Ignacio Velez-Pareja

Grupo Consultor CAV Capital Advisory & Valuation

Financial Senior Consultant

Ave Miramar # 18-93 Apt 6A

Cartagena

Colombia

http://cashflow88.com/decisiones/decisiones.html

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SCHOLARLY PAPERS

220

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402

Scholarly Papers (220)

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1.

Value Creation and its Measurement: A Critical Look at EVA

Cuadernos de Administración, No. 22, pp. 7-31, June 2000
Number of pages: 41 Posted: 19 May 1999 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 10,005 (386)
Citation 8

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2.

Market Value Calculation and the Solution of Circularity Between Value and the Weighted Average Cost of Capital WACC (A Note on the Weighted Average Cost of Capital WACC)

Revista de Administração Mackenzie (RAM), Vol. 10, No. 6, November-December 2009
Number of pages: 62 Posted: 08 Feb 2001 Last Revised: 17 Feb 2016
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 9,336 (447)
Citation 11

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital

3.

Do the Rim (Residual Income Model), Eva(R) and DCF (Discounted Cash Flow) Really Match?

Working Paper No. 25
Number of pages: 28 Posted: 17 Mar 2003
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 6,533 (850)
Citation 7

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Economic Value Added, EVA, Market Value Added, MVA, Net Present Value, NPV, cash flows, free cash flows, market value of equity, market value of the firm

4.

Prospective Analysis: Guidelines for Forecasting Financial Statements

INVESTMENT MANAGEMENT: A MODERN GUIDE TO SECURITY ANALYSIS AND STOCK SELECTION, Ramanna Vishwanath, Chandrasekhar Krishnamurti, eds., 2009
Number of pages: 78 Posted: 31 Oct 2007 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 6,410 (881)
Citation 6

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Financial statements forecasting, sensitivity analysis, cash flows, plug, financial statement balancing

5.

Financial Analysis and Control - Financial Ratio Analysis (In Spanish)

Number of pages: 57 Posted: 29 Mar 2009 Last Revised: 25 Jun 2012
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 6,172 (942)

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Accounting, financial management, financial statements, balance sheet, Income Statement, financial ratios, Dupont analysis

6.

Construction of Free Cash Flows: A Pedagogical Note. Part I

Number of pages: 23 Posted: 02 Dec 1999
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 5,541 (1,136)
Citation 12

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Free cash flow; Cash flow to equity; Cash flow to debt; Project evalaution; Firm valuation; Investment valuation; Net Present Value, NPV assumptions

7.

A Step by Step Guide to Construct a Financial Model Without Plugs and Without Circularity for Valuation Purposes

Number of pages: 21 Posted: 28 May 2008 Last Revised: 02 Nov 2008
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 5,430 (1,165)
Citation 3

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem, cash flows, firm valuation, cost of unlevered equity

8.

Time Value of Money

Number of pages: 38 Posted: 14 Feb 2006 Last Revised: 16 Sep 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 5,369 (1,186)

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Time value of money, interest, discount process, annuities, real interest rate, discount rate, debt schedule

9.

7 Constructing Cash Flows

Number of pages: 31 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,772 (1,466)

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Cash flows, free cash flow, cash flow to equity, cash flow to debt, tax savings

10.

5 Data for Forecasting Financial Statements

Number of pages: 39 Posted: 14 Feb 2006 Last Revised: 03 Mar 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,662 (1,511)

Abstract:

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G31

11.

3 Decision Methods: Npv, Irr and Others

Number of pages: 53 Posted: 14 Feb 2006 Last Revised: 03 Mar 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,615 (1,540)

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NPV, IRR, Cost-Benefit Ratio, present value, capital rationing, payback period

12.

El Costo Promedio Ponderado de Capital (The Weighted Average Cost of Capital)

Number of pages: 62 Posted: 14 Feb 2006 Last Revised: 13 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,332 (1,730)
Citation 4

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Weighted average cost of capital, WACC, discount rate

13.

6 Forecasting Financial Statements

Number of pages: 28 Posted: 14 Feb 2006 Last Revised: 03 Mar 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,184 (1,827)

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Financial statements, Income Statement, balance sheet, Cash Budget

14.

Why We Subtract the Change in Working Capital When Defining Cash Flows? A Pedagogical Note

Number of pages: 7 Posted: 12 May 2005 Last Revised: 11 Jan 2015
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 4,139 (1,871)
Citation 4

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Cash flows, free cash flow, cash flow to equity, working capital

15.

Financial Analysis and Control - Financial Ratio Analysis (Slides)

Number of pages: 55 Posted: 11 Jul 2010 Last Revised: 23 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,981 (2,008)

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Accounting, Financial Management, Financial Statements, Balance Sheet, Income Statement, Financial Ratios, Dupont Analysis, Uses and Sources Statement

16.

Construction of Consistent Forecasted Financial Statements (ConstruccióN De Estados Financieros Proyectados Y Consistentes)

Number of pages: 27 Posted: 10 Apr 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,818 (2,154)

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Financial statements, forecasting, net present value (NPV), firm valuation, equity valuation, cost of capital, break even analysis, sensitivity analysis, scenario analysis, cash flow valuation

17.

1 the Decision Process

Number of pages: 20 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,614 (2,394)

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Decision making, models, decision process

18.

Optimal Portfolio Selection: A Note

Number of pages: 8 Posted: 23 Aug 2000
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,563 (2,441)
Citation 1

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19.

A Note on the Weighted Average Cost of Capital WACC (Nota Sobre El Costo Promedio De Capital)

Monografías No 62, Serie de Finanzas, La medición del valor y del costo de capital en la empresa, Facultad de Administración de la Universidad de los Andes, July 2002, pp. 61-98
Number of pages: 30 Posted: 10 Aug 2001 Last Revised: 22 Oct 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 3,422 (2,609)

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital

20.

Construction of Free Cash Flows: A Pedagogical Note. Part Ii

Number of pages: 14 Posted: 19 Jan 2000
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,301 (2,798)
Citation 9

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21.

4 Special Problems in Time Value of Money Methods

Number of pages: 24 Posted: 14 Feb 2006 Last Revised: 03 Mar 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,225 (2,928)

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Non constant discount rates, inequal time period, contradictions between NPV, IRR and R B/C

22.

Guide for Forecasting Financial Statements and Financial Valuation of a Business Plan (in Spanish)

Number of pages: 81 Posted: 23 Jun 2004
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,205 (2,965)

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Financial statements, forecasting, net present value (NPV), firm valuation, equity valuation, cost of capital, break even analysis, sensitivity analysis, cash flow valuation

23.

A Practical Guide for Consistency in Valuation: Cash Flows, Terminal Value and Cost of Capital

Number of pages: 45 Posted: 09 Dec 2003
Ignacio Velez-Pareja and Antonio Burbano-Perez
Grupo Consultor CAV Capital Advisory & Valuation and Universidad de los Andes - Business School
Downloads 2,947 (3,402)
Citation 12

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity

24.

The Correct Definition for the Cash Flows to Value a Firm (Free Cash Flow and Cash Flow to Equity)

Number of pages: 13 Posted: 30 Sep 2004
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,934 (3,423)
Citation 7

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cash budget

25.

Appendix to Time Value of Money

Number of pages: 33 Posted: 14 Feb 2006 Last Revised: 17 Sep 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,916 (3,464)

Abstract:

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Time value of money, Excel financial functions

26.

12 Decision Making Under Uncertainty

Number of pages: 78 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,880 (3,540)

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Uncertainty, risk analysis, Montecarlo simulation, Analytical Hierarchy Process, sensitivity analysis, real options

27.

Top 9 (Unnecessary and Avoidable) Mistakes in Cash Flow Valuation

Number of pages: 10 Posted: 19 Feb 2004
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,872 (3,557)
Citation 10

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Cost of capital, WACC, valuation

28.

9 Terminal and Firm Value

Number of pages: 31 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,841 (3,613)

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Terminal value, firm valuation+, perpetuities

29.

10 Value Added Approaches

Number of pages: 33 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,749 (3,827)

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Economic value added, EVA, economic profit

30.

Economic Value Measurement: Investment Recovery and Value Added - Irva

Working Paper No. 7
Number of pages: 20 Posted: 26 Apr 2000
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,545 (4,357)
Citation 3

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Free cash flow, firm evaluation, firm valuation, investment valuation, Net Present Value (NPV), Economic Value Added (EVA)

31.

Value Creation Revisited: The Economic Profit

Number of pages: 10 Posted: 02 Dec 1999
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,498
Citation 2

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32.

11 Cash Flow Valuation in Inflation

Number of pages: 27 Posted: 14 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,484 (4,527)

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Inflation, cash flow valuation, constant prices, relative prices, nominal prices

33.

Forecasting Financial Statements with No Plugs and No Circularity

Downloads 2,449 ( 4,654)
Citation 4

Forecasting Financial Statements with No Plugs and No Circularity

The IUP Journal of Accounting Research & Audit Practices, Vol. X, No. 1, 2011
Number of pages: 34 Posted: 21 Nov 2007 Last Revised: 23 May 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,449 (4,558)
Citation 4

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem

Forecasting Financial Statements with No Plugs and No Circularity

The IUP Journal of Accounting Research & Audit Practices, Vol. X, No. 1, pp. 38-68, January 2011
Posted: 16 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation

Abstract:

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34.

Do the Rim (Residual Income Model), Eva(R) and Dcf (Discounted Cash Flow) Really Match? (Coinciden Eva(R) Y Utilidad Economica (Ue) Con Los Metodos De Flujo De Caja Descontado En Valoracion De Empresas?) (Spanish Version)

"¿Coinciden EVA y Utilidad Económica (UE) con los métodos de flujo de caja descontado en valoración de empresas?". Bogotá: Poliantea, No. 1, mayo, 2004. pp. 89 – 108.
Number of pages: 34 Posted: 06 Aug 2003 Last Revised: 12 Nov 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 2,417 (4,763)

Abstract:

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Economic Value Added, EVA, Market Value Added, MVA, Net Present Value, NPV, cash flows, free cash flows, market value of equity, market value of the firm

35.

