylvania - Estados Unidos National Bureau of Economic Research - Estados Unidos |