The Delphi Method (El Metodo Delphi)

Number of pages: 17 Posted: 29 Jul 2003
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,332 (5,058)

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Uncertainty, consensus, group decisions, decisions under uncertainty, Delphi method, group of experts, impact matrices, committee work

36.

Proyecciones de estados financieros (Forecasting Financial Statements) (Slides)

Number of pages: 47 Posted: 26 Mar 2006 Last Revised: 18 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,247 (5,377)

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Forecasting, input data for financial statements

37.

Project Evaluation in an Inflationary Environment

Cuadernos de Administracion, Vol. 14, No. 23, pp. 107-130, June 2001
Number of pages: 28 Posted: 11 Feb 1999 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,174 (5,685)
Citation 7

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38.

Value Creation in the Firm/La Creacion De Valor En La Empresa

Working Paper No. 14
Number of pages: 51 Posted: 07 Sep 2001
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,145 (5,809)

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Economic Value Added; EVA; Market Value added, MVA; Net Present Value; NPV; Cash flows; Free cash flows; Real free

39.

Portfolio Analysis (Análisis De Portafolio)

Number of pages: 55 Posted: 16 May 2007 Last Revised: 05 Mar 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,144 (5,816)

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Portfolio analysis, CAPM, Capital Asset Pricing Model, optimum portfolio

40.

Cost of Capital for Non-Traded Firms

Number of pages: 41 Posted: 28 Oct 2010
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,087 (6,069)
Citation 5

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stocks, stock markets, Colombia, Colombian stock market, nominal returns on stocks, Colombian firms, CAPM, cost equity capital, levered cost of equity capital, unlevered cost of equity capital, non-trading firms, risk free rate of return, risk premium, Accounting Risk Models (ARM), Asset Pricing, Capital Budgeting, Investment Policy

41.

Introduction to Financial Management (In Spanish)

Number of pages: 22 Posted: 26 Mar 2009
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 2,068 (6,169)

Abstract:

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Accounting, financial management, financial statements, balance sheet, Income Statement

42.

Once More, the Correct Definition for the Cash Flows to Value a Firm (Free Cash Flow and Cash Flow to Equity)

Number of pages: 22 Posted: 03 Feb 2005 Last Revised: 05 Aug 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 2,006 (6,488)
Citation 5

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cash budget

43.

Estimación Flujos de Caja Para Evaluación de Proyectos y Valoración de Empresas (Estimating Cash Flows for Project Assessment and Firm Valuation)

Downloads 1,851 ( 7,470)
Citation 1

Estimación Flujos de Caja Para Evaluación de Proyectos y Valoración de Empresas (Estimating Cash Flows for Project Assessment and Firm Valuation)

I. Velez-Pareja & J. Tham, TOPICOS EN VALORACIÓN DE ACTIVOS NO FINANCIEROS, Fondo Editorial EAFIT, 2012
Number of pages: 43 Posted: 02 Feb 2012 Last Revised: 12 Mar 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 944 (21,251)
Citation 1

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Free cash flow, debt cash flow cash flow to equity, capital cash flow, tax savings, operating cash flow

Estimating Cash Flows for Project Appraisal and Firm Valuation

Number of pages: 37 Posted: 23 Feb 2010 Last Revised: 19 Apr 2015
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 907 (22,496)
Citation 1

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Cash Flows, Free Cash Flow, Cash Flow To Equity, Cash Flow To Debt, Capital Cash Flow, Tax Savings

44.

An Introduction to the Cost of Capital

Downloads 1,762 ( 8,156)

An Introduction to the Cost of Capital

Number of pages: 27 Posted: 22 Mar 2010 Last Revised: 12 Dec 2015
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 986 (19,892)

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Cost of capital, weighted average cost of capital, cost of levered equity, Tax Savings

Una Introducción Al Costo De Capital (An Introduction to the Cost of Capital)

Topicos en Valoración de Activos no financieros: Fondo Editorial EAFIT, 2012
Number of pages: 33 Posted: 02 Feb 2012 Last Revised: 17 Sep 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 776 (28,194)

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Cost of capital, weighted average cost of capital, cost of levered equity, Tax Savings

45.

Eva(C) Made Simple: Is it Possible?

Number of pages: 12 Posted: 20 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 1,736 (8,336)
Citation 5

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EVA, economic value added, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cost of levered equity, cost of unlevered equity, tax savings

46.

Applicability of the Classic WACC Concept in Practice

Latin American Business Review, Vol. 8, No. 2, pp.19-40, 2007
Number of pages: 22 Posted: 20 Sep 2005 Last Revised: 08 Aug 2013
M. A. Mian and Ignacio Velez-Pareja
Saudi Aramco and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,728 (8,399)
Citation 4

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Cost of capital, Cash flows

47.

Cost of Capital for Non-Traded Firms (Costo de Capital Para Firmas no Transadas en Bolsa) (in Spanish)

Academia, Revista Latinoamericana de Administración, No. 29, pp. 45-75, Segundo semestre 2002
Number of pages: 32 Posted: 06 May 2003 Last Revised: 08 Feb 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,692 (8,683)
Citation 2

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Stocks, stock markets, Colombia, Colombian stock market, nominal returns on stocks, Colombian firms, CAPM, cost equity capital, levered cost of equity capital, unlevered cost of equity capital, non trading firms, risk free rate of return, risk premium, Accounting Risk Models (ARM), Asset Pricing, Ca

48.

Sensitivity Analysis (Análisis De Sensibilidad)

Number of pages: 20 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,677 (8,820)

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Sensitivity analysis, one way table, two way table, montecarlo simulation, scenarios, solver

49.

Análisis De Inversiones Bajo Riesgo: Simulación (Including the Risk in the Analysis: Montecarlo Simulation)

Number of pages: 73 Posted: 28 Mar 2012 Last Revised: 02 Aug 2013
Ignacio Velez-Pareja and Luciano Machain
Grupo Consultor CAV Capital Advisory & Valuation and University of Reading - Henely Business School - ICMA Centre
Downloads 1,676 (8,826)

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Risk analysis, Montecarlo Simulation, decisions under risk

50.

Modeling the Impacts of Inflation in Investment Appraisal

Number of pages: 53 Posted: 13 May 2002
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,663 (8,943)
Citation 6

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Project evaluation; Impacts of inflation

51.

Guidelines for Forecasting Financial Statements from Historical Financial Statements for Valuation Purposes (Updated)

Number of pages: 36 Posted: 31 Dec 2005 Last Revised: 16 Sep 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,660 (8,967)
Citation 2

Abstract:

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Financial statements, forecasting, net present value (NPV), firm valuation, equity valuation, cost of capital, cash flow valuation

52.

The Weighted Internal Rate of Return (Wirr) and Expanded Benefit-Cost Ratio (Eb/Cr)

Universidad Javeriana Working Paper No. 9
Number of pages: 20 Posted: 24 Oct 2000
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,658 (8,983)

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Net present value, NPV, internal rate of return, IRR, benefit-cost ratio, B/CR, profitability index, NPV assumptions, overall rate of return, modified internal rate of return, MIRR.

53.

Sequential Decisions: Decision Trees (Arboles De Decisión)

Number of pages: 34 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,651 (9,044)

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Sequential decisions, decision trees

54.

Cálculo de Betas (Calculating Betas)

Análisis Financiero, No. 116, pp. 6-13, 2011
Number of pages: 10 Posted: 04 Mar 2011 Last Revised: 06 Feb 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,623 (9,290)

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Betas, Beta Calculation, Stock Returns, Market Returns, Systematic Risk

55.

Decision Methods: NPV, IRR and Others (Slides in Spanish)

Number of pages: 15 Posted: 25 Mar 2006 Last Revised: 27 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,614 (9,378)

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NPV, IRR, Cost-Benefit Ratio, present value, capital rationing, payback period

56.

Tasas De Interés Efectivas Y Nominales: El Calvario De Los Estudiantes De Finanzas (Effective and Nominal Interest Rates Per Period: The Calvary for Students in Finance) (in Spanish)

Number of pages: 21 Posted: 27 Feb 2004 Last Revised: 19 Dec 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,610 (9,430)

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Weighted average cost of capital, WACC, interest rates, nominal interest rate per period, effective interest rate per period, capitalized interest rate

57.

Financial Analysis and Control - Financial Ratio Analysis (Slides in Spanish)

Number of pages: 29 Posted: 23 Mar 2009 Last Revised: 27 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,595 (9,567)

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Accounting, financial management, financial statements, balance sheet, Income Statement, financial ratios, Dupont analysis

58.

Seleccion Del Portafolio Optimo: Una Nota

Working Paper No. 14
Number of pages: 14 Posted: 30 Sep 2001
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,583 (9,697)
Citation 1

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CAPM, efficient frontier, porfolio selection, capital market line, optimal portfolio

59.

Pautas para el pronóstico de los estados financieros a partir de estados financieros históricos para la valoración (Guidelines for Forecasting Financial Statements from Historical Financial Statements for Valuation Purposes) (Updated) (in Spanish)

Number of pages: 41 Posted: 31 Dec 2005 Last Revised: 22 Dec 2014
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,545 (10,089)
Citation 2

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Financial statements, forecasting, net present value (NPV), firm valuation, equity valuation, cost of capital, break even analysis, sensitivity analysis, scenario analysis, cash flow valuation. Proyección de estados financieros, valor presente neto, VPN, valoración de empresas, valoración de flujos

60.

Time Value of Money (Slides in Spanish)

Number of pages: 24 Posted: 25 Mar 2006 Last Revised: 12 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,504 (10,517)

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Time value of money, interest, discount process, annuities, real interest rate, discount rate, debt schedule

61.

Constructing Consistent Financial Planning Models for Valuation

IIMS Journal of Management of Science, Vol. 1, January-June 2010 (Inaugural Issue)
Number of pages: 29 Posted: 19 Aug 2009 Last Revised: 24 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,377 (12,167)
Citation 6

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem, cash flows, firm valuation, cost of unlevered equity

62.

To Plug or Not to Plug, That is the Question: No Plugs, No Circularity: A Better Way to Forecast Financial Statements (Proyección de Estados Financieros sin Cuentas de Cuadre (Plugs))

Escritos Contables, Vol 1, No. 1, 2010, Bahía Blanca, Argentina
Number of pages: 43 Posted: 07 Aug 2008 Last Revised: 24 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,353 (12,531)

Abstract:

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem

63.

Working Capital Management and Financial Planning (Administración del Capital de Trabajo y Planeación Financiera) (Spanish)

Number of pages: 14 Posted: 15 Feb 2011 Last Revised: 22 Sep 2011
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 1,338 (12,747)

Abstract:

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Working Capital Management, Accounts Receivables, Cash Management, Inventories

64.

Consistency in Valuation: A Practical Guide

Academia, Revista Latinoamericana de Administración, No. 44, May, 2010
Number of pages: 23 Posted: 11 Oct 2006 Last Revised: 08 Feb 2012
Ignacio Velez-Pareja and Antonio Burbano-Perez
Grupo Consultor CAV Capital Advisory & Valuation and Universidad de los Andes - Business School
Downloads 1,334 (12,796)
Citation 18

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity

65.

Decisions Under Uncertainty (Decisiones Bajo Incertidumbre)

Number of pages: 48 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,312 (13,154)

Abstract:

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Uncertainty, game theory, subjective probability distributions

66.

Why We Subtract the Change in Working Capital When Defining Free Cash Flows? A Pedagogical Note (in Spanish)

Interfase, Vol. 3, No. 5, pp. 75-78, 2009
Number of pages: 8 Posted: 20 May 2005 Last Revised: 28 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,289 (13,476)
Citation 2

Abstract:

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Cash flows, free cash flow, cash flow to equity, working capital

67.

A Simple Approach to Forecasting (Una Aproximación a Los Métodos De Pronóstico)

Number of pages: 53 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,284 (13,554)

Abstract:

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Forecasting, decomposition method, seasonality, trend, cycle, error

68.

Análisis de regresión básica con Excel (Basic Regression Analysis with Excel)

Number of pages: 34 Posted: 23 Feb 2006 Last Revised: 01 Jul 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,265 (13,865)

Abstract:

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Linear Regression analysis, independent variables, dependent variables

69.

Looking Forward Financial Ratio and Value Analysis (Valor de la firma y razones financieras para el análisis financiero)

Number of pages: 17 Posted: 09 Jul 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,261 (13,935)

Abstract:

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Financial ratios, vertical analysis, horizontal analysis, firm valuation, firm value

70.

Valoración de Intangibles (Intangible Valuation)

Cuadernos Latinoamericanos de Administración Julio – diciembre de 2013 Volumen IX Número 17 ISSN: 1900-5016. Pp. 29-47
Number of pages: 49 Posted: 09 Jun 2005 Last Revised: 07 Nov 2014
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,252 (14,092)

Abstract:

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Intangible advantages, intangible assets, brands, patents, royalties

71.

Return to Basics: Cost of Capital Depends on Free Cash Flow

The IUP Journal of Applied Finance, Vol. 16, No. 1, pp. 27-39, January 2010
Number of pages: 17 Posted: 12 Oct 2008 Last Revised: 25 Jan 2016
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,235 (14,408)

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital, circularity

72.

Constructing Cash Flows (Slides in Spanish)

Number of pages: 25 Posted: 26 Mar 2006 Last Revised: 27 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,225 (14,585)

Abstract:

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Cash flows, free cash flow, cash flow to equity, cash flow to debt, tax savings

73.

The Decision Process (Slides in Spanish)

Number of pages: 8 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,217 (14,706)

Abstract:

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G31

74.

An Embarrassment of Riches: Winning Ways to Value with the Wacc

Number of pages: 13 Posted: 17 Jul 2009
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,201 (15,052)
Citation 18

Abstract:

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multi-period WACC, cost of capital

75.

Forecasting Methods (Spanish Version)

Number of pages: 29 Posted: 23 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,186 (15,338)

Abstract:

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Forecasting methos, smoothing methods, decomposition methods

76.

The Correct Discount Rate for the Tax Shield: The N-Period Case

Fulbright Economics Teaching Program
Number of pages: 48 Posted: 09 May 2001
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,183 (15,402)
Citation 20

Abstract:

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Value of Tax Shield

77.

El Costo Promedio Ponderado de Capital. (Diapositivas) (The Weighted Average Cost of Capital (Slides)

Number of pages: 46 Posted: 26 Mar 2006 Last Revised: 15 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,168 (15,726)

Abstract:

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Weighted average cost of capital, WACC, discount rate

78.

Basic Concepts in Statistics (Spanish Version)

Number of pages: 49 Posted: 23 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,168 (15,726)

Abstract:

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Statistics, non parametric statistics, descriptive statistics

79.

Una vez más, la definición correcta de los flujos de caja de una firma: flujo de caja libre y flujo de caja del accionista. (Once More, the Correct Definition for the Cash Flows to Value a Firm: Free Cash Flow and Cash Flow to Equity)

Heuristica, N 14, Nov. 2007. pp 77-88
Number of pages: 27 Posted: 06 Jan 2005 Last Revised: 10 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,168 (15,726)

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cash budget

80.

The Decision Process (El Proceso De Decision)

Number of pages: 51 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,162 (15,871)

Abstract:

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Decision making, psychological basis of decision making

81.

Graphical Summary of the Basic Ideas on Valuation (in Spanish)

Number of pages: 4 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,125 (16,625)

Abstract:

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WACC, valuation methods, cash flows

82.

Special Problems in Time Value of Money Methods (Slides in Spanish)

Number of pages: 6 Posted: 26 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,089 (17,464)

Abstract:

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Non constant discount rates, inequal time period, contradictions between NPV, IRR and R B/C

83.

Decisions Under Certainty: The Time Value of Money (Decisiones Bajo Certeza: El Valor Del Dinero En El Tiempo)

Number of pages: 29 Posted: 16 May 2007 Last Revised: 12 Mar 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,077 (17,746)

Abstract:

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Time value of money, interest, discount process, annuities, real interest rate, discount rate, Net Present Value, NPV, Internal Rate of Return, IRR

84.

Proper Determination of the Growth Rate for Growing Perpetuities: The Growth Rate for the Terminal Value

Number of pages: 18 Posted: 31 Jan 2004
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,028 (18,983)
Citation 3

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings, cost of capital for growing perpetuities, growth rate for the free cash flow

85.

The Use of Capital Cash Flow and an Alternate Formulation for Wacc with Foreign Currency Debt

Number of pages: 19 Posted: 09 Jun 2003
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,026 (19,043)
Citation 3

Abstract:

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Weighted Average Cost of Capital, WACC, Capital Cash Flow, CCF, firm valuation, capital budgeting, equity cost of capital, foreign exchange, purchasing parity power, cost of debt, tax shield, tax savings.

86.

Risk Attitudes (Actitudes Hacia El Riesgo)

Number of pages: 43 Posted: 16 May 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,024 (19,099)

Abstract:

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Risk, risk attitudes, cardinal utility theory, risk aversion, risk propension, risk indifference

87.

Corporation Income Taxes and the Cost of Capital: A Revision

Innovar, 22(46), 53-72. 2012, Mays Business School Research Paper No. 2012-31
Number of pages: 19 Posted: 25 Nov 2010 Last Revised: 01 Jun 2013
James W. Kolari and Ignacio Velez-Pareja
Texas A&M University - Department of Finance and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,006 (19,653)
Citation 12

Abstract:

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Value of Tax Shields, Capital Structure, Firm Valuation, Share Valuation

88.

Consistent Valuation of a Finite Stream of Cash Flows with a Terminal Value

Number of pages: 33 Posted: 29 Apr 2002
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 977 (20,550)

Abstract:

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89.

The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories)

Working Paper No. 11, Financial Project Appraisals Working Paper No. 002-03
Number of pages: 18 Posted: 17 May 2001
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 970 (20,769)

Abstract:

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Cost-Benefit Analysis, Capital Budgeting, Project evaluation

90.

Forecasting Financial Statements and Financial Valuation of a Business Plan (Slides)

Number of pages: 56 Posted: 22 Aug 2010 Last Revised: 30 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 963 (20,995)

Abstract:

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Forecasting Financial Statements, Input Data For Financial Statements, Balance Sheet, Income Statement, Cash Budget

91.

Decision Making Under Risk and Uncertainty (Slides in Spanish)

Number of pages: 59 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 960 (21,094)

Abstract:

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Uncertainty, risk analysis, Montecarlo simulation, Analytical Hierarchy Process, sensitivity analysis, real options

92.

Construction of Cash Flows Revisited

Number of pages: 29 Posted: 24 Aug 2005
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 956 (21,224)
Citation 2

Abstract:

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Free cash flow, cash flow to equity, cash flow to debt, project evaluation, firm valuation, investment valuation, Net Present Value NPV

93.

Some Frequent Mistakes and Solutions When Forecasting Financial Statements

Number of pages: 14 Posted: 20 Oct 2008 Last Revised: 14 Dec 2008
Ignacio Velez-Pareja and Dary Luz Hurtado-Carrasquilla
Grupo Consultor CAV Capital Advisory & Valuation and Universidad Tecnologica de Bolivar
Downloads 908 (22,869)

Abstract:

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem

94.

Consideración de La Flexibilidad en El Análisis (Opciones Reales Introducing Flexibility in the Analysis: Real Options)

Number of pages: 62 Posted: 16 May 2007 Last Revised: 31 Jul 2012
Guillermo L. Dumrauf and Ignacio Velez-Pareja
University of CEMA and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 896 (23,316)

Abstract:

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Options, real options, Black-Scholes model, NPV, Net Present Value

95.

Computer, Computer, on the Wall, Which Cost of Capital is Fairest, of Them All?

Number of pages: 9 Posted: 10 Apr 2002
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 877 (24,055)

Abstract:

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WACC; Cost of capital; Free cash flow (FCF); Capital cash flow (CCF); Cash flow to equity (CFE)

96.

Practical Guide for Selling and Buying a Firm (Guía práctica para negociar una firma)

Number of pages: 73 Posted: 05 Apr 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 870 (24,340)

Abstract:

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Business plans, selling a firm, buying a firm, negotiation

97.

Terminal and Firm Value (Slides in Spanish)

Number of pages: 16 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 868 (24,414)

Abstract:

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Terminal value, firm valuation+, perpetuities

98.

The Mismatching of Apv and the DCF in Brealey, Myers and Allen 8th Edition of Principles of Corporate Finance, 2006

Number of pages: 5 Posted: 21 Sep 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 851 (25,137)
Citation 2

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

99.

Practical Sensitivity Analysis

Number of pages: 20 Posted: 07 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 848 (25,257)

Abstract:

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Uncertainty, sensitivity analysis, probabilistic sensitivity analysis, cash flow valuation.

100.

Easy and Correct Method to Value at Market Values. A Comparison with Other Methods. (In Spanish)

Number of pages: 41 Posted: 02 Aug 2004
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 837 (25,743)
Citation 1

Abstract:

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Financial statements, forecasting, net present value (NPV), firm valuation, equity valuation, cost of capital, break even analysis, sensitivity analysis, scenario analysis, cash flow valuation

101.

Wacc, Value of Tax Savings and Terminal Value for Growing and Non Growing Perpetuities

Number of pages: 41 Posted: 30 Aug 2005 Last Revised: 17 Oct 2007
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 813 (26,869)
Citation 5

Abstract:

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WACC, perpetuities, terminal value, tax savings

102.

Mas Alla de Las Proyecciones: El valor Terminal. (Beyond Forecasting Peridod: The Terminal Value)

Topicos en Valoración de Activos no financieros. Fondo Editorial (EAFIT), 2012
Number of pages: 20 Posted: 27 Jan 2012 Last Revised: 19 Jun 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 808 (27,104)

Abstract:

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WACC, perpetuities, terminal value, tax savings

103.

Constant Leverage Modeling: A Reply to 'a Tutorial on the Mckinsey Model for Valuation of Companies'

Number of pages: 19 Posted: 07 Jun 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 789 (28,002)

Abstract:

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Valuation, free cash flow, discounting, accounting data

104.

Basic Concepts in Probability (Spanish Version)

Number of pages: 28 Posted: 23 Feb 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 777 (28,595)

Abstract:

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Probability ruels, induction, deduction, random variable, independence

105.

Working Capital Management (Slides)

Number of pages: 11 Posted: 23 Jul 2010 Last Revised: 26 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 776 (28,645)

Abstract:

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Accounting, Financial Management, Financial Statements, Balance Sheet, Income Statement, working capital management

106.

The Weighted Average Cost of Capital (WACC) for Firm Valuation Calculations: A Reply

Cuadernos Latinoamericanos de Administracion, Vol. VII, No. 12, pp. 31-35
Number of pages: 8 Posted: 07 Jul 2009 Last Revised: 10 Feb 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 772 (28,827)

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital

107.

Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation. The Treatment with Dcf and Eva(C) (in Spanish)

Number of pages: 36 Posted: 05 Sep 2003 Last Revised: 23 Jun 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 765 (29,155)
Citation 6

Abstract:

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Economic Value Added, EVA, Market Value Added, MVA, residual income model, utilidad, economica, valor presente neto (VPN), flujos de cja, flujos de caja libre, valor de Mercado del patrimonio, valor de la firma, perdidas amortizadas, losses carried forward, perdida en cambio, deuda en moneda etanjera, foreign exchange loss, foreign exchange debt, renta presuntiva, presumptive income, ajustes por inflacion a los estados financieros, inflation adjustments to the financial statements

108.

Some Evidence on Financial Distress Costs and Their Effect on Cash Flows

Number of pages: 21 Posted: 24 Oct 2006
Ignacio Velez-Pareja and Patricia Rojas
Grupo Consultor CAV Capital Advisory & Valuation and University of the Andes (Colombia)
Downloads 758 (29,503)

Abstract:

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Cash flows, forecasted financial statements, cost of capital, bankruptcy costs, financial distress costs

109.

Value Added Approaches (Slides in Spanish)

Number of pages: 32 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 757 (29,559)

Abstract:

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Economic value added, EVA, economic profit

110.

Cash Flow Valuation in Inflation (Slides in Spanish)

Number of pages: 11 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 755 (29,671)

Abstract:

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Inflation, constant prices methodology, nominal prices

111.

Break-Even Analysis and Operating Leverage (Análisis De Punto De Equilibrio Y Apalancamiento Operativo - in Spanish)

Number of pages: 26 Posted: 15 Feb 2011 Last Revised: 23 Mar 2011
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 754 (29,745)

Abstract:

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Accounting, financial management, break-even point analysis,operating leverage

112.

VAIC: New Financial Performance Metric and Valuation Tool

Cuadernos Latinoamericanos de Administración. Volumen IX Número 16. Enero - Junio de 2013. pp 9-20
Number of pages: 12 Posted: 13 May 2012 Last Revised: 06 Sep 2013
Rauf Ibragimov, Ignacio Velez-Pareja and Joseph Tham
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 727 (31,303)

Abstract:

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Performance measurement, Economic Value Added, EVA, Residual income, Residual operating income, Valuation

113.

The Colombian Stock Market: 1930-1998

Downloads 714 ( 32,048)
Citation 3

The Colombian Stock Market: 1930-1998

Number of pages: 21 Posted: 28 Jan 1999
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 703 (32,212)
Citation 3

Abstract:

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The Colombian Stock Market: 1930-1998

Latin American Business Review, Vol. 1, No. 4, 2000
Number of pages: 21 Posted: 23 Jan 2002 Last Revised: 13 Aug 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 11 (560,820)

Abstract:

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114.

Cash Flow Valuation in an Inflationary World: The Case of World Bank for Regulated Firms (in Spanish)

Academia, Revista Latinoamericana de Administración, CLADEA, No. 36, pp. 24-49, 2006
Number of pages: 26 Posted: 08 Sep 2005 Last Revised: 08 Feb 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 701 (32,861)
Citation 2

Abstract:

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World Bank, regulatory policy for infrastructure, developing countries, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

115.

Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields

Downloads 692 ( 33,456)
Citation 5

Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields

Mays Business School Research Paper No. 2011-12
Number of pages: 11 Posted: 10 Aug 2010 Last Revised: 19 Dec 2011
Joseph Tham, Ignacio Velez-Pareja and James W. Kolari
Duke University - Duke Center for International Development in the Sanford School of Public Policy, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 397 (67,301)
Citation 5

Abstract:

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Cost of levered equity, firm valuation, tax shields, discount rate for tax shields, risk of tax shields

Costo de Capital con Costo del Patrimonio Apalancado Como el Riesgo de los Escudos Fiscales (Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields)

Revista Emprendedorismo y Estrategia Organizacional, Vol. 1, No. 2, pp. 15-19, 2011, Mays Business School Research Paper No. 2011-10
Number of pages: 14 Posted: 01 Oct 2010 Last Revised: 05 Aug 2013
Joseph Tham, Ignacio Velez-Pareja and James W. Kolari
Duke University - Duke Center for International Development in the Sanford School of Public Policy, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 295 (94,818)
Citation 5

Abstract:

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Cost of levered equity, firm valuation, tax shields, discount rate for tax shields, risk of tax shields

116.

A Quick & Dirty Method for Estimating Growth and Price Changes for Forecasting Financial Statements

Number of pages: 26 Posted: 09 Apr 2009 Last Revised: 07 May 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 680 (34,314)

Abstract:

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Accounting, financial management, financial statements, balance sheet, Income Statement, financial ratios, forecasting

117.

The Correct Definition for the Cash Flows to Value a Firm (Free Cash Flow and Cash Flow to Equity) (Spanish Version)

Number of pages: 24 Posted: 06 Jan 2005
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 678 (34,452)
Citation 5

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cash budget

118.

Optimal Capital Structure for Finite Cash Flows

Number of pages: 38 Posted: 02 Apr 2011 Last Revised: 16 Nov 2013
Felipe Mejia-Pelaez, Ignacio Velez-Pareja and James W. Kolari
Octum, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 674 (34,723)
Citation 1

Abstract:

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Optimal capital structure, valuation, non-circularity, finite cash flows, perpetuities tax shield, cost of equity

119.

Eva© Made Simple: Is it Possible? (Una Forma Sencilla De Calcular El Eva© )

Number of pages: 14 Posted: 04 May 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 666 (35,308)
Citation 1

Abstract:

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EVA, economic value added, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cost of levered equity, cost of unlevered equity, tax savings

120.

Potential Dividends Versus Actual Cash Flows in Firm Valuation

The ICFAI Journal of Applied Finance, Vol. 15, No. 7, pp. 51-66
Number of pages: 24 Posted: 08 Apr 2009 Last Revised: 20 Dec 2010
Carlo Alberto Magni and Ignacio Velez-Pareja
Università degli studi di Modena e Reggio Emilia (UNIMORE) - School of Doctorate E4E (Engineering for Economics-Economics for Engineering) and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 663 (35,506)
Citation 5

Abstract:

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Cash flows, cash flow to equity, liquid assets, potential dividends, firm valuation, equity value, Modigliani and Miller

121.

Analytical Solution to the Circularity Problem in the Discounted Cash Flow Valuation Framework

Innovar, Vol. 21, No. 42, pp. 55-68, 2011
Number of pages: 14 Posted: 27 Apr 2010 Last Revised: 08 Feb 2012
Felipe Mejia-Pelaez and Ignacio Velez-Pareja
Octum and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 653 (36,210)
Citation 3

Abstract:

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Firm valuation, cost of capital, cash flows, free cash flow, capital cash flow, WACC, circularity

122.

Some Frequent Mistakes and Solutions When Forecasting Financial Statements (In Spanish)

Number of pages: 15 Posted: 19 Aug 2008 Last Revised: 05 Jul 2013
Ignacio Velez-Pareja and Dary Luz Hurtado-Carrasquilla
Grupo Consultor CAV Capital Advisory & Valuation and Universidad Tecnologica de Bolivar
Downloads 625 (38,372)

Abstract:

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem

123.

Use of Inflation as the Basis to Estimate Nominal Increases in Prices

Working Paper No. 15
Number of pages: 24 Posted: 12 Aug 2002
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 615 (39,162)
Citation 3

Abstract:

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inflation, nominal price increase estimation, inflationary environment, price level, project evaluation, firm valuation, capital budgeting, project evaluation

124.

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields', Including an Arbitrage Opportunity

The Quarterly Review of Economics and Finance, Vol. 45, No. 1, pp. 188-192, February 2005
Number of pages: 8 Posted: 31 Dec 2003 Last Revised: 01 Apr 2009
Nicholas X. Wonder, Paul Fieten, Lutz Kruschwitz, Jörg Laitenberger, Andreas Loeffler, Joseph Tham and Ignacio Velez-Pareja
Western Washington University - College of Business & Economics, Ernst & Young, The Netherlands, Free University of Berlin (FUB) - Department of Business and Economics, University of Hannover - Economics and Business Administration Area, Freie Universität Berlin, Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 611 (39,508)
Citation 2

Abstract:

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Present value of tax shield, perpetuities

125.

Valuation in an Inflationary Environment

Number of pages: 65 Posted: 08 Oct 2002
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 600 (40,503)
Citation 7

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Project evaluation, engineering economy, NPV, Net Present Value, inflation, constant price methodology, current price methodology, nominal price methodology, free cash flows, pro-forma financial statements, relative prices

126.

Relationships with Shareholders and Creditors Financial Leverage (Relaciones con Accionistas y Acreedores. Apalancamiento Financiero) (Spanish)

Number of pages: 13 Posted: 16 Feb 2011 Last Revised: 23 Feb 2011
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 592 (41,225)

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Accounting, Financial Management, Dividends, Share Valuation, Financial Lever

127.

Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach

Downloads 589 ( 41,487)
Citation 7

Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach

Management Research News, Vol. 28, No. 10, pp. 65-92, January 2005
Number of pages: 32 Posted: 02 Feb 2005 Last Revised: 02 May 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 589 (40,910)
Citation 7

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Adjusted Present Value, APV, weighted average cost of capital, circularity problem, discounted cash flow, DCF equity value, cost of equity

Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach

Management Research News, Vol. 28, No. 10, pp. 65-92, January 2005
Posted: 16 May 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy

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Adjusted Present Value, APV, weighted average cost of capital, circularity problem, discounted cash flow, DCF equity value, cost of equity

128.

Graphical Summary of the Basic Ideas on Valuation

Number of pages: 4 Posted: 29 Mar 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 587 (41,660)

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WACC, valuation methods, cash flows

129.

There Exists Circularity between WACC and Value? Another Solution

Estudios Gerenciales, Vol. 98, pp. 13-23, January-March 2006
Number of pages: 11 Posted: 13 Nov 2005 Last Revised: 26 Jun 2012
Ignacio Velez-Pareja and Julián Benavides Franco
Grupo Consultor CAV Capital Advisory & Valuation and Universidad ICESI - Finance
Downloads 583 (42,047)
Citation 2

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Firm valuation, cost of capital, cash flows, free cash flow, capital cash flow, WACC, circularity

130.

With Subsidized Debt How Do We Adjust the Wacc?

Number of pages: 8 Posted: 31 Mar 2005
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 576 (42,731)
Citation 2

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WACC, cost of capital, subsidized debt, valuation of cash flows, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

131.

Which Cost of Debt Should be Used in Forecasting Cash Flows? (Updated)

Estudios Gerenciales, Vol. 24, No. 110, April/June 2009
Number of pages: 17 Posted: 12 Sep 2007 Last Revised: 26 Jun 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 575 (42,818)
Citation 4

Abstract:

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Cost of debt, forecasting financial statements, seasonality

132.

Costo De Capital Y Flujos De Caja Para Pymes (Cost of Capital and Cash Flows for SMEs)

Downloads 558 ( 44,527)

Costo De Capital Y Flujos De Caja Para Pymes (Cost of Capital and Cash Flows for SMEs)

Number of pages: 27 Posted: 24 Oct 2013 Last Revised: 16 Oct 2014
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 408 (65,077)

Abstract:

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Cost of capital, systematic risk and total risk, SMEs, non-traded firms

Costo De Capital y Flujos De Caja Para PYMEs (Cost of Capital and Cash Flows for SMEs) (Slides)

Number of pages: 15 Posted: 12 Nov 2013 Last Revised: 26 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 150 (182,530)

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Cost of capital, systematic risk and total risk, SMEs, non-traded firms

133.

Leverage: Operating, Financial and Total (Slides)

Number of pages: 11 Posted: 17 Jul 2010 Last Revised: 26 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 554 (44,927)

Abstract:

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Accounting, Financial Management, Financial Statements, Balance Sheet, Income Statement, Operating Leverage, Financial Leverage, Total Leverage

134.

De vuelta a lo básico: El costo de capital depende de los flujos de caja libre (Return to Basics: Cost of Capital Depends on Free Cash Flows)

Vélez-Pareja, Ignacio. 2016. De vuelta a lo básico: El costo de capital depende de los flujos de caja libre (Return to Basics: Cost of Capital Depends on Free Cash Flows). Cuadernos Latinoamericanos de Administración. Volumen XII número 21 Págs. 9-16.
Number of pages: 9 Posted: 24 Nov 2008 Last Revised: 25 Feb 2016
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 554 (44,927)

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, patrimonio cost of capital, circularity

135.

Monte Carlo Simulation (Simulación De Monte Carlo) (Slides in Spanish)

Number of pages: 12 Posted: 10 May 2008 Last Revised: 27 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 550 (45,343)

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Simulation, Monte Carlo Smulation, Risk analysis

136.

Modeling Cash Flows with Constant Leverage: A Note

Number of pages: 8 Posted: 12 Jul 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 541 (46,277)
Citation 3

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WACC, constant leverage, cash flows

137.

Adjustment of the Wacc with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case

Estudios de Administración, Vol. 12, No. 2, pp. 45-66, 2005
Number of pages: 16 Posted: 31 Mar 2005 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja, Joseph Tham and Viviana Fernandez
Grupo Consultor CAV Capital Advisory & Valuation, Duke University - Duke Center for International Development in the Sanford School of Public Policy and Adolfo Ibanez University
Downloads 530 (47,535)
Citation 1

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Adjusted Present Value, APV, weighted average cost of capital, discounted cash flow, DCF equity value, cost of equity, WACC, subsidized debt with taxes, valuation of cash flows, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

138.

Hershey Chocolate in Two Flavors: Kd and Ku

Number of pages: 19 Posted: 20 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 526 (47,967)
Citation 1

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings, cash flows, Copeland, Hershey

139.

Constant Leverage and Constant Cost of Capital: A Common Knowledge Half-Truth

Estudios Gerenciales, Vol. 24, No. 107, pp. 13-34, June 2008
Number of pages: 21 Posted: 02 Jul 2007 Last Revised: 26 Jun 2012
Ignacio Velez-Pareja, Rauf Ibragimov and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation, Russian Presidential Academy of National Economy and Public Administration and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 523 (48,323)
Citation 6

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WACC, constant cost of capital, constant leverage, cash flows

140.

The Correct Formula for the Return to Levered Equity (for Finite Cash Flows with Zero Growth) with Respect to the M&E Wacc

Number of pages: 8 Posted: 31 Mar 2005
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 508 (50,153)

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M&E WACC, tax shields

141.

Valuating Cash Flows in an Inflationary Environment: The Case of World Bank

VALUATING CASH FLOWS IN AN INFLATIONARY ENVIRONMENT: THE CASE OF WORLD BANK, Barbara T. Credan, ed., Trends in Inflation Research, Nova Publishers, 2006
Number of pages: 76 Posted: 04 Aug 2005 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 507 (50,287)
Citation 6

Abstract:

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World Bank, regulatory policy for infrastructure, developing countries, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

142.

An Integrated, Consistent Market-Based Framework for Valuing Finite Cash Flows

Management Research News, Vol. 28, No. 10, pp. 65-92
Number of pages: 23 Posted: 02 Feb 2005 Last Revised: 01 Apr 2009
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 498 (51,448)

Abstract:

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Multiperiod WACC, firm valuation, levered equity, valuation with EVA, cost of equity

143.

Will the Deflated WACC Please Stand Up? And the Real WACC Should Sit Down

Cuadernos Latinoamericanos de Administración, Vol. VI No. 12, Julio- Diciembre 2011
Number of pages: 17 Posted: 29 May 2010 Last Revised: 15 Jul 2013
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 493 (52,086)
Citation 1

Abstract:

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Weighted Average Cost Of Capital, WACC, Firm Valuation, Capital Budgeting, Deflated WACC, Real WACC, Inflation

144.

A New Approach to Wacc, Value of Tax Savings and Value for Growing and Non Growing Perpetuities: A Clarification

Number of pages: 37 Posted: 10 Jan 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 492 (52,210)
Citation 3

Abstract:

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WACC, perpetuities, terminal value, tax savings

145.

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

The Valuation Journal, Vol. 5, No. 2, pp. 4-45, 2010
Number of pages: 25 Posted: 01 Nov 2010 Last Revised: 28 Aug 2011
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 490 (52,454)
Citation 5

Abstract:

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Free cash flows, equity and firm value, Losses carried forward, exchange losses, presumptive Income, inflation adjustments to Financial Statements

146.

Time Value of Money TVM (Slides)

Number of pages: 23 Posted: 20 Sep 2010 Last Revised: 26 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 485 (53,140)

Abstract:

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Time value of money, interest, discount process, annuities, real interest rate, discount rate, debt schedule

147.

Consistency in Chocolate. A Fresh Look at Copeland's Hershey Foods & Co Case

Number of pages: 11 Posted: 19 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 485 (53,140)
Citation 2

Abstract:

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Cash flows, Copeland, Hershey, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings

148.

For Finite Cash Flows, What is the Correct Formula for the Return to Levered Equity?

Number of pages: 4 Posted: 11 May 2004
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 482 (53,583)
Citation 7

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Present value of the tax shield, formulation for Ke, cost of levered equity, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings, growth rate for the free cash flow

149.

Subsidized Loan Financing and its Impact on the Cost of Capital and Levered Firm Value - a Non-Technical Reply to 'Adjustment of the Wacc with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case'

Number of pages: 18 Posted: 04 Sep 2006
Rauf Ibragimov and Ignacio Velez-Pareja
Russian Presidential Academy of National Economy and Public Administration and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 481 (53,723)

Abstract:

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cash flow valuation, Adjusted Present Value, weighted average cost of capital, project evaluation, subsidized debt financing, loan subsidy, firm valuation, cost of equity

150.

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Downloads 480 ( 53,866)
Citation 18

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Number of pages: 30 Posted: 09 May 2003
Joseph Tham, Ignacio Velez-Pareja and Nicholas X. Wonder
Duke University - Duke Center for International Development in the Sanford School of Public Policy, Grupo Consultor CAV Capital Advisory & Valuation and Western Washington University - College of Business & Economics
Downloads 480 (53,291)
Citation 18

Abstract:

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Present value of tax shield

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Quarterly Review of Economics and Finance, Vol. 45, February 2005
Posted: 30 Dec 2004
Paul Fieten, Ignacio Velez-Pareja, Lutz Kruschwitz, Jörg Laitenberger, Andreas Loeffler, Joseph Tham and Nicholas X. Wonder
Ernst & Young, The Netherlands, Grupo Consultor CAV Capital Advisory & Valuation, Free University of Berlin (FUB) - Department of Business and Economics, University of Hannover - Economics and Business Administration Area, Freie Universität Berlin, Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics

Abstract:

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Present value of tax shield, perpetuities

151.

Cash Flow Valuation in an Inflationary World: The Case of World Bank for Regulated Firms

Number of pages: 20 Posted: 06 Jan 2005
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 474 (54,768)
Citation 3

Abstract:

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World Bank, regulatory policy for infrastructure, developing countries, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

152.

Modeling the Financial Impact of Regulatory Policy: Practical Recommendations and Suggestions. The Case of World Bank

Number of pages: 43 Posted: 24 Aug 2004
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 462 (56,535)
Citation 5

Abstract:

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World Bank, regulatory policy for infrastructure, developing countries, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

153.

Optimal Portfolio Selection: A Note with a VBA Solution

Number of pages: 16 Posted: 15 Oct 2012 Last Revised: 29 Oct 2012
Ignacio Velez-Pareja and Pedro Fabián Castilla Ávila
Grupo Consultor CAV Capital Advisory & Valuation and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 458 (57,149)

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CAPM, efficient frontier, portfolio selection, capital market line, optimal portfolio, add-in, VBA

154.

Estructura Optima de Capital Para Flujos de Caja Finitos (Optimal Capital Structure for Finite Cash Flows)

Mays Business School Research Paper No. 1826264
Number of pages: 39 Posted: 02 May 2011 Last Revised: 14 Feb 2018
Felipe Mejia-Pelaez, Ignacio Velez-Pareja and James W. Kolari
Octum, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 456 (57,448)

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optimal capital structure, valuation, non-circularity, finite cash flows, perpetuities tax shield, cost of equity

155.

Análisis De Portafolio, Diapositivas (Portfolio Analysis Slides)

Number of pages: 42 Posted: 06 Feb 2012 Last Revised: 01 Aug 2012
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 449 (58,511)

Abstract:

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Portfolio analysis, CAPM, Capital Asset Pricing Model, optimum portfolio

156.

Valuation of Cash Flows with Constant Leverage: Further Insights

Number of pages: 13 Posted: 30 Jan 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 449 (58,511)
Citation 3

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WACC, constant leverage, cash flows

Abstract:

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Accounting, Forecasting Financial Statements, Decision Making, plugs, Planning and control, double entry principle, unbalancing problem, cash flows, firm valuation, cost of unlevered equity

158.

A Teaching Note on Price-Demand Elasticity (Nota sobre la elasticidad precio-demanda)

Number of pages: 10 Posted: 23 Jul 2007
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 436 (60,622)

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Inflation, nominal price increase estimation, inflationary environment, price level, price-demand elasticity, project evaluation, firm valuation, Capital Budgeting, Project appraisal

159.

The Mismatching of Apv and the Dcf in Brealey, Myers and Allen 8th Edition of Principles of Corporate Finance, 2006 (La Discrepancia Entre El Apv Y El Dcf En La 8va EdicióN De Brealey, Myers Y Allen, Principles of Corporate Finance, 2006)

Number of pages: 5 Posted: 22 Sep 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 434 (60,972)

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

160.

Forecasting Foreign Exchange Rate Assuming PPP Conditions: Empirical Evidence Using VAR

Estudios Gerenciales. Journal of Management and Economics of Iberoamerica, Vol. 25, No. 113, pp. 211-226, October-December 2009. (Spanish version)
Number of pages: 18 Posted: 09 May 2009 Last Revised: 16 Feb 2010
Catherine Fayad, Roberto Fortich and Ignacio Velez-Pareja
affiliation not provided to SSRN, Universidad Tecnologica de Bolivar Department of Finance and International Business - Instituto de Estudios para el Desarrollo (IDE) and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 422 (63,095)

Abstract:

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Foreign exchange, time-series model, financial forecasting

161.

The Tyranny of Rounding Errors: The Mismatching of APV and the DCF in Perpetuities in Brealey and Myers 6th and 7th Edition of Principles of Corporate Finance

Number of pages: 9 Posted: 16 Apr 2007 Last Revised: 20 Dec 2008
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 421 (63,277)

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

162.

Some Evidence of Financial Distress Costs (Alguna Evidencia Sobre Los Costos De Dificultades Financieras)

Number of pages: 22 Posted: 31 Aug 2006
Ignacio Velez-Pareja and Patricia Rojas
Grupo Consultor CAV Capital Advisory & Valuation and University of the Andes (Colombia)
Downloads 412 (64,941)

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Cash flows, forecasted financial statements, cost of capital, bankruptcy costs, financial distress costs

163.

Cost of Capital When Dividends are Deductible

Brazilian Review of Finance, Vol. 9, No. 3, pp. 309-334, 2011
Number of pages: 26 Posted: 18 Jun 2009 Last Revised: 22 Jun 2013
Ignacio Velez-Pareja and Julián Benavides Franco
Grupo Consultor CAV Capital Advisory & Valuation and Universidad ICESI - Finance
Downloads 395 (68,329)
Citation 4

Abstract:

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WACC, interest on equity, tax savings, tax shields, cost of equity, deductible dividends, deductible interest on equity

164.

Forecasting Foreign Exchange Rate in Colombia Assuming PPP Conditions: Empirical Evidence Using VAR (in Spanish)

Estudios Gerenciales. Journal of Management and Economics of Iberoamerica, Vol. 25, No. 113, pp. 211-226, October-December 2009
Number of pages: 17 Posted: 20 Feb 2009 Last Revised: 16 Feb 2010
Catherine Fayad, Roberto Fortich and Ignacio Velez-Pareja
affiliation not provided to SSRN, Universidad Tecnologica de Bolivar Department of Finance and International Business - Instituto de Estudios para el Desarrollo (IDE) and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 389 (69,543)

Abstract:

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Foreign exchange, time-series model, financial forecasting

165.

Revised Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Number of pages: 7 Posted: 25 Nov 2003
Nicholas X. Wonder, Ignacio Velez-Pareja, Joseph Tham, Andreas Loeffler and Paul Fieten
Western Washington University - College of Business & Economics, Grupo Consultor CAV Capital Advisory & Valuation, Duke University - Duke Center for International Development in the Sanford School of Public Policy, Freie Universität Berlin and Ernst & Young, The Netherlands
Downloads 379 (71,731)
Citation 8

Abstract:

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Present value of tax shield, perpetuities

166.

Modeling Cash Flows with Constant Leverage: A Note (in Spanish)

Number of pages: 9 Posted: 12 Jul 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 375 (72,620)
Citation 3

Abstract:

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WACC, constant leverage, cash flows

167.

Simple Errors or Myths in Dealing with Perpetuities

Number of pages: 9 Posted: 18 Jun 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 374 (72,837)

Abstract:

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Terminal value, continuing value, perpetuities, firm value, equity value, cost of capital in perpetuity

168.

Cost of Equity and WACC for Perpetuities with Constant Growth

The Valuation Journal, Vol. 5, No. 2, pp. 89-121, 2010
Number of pages: 21 Posted: 01 Aug 2010 Last Revised: 24 Jan 2011
Felipe Mejia-Pelaez and Ignacio Velez-Pareja
Octum and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 369 (73,941)

Abstract:

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Firm Valuation, Cost of Capital, Cost of Equity, Perpetuities, Constant Growth, Cash Flow, Free Cash Flow, WACC

169.

Analytical Solution to the Circularity Problem When Using Discounted Cash Flow Valuation (Solución Analítica al Problema de la Circularidad Usando Flujos de Caja Descontados) (Spanish)

Innovar, Vol. 21, No. 42 octubre-diciembre, 2011. (Próximo a aparecer en inglés).
Number of pages: 29 Posted: 01 Aug 2010 Last Revised: 23 Dec 2011
Felipe Mejia-Pelaez and Ignacio Velez-Pareja
Octum and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 360 (76,186)

Abstract:

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Firm Valuation, Cost of Capital, Cash Flows, Free Cash Flow, Capital Cash Flow, WACC, Circularity

170.

Return to Fundamentals: Perpetuities, Common Wisdom and the Use of the Gordon Constant Growth Model

Number of pages: 10 Posted: 23 Jun 2008 Last Revised: 22 Sep 2008
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 358 (76,686)
Citation 1

Abstract:

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WACC, CGM, Constant Growth Model, Gordon Model, perpetuities, terminal value, tax savings

171.

Sensitivity Analysis for Decision Making (Análisis De Sensibilidad Para La Toma De Decisiones. Slides)

Number of pages: 19 Posted: 24 May 2008 Last Revised: 27 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 358 (76,686)

Abstract:

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Sensitivity anlysis, one and two variables tables, scenario management

172.

Engineering Economy Investment Decision Methods (Slides)

Number of pages: 23 Posted: 25 Jan 2011 Last Revised: 26 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 346 (79,698)

Abstract:

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Net Present Value, NPV, Internal Rate of Return, IRR, Profitability Index, Benefit Cost Ratio B/CR, Payback Period

173.

Return to Basics: Are You Properly Calculating Tax Shields?

Análisis Financiero, n.º 122. 2013. Pgs.: 6-17
Number of pages: 15 Posted: 25 Nov 2008 Last Revised: 18 Mar 2014
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 340 (81,393)
Citation 4

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, tax shields, tax savings

174.

Mas Alla De Las Proyecciones: El Valor Terminal, Diapositivas (Beyond Forecasting Period: The Terminal Value, Slides)

Number of pages: 22 Posted: 31 Jan 2012 Last Revised: 06 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 338 (81,940)

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terminal value, firm valuation, perpetuities

175.

Introduction to Risk and Uncertainty: A General Overview (Introducción Al Riesgo Y La Incertidumbre: Visión General. Slides)

Number of pages: 24 Posted: 24 May 2008 Last Revised: 27 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 333 (83,343)

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Risk, Uncertainty, Management

176.

Potential Dividends and Actual Cash Flows: A Critical Analysis

Estudios Gerenciales. Journal of Management and Economics of Iberoamerica, Vol. 25, No. 113, pp. 123-150, October-December 2009
Number of pages: 28 Posted: 19 Feb 2008 Last Revised: 09 Oct 2014
Ignacio Velez-Pareja and Carlo Alberto Magni
Grupo Consultor CAV Capital Advisory & Valuation and Università degli studi di Modena e Reggio Emilia (UNIMORE) - School of Doctorate E4E (Engineering for Economics-Economics for Engineering)
Downloads 323 (86,219)
Citation 4

Abstract:

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flow to equity, potential dividends, equity value

177.

Conditions for Consistent Valuation of a Growing Perpetuity

Number of pages: 11 Posted: 30 Jan 2006
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 323 (86,219)
Citation 2

Abstract:

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Perpetuities, terminal value

178.

Financial and Real Options: The Value of Flexibility (Opciones Financieras y Reales: El Valor de la Flexibilidad. Slides)

Number of pages: 23 Posted: 10 May 2008 Last Revised: 27 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 321 (86,809)

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real options, financial options, flexibility

179.

Calculating Betas

Number of pages: 14 Posted: 04 Mar 2011 Last Revised: 09 Nov 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 315 (88,630)

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Betas, Beta Calculation, Stock Returns, Market Returns, Systematic Risk

180.

Potential Dividends and Actual Cash Flows: A Regional Latin American Analysis

Estudios Gerenciales. Journal of Management and Economics of Iberoamerica, Vol. 25, No. 113, pp. 151-184, October-December 2009
Number of pages: 34 Posted: 31 Jul 2008 Last Revised: 26 Jun 2012
Ignacio Velez-Pareja, Mariano German Merlo, David Andres Londono Bedoya and Julio Sarmiento-Sabogal
Grupo Consultor CAV Capital Advisory & Valuation, University of Belgrano (U of B), Universidad Tecnologica de Bolivar and Pontificia Universidad Javeriana
Downloads 312 (89,616)
Citation 2

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Cash flows, cash flow to equity, free cash flow, liquid assets, potential dividends, firm value, equity value, Modigliani and Miller, levered value, error in valuation

181.

Introduction to Financial Management (Introducción a la Gerencia Financiera) (Spanish)

Number of pages: 22 Posted: 16 Feb 2011 Last Revised: 25 Jun 2012
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 310 (90,221)

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Accounting, Financial Management, Financial Statements, Balance Sheet, Income Statement

182.

Cost of Capital and Value Without Circularity for Constant Growth Perpetuities

Number of pages: 29 Posted: 16 Aug 2010 Last Revised: 24 Jan 2011
Felipe Mejia-Pelaez and Ignacio Velez-Pareja
Octum and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 306 (91,516)
Citation 3

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Firm Valuation, Cost of Capital, Cost of Equity, Cash Flows, Free Cash Flow, Cash Flow to Equity, Capital Cash Flow, WACC, Perpetuities, Constant Growth, Circularity

183.

Much Ado About Nothing: A Non-Technical Comment on the Present Value of the Tax Shield (Pvts)

Working Paper No. 23
Number of pages: 8 Posted: 02 Dec 2002
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 292 (96,425)
Citation 1

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risk of the tax shield, present value of tax shield

184.

Ranking and Optimal Selection of Investments with Internal Rate of Return and Benefit-Cost Ratio: A Revision

Contaduría y Administración, No. 236, pp. 29-51, January-April 2012
Number of pages: 24 Posted: 18 Dec 2010 Last Revised: 02 Jun 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 277 (102,030)

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Net Present Value, NPV, Internal Rate of Return, IRR, Benefit–Cost Ratio, B/CR, Profitability Index, NPV Assumptions

185.

Tax Shields, Financial Expenses and Losses Carried Forward

Suggested Citation: Vélez-Pareja, I. (2016). Tax shields, financial expenses and losses carried forward. Cuadernos de Economía, 35(69), 663-689. Available at SSRN Abstract 1604082
Number of pages: 28 Posted: 10 May 2010 Last Revised: 03 Mar 2016
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 265 (106,880)
Citation 3

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Weighted Average Cost of Capital, WACC, Firm Valuation, Tax Shields, Tax Savings, Losses Carried Forward

186.

A Quick & Dirty Method for Estimating Growth and Price Changes for Forecasting Financial Statements (in Spanish)

Number of pages: 26 Posted: 31 Mar 2009 Last Revised: 01 Jun 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 255 (111,244)

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Accounting, financial management, financial statements, balance sheet, Income Statement, financial ratios, forecasting, sales growth, growth in units, real growth, real increase in price, Fisher Equation

187.

Analytical Solution for Optimal Capital Structure in Perpetuities

Number of pages: 7 Posted: 15 Dec 2010 Last Revised: 19 Oct 2011
Joseph Tham, Ignacio Velez-Pareja and James W. Kolari
Duke University - Duke Center for International Development in the Sanford School of Public Policy, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 254 (111,705)

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Firm valuation, optimal capital structure, discount rate for tax shields

188.

Proper Valuation of Perpetuities in an Inflationary Environment Without Real Growth

Number of pages: 12 Posted: 19 Nov 2007 Last Revised: 25 Jul 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 253 (112,151)
Citation 2

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WACC, perpetuities, terminal value, tax savings, iflation, value of a perpetuity

189.

The Zero Growth Model with Expected Inflation: Further Insights: A Consistent and Inflation Neutral Formulation for the Cost of Equity

Number of pages: 12 Posted: 01 Jun 2008
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 251 (113,080)

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Constant Growth Model, perpetuities, Terminal Value, cost of equity for perpetuities, tax savings

190.

Potential Dividends Versus Paid Dividends: Theoretical and Empirical Reasons to Use Paid Dividends - The Cases of Latin America and Argentina (In Spanish)

Number of pages: 16 Posted: 26 Oct 2008 Last Revised: 10 May 2010
Ignacio Velez-Pareja, Mariano German Merlo, David Andres Londono Bedoya and Julio Sarmiento-Sabogal
Grupo Consultor CAV Capital Advisory & Valuation, University of Belgrano (U of B), Universidad Tecnologica de Bolivar and Pontificia Universidad Javeriana
Downloads 247 (114,987)

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Cash flows, cash flow to equity, free cash flow, liquid assets, potential dividends, firm value

191.

EVA Performance Measurement is Faulty: So You May Be Persuaded to Switch to a Robust OEVA-TEVA Alternative

Number of pages: 26 Posted: 17 Feb 2013
Rauf Ibragimov, Ignacio Velez-Pareja and Joseph Tham
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 242 (117,398)

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Financial performance measurement, economic value added, operating EVA, total EVA, residual income, valuation model, market value added

192.

Return to Basics: Are You Properly Calculating Tax Shields? (De Vuelta a Lo Basico: Calcula Sus Ahorros En Impuestos En Forma Apropiada?)

Number of pages: 15 Posted: 28 Nov 2008 Last Revised: 15 Jul 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 241 (117,876)

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, tax shields, tax savings

193.

Forecasting Tools and Forecasting Financial Statements (Herramientas de Proyecciones y Proyecciones de los Estados Financieros) (Spanish)

Number of pages: 72 Posted: 16 Feb 2011
Ignacio Velez-Pareja and Miguel Ricardo Davila
Grupo Consultor CAV Capital Advisory & Valuation and Pontifical University Javeriana Cali
Downloads 237 (119,885)

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Forecasting, Forecasting Financial Statements, Financial Management, Break-Even Point Analysis, Forecasted Financial Ratio Analysis

194.

Engineering Economy Special Problems in Investment Decision Methods (Slides)

INVESTMENT DECISION MAKING: FOR FIRM AND PROJECT VALUATION, Forthcoming
Number of pages: 4 Posted: 25 Jan 2011 Last Revised: 27 Feb 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 235 (120,916)

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NPV, IRR, Cost-Benefit Ratio, Net Present Value, Weighted Internal Rate of Return, Expanded Benefit Cost Ratio

195.

Return to Fundamentals: Perpetuities, Common Wisdom and the Use of the Gordon Constant Growth Model (De Vuelta a lo Fundamental: Perpetuidades, Conocimiento Generalizado y el Uso del Modelo de Crecimiento Constante de Gordon)

Number of pages: 10 Posted: 07 Jul 2008 Last Revised: 22 Sep 2008
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 235 (120,916)

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WACC, CGM, Constant Growth Model, Gordon Model, perpetuities, terminal value, tax savings

196.

The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories) (Chen Thanh Trong Tim Kiem Gia Tri (Theo CAC Mo Hinh Alpha Va Ly Thuyet Omega)

Financial Project Appraisals Working Paper No. 002-03
Number of pages: 20 Posted: 25 Jun 2003
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 233 (121,955)

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197.

The Colombian Stock Market: 1930-1998 (El Mercado De Acciones En Colombia: 1930-1998)

Number of pages: 24 Posted: 13 Apr 2009
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 222 (127,918)

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Stocks, stock markets, inflation, Colombia, Colombian stock market, financial history, real returns on stocks, nominal returns on stocks, non-measurable returns, Colombian firms, CAPM, risk free rate of return, risk premium

198.

Risk Attitudes: Cardinal Utility Theory (Actitudes Hacia El Riesgo: Teoría De La Utilidad Cardinal. Slides)

Number of pages: 15 Posted: 24 May 2008 Last Revised: 27 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 219 (129,657)

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Cardinal utility theory, prospectrive theory, risk attitudes

199.

Risky Tax Shields and Risky Debt: A Monte Carlo Approach

Number of pages: 31 Posted: 27 Jun 2010 Last Revised: 10 Aug 2010
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 216 (131,334)
Citation 4

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Weighted Average Cost of Capital, WACC, firm valuation, tax shields, cash flows, Monte Carlo Simulation, discount rate for tax shields, risky debt, risk of tax shields

200.

El Juego De La Gallina Ciega: Buscando La Estructura Óptima De Capital (Blind Man's Buff: On the Search of the Optimal Capital Structure) (Slides)

Number of pages: 40 Posted: 11 Feb 2013 Last Revised: 11 Nov 2013
Ignacio Velez-Pareja, Felipe Mejia-Pelaez and James W. Kolari
Grupo Consultor CAV Capital Advisory & Valuation, Octum and Texas A&M University - Department of Finance
Downloads 202 (139,888)

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optimal capital structure, valuation, non-circularity, finite cash flows, perpetuities tax shield, cost of equity

201.

Cost of Capital When Dividends are Deductible (Costo de Capital con Dividendos Deducibles) (Spanish)

Number of pages: 20 Posted: 24 Dec 2009 Last Revised: 27 Apr 2010
Ignacio Velez-Pareja and Julián Benavides Franco
Grupo Consultor CAV Capital Advisory & Valuation and Universidad ICESI - Finance
Downloads 198 (142,602)

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WACC, interest on equity, tax savings, tax shields, cost of equity, deducible dividends, deducible interest on equity, discount rate for tax savings

202.

How the Regulator Overpays Investor? A Simple Exposition of the Principles of Tariff Setting

Number of pages: 11 Posted: 05 Aug 2007
Ignacio Velez-Pareja, Rauf Ibragimov, Joseph Tham and Daniel Toro González
Grupo Consultor CAV Capital Advisory & Valuation, Russian Presidential Academy of National Economy and Public Administration, Duke University - Duke Center for International Development in the Sanford School of Public Policy and Universidad Tecnológica de Bolívar (UTB)
Downloads 195 (144,625)

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WACC, taxes, regulation, tariff regulation

203.

Valor de los Ahorros en Impuestos por Deuda en Colombia: Un Estudio Empírico (Value of Debt Tax Shields in Colombia: An Empirical Study)

Number of pages: 26 Posted: 02 Aug 2011 Last Revised: 04 Nov 2011
Rafael Salas-Pérez, Juan Gutiérrez Ruiz and Ignacio Velez-Pareja
University of Birmingham - Birmingham Business School, Universidad de Valencia and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 191 (147,478)

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tax shields, discount rates firm value, leverage

204.

Investment Decision-Making Practices in Colombia: A Survey

Interfaces, Vol. 16, No. 4, pp. 60-65, July 1986
Number of pages: 6 Posted: 26 Jul 2000 Last Revised: 19 Feb 2008
Ignacio Velez-Pareja and Gabriel Nieto
Grupo Consultor CAV Capital Advisory & Valuation and Central Bank of Colombia
Downloads 183 (153,320)

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Capital budgeting techniques, NPV, IRR, risk analysis

205.

Mejora de la Medición del Desempeño con el vea (EVA) Operativo Y Total (Sharpening Performance Measurement with the Operating and Total EVA)

Number of pages: 19 Posted: 01 Apr 2013 Last Revised: 13 Apr 2013
Rauf Ibragimov, Ignacio Velez-Pareja and Joseph Tham
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 182 (154,081)

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financial performance measurement, economic value added, operating EVA, total EVA, residual income, valuation model, market value added

206.

Strategies for Dealing with Uncertainty (Estrategias Ante La Incertidumbre) (Slides)

Number of pages: 8 Posted: 24 May 2008 Last Revised: 27 Mar 2011
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 175 (159,563)

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Minimax, minimax regret, Laplace, Hurwicz

207.

Blind Man's Bluff: On the Search of the Optimal Capital Structure

Number of pages: 38 Posted: 11 Feb 2013 Last Revised: 14 Nov 2013
Ignacio Velez-Pareja, Felipe Mejia-Pelaez and James W. Kolari
Grupo Consultor CAV Capital Advisory & Valuation, Octum and Texas A&M University - Department of Finance
Downloads 169 (164,552)

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optimal capital structure, valuation, non-circularity, finite cash flows, perpetuities tax shield, cost of equity

208.

Do Personal Taxes Destroy Tax Shields? A Critique to Miller’s (1977) Paper

Emerging Markets Finance and Trade, Forthcoming
Number of pages: 30 Posted: 01 Oct 2015 Last Revised: 28 Aug 2017
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 154 (178,197)

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Debt Tax Shields, personal taxes, value of tax shields, optimal capital structure

209.

Cost of Capital and Cash Flows for SMEs

Number of pages: 25 Posted: 26 Nov 2013 Last Revised: 16 Oct 2014
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 146 (186,227)

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Cost of capital, systematic risk and total risk, SMEs, non-traded firms; Costo de capital, riesgo sistemático y riesgo total, PYMES, firmas no transadas en bolsa.

210.

Value of Debt Tax Shields in Colombia: An Empirical Study

Number of pages: 28 Posted: 31 Aug 2011 Last Revised: 09 Nov 2011
Rafael Salas-Pérez, Juan Gutiérrez Ruiz and Ignacio Velez-Pareja
University of Birmingham - Birmingham Business School, Universidad de Valencia and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 142 (190,460)

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Debt Tax Shields, Discount Rates, Firm Value, Leverage, Colombia

211.

Subsidized Cost of Debt: The Relevance of the Research Question in the Financial Research (La Subvencion Financiera del Coste de la Deuda: La Importancia de la Pregunta en la Investigacion Financiera)

Estrategia Financiera, No. 242, pp. 19-26
Number of pages: 16 Posted: 01 Jun 2008 Last Revised: 01 Apr 2009
Mariano Gonzalez, Ignacio Velez-Pareja and Ana Mateos
Universidad San Pablo CEU, Grupo Consultor CAV Capital Advisory & Valuation and Universidad CEU Cardenal Herrera
Downloads 141 (191,546)

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subsidized debt, firm valuation, American option, for trading of assets, case method

212.

Risky Tax Shields: An Exploratory Study

Cuadernos de Administración, Vol. 23, No. 41, pp. 213-235, December, 2010
Number of pages: 24 Posted: 09 Nov 2010 Last Revised: 05 Aug 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 138 (194,900)
Citation 1

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Weighted Average Cost of Capital, WACC, Firm Valuation, Tax Shields, Cash Flows, Monte Carlo Simulation, Discount Rate for Tax Shields, Risky Debt, Risky Tax Shields

213.

Cómo Interpretar Adecuadamente Las Razones Financieras. (How to Read Properly Financial Ratios.)

Davila, Ricardo & Ignacio Vélez-Pareja, 1986. Cómo interpretar adecuadamente las razones financieras. Cuadernos de Administración (Universidad Javeriana), No. 9, Abril, 1987, pp. 37-51
Number of pages: 36 Posted: 10 Jan 2015 Last Revised: 12 Jan 2015
Miguel Ricardo Davila and Ignacio Velez-Pareja
Pontifical University Javeriana Cali and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 117 (221,492)

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Accounting, financial management, financial statements, financial ratios, Contabilidad, Administracion financera, Analisis financiero, Razones financieras

214.

Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation: Matching DCF and EVA©

Number of pages: 42 Posted: 24 Jul 2010
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 102 (244,224)
Citation 2

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Economic Value Added, EVA, Market Value Added, MVA, Residual Income, economic profit, free cash flows, market value of equity, market value of firm, Losses carried forward, exchange losses, presumptive Income, inflation adjustments to the Financial Statements

215.

El Costo De Capital Diapositivas (Cost of Capital Slides)

Number of pages: 46 Posted: 06 Mar 2012 Last Revised: 15 Nov 2013
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 89 (266,987)

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weighted average cost of capital, WACC, discount rate

216.

¿Los Impuestos Personales Destruyen el Ahorro en Impuestos? (Do Personal Taxes Destroy Tax Shields?)

Number of pages: 20 Posted: 04 Nov 2015 Last Revised: 28 Apr 2016
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation
Downloads 63 (325,341)

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Debt Tax Shields, personal taxes, value of tax shields, optimal capital structure

217.

Sharpening Performance Measurement with the Operating and Total EVA

Number of pages: 21 Posted: 08 Jun 2016
Rauf Ibragimov, Ignacio Velez-Pareja and Joseph Tham
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 13 (527,309)

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Financial performance measurement, economic value added, market value added, valuation, operating EVA, total EVA

218.

Back to Basics: Cost of Capital Depends on Free Cash Flow

The IUP Journal of Applied Finance, Vol. 16, No. 1, pp. 27-39, January 2010
Posted: 12 Jan 2010
Ignacio Velez-Pareja
Grupo Consultor CAV Capital Advisory & Valuation

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219.

Basic Concepts in Market-Based Cash Flow Valuation

Posted: 14 Feb 2005
Joseph Tham and Ignacio Velez-Pareja
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Grupo Consultor CAV Capital Advisory & Valuation

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, weighted average cost of capital, WACC, cost of unlevered equity

220.

Brief Introduction to the Construction of Financial Statements I

Posted: 04 Mar 2002
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Duke University - Duke Center for International Development in the Sanford School of Public Policy

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Project evaluation, Financial statements, Free cash flows, Cash budget, Income statement, Balance sheet