Joseph Tham

Duke University - Duke Center for International Development in the Sanford School of Public Policy

Visiting Associate Professor

Box 90312

302, Towerview Dr, Rubenstein Hall, Room 272

Durham, NC 27708

United States

http://fds.duke.edu/db/Sanford/faculty/thamjx

SCHOLARLY PAPERS

90

DOWNLOADS
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CITATIONS
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Top 2,222

in Total Papers Citations

252

Scholarly Papers (90)

1.

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 8,756 (359)
Citation 10

Abstract:

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

2.

Risk-neutral Valuation: A Gentle Introduction (1)

Number of pages: 55 Posted: 12 Nov 2001
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 7,115 (453)
Citation 1

Abstract:

Risk-neutral valuation

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 6,107 (704)
Citation 7

Abstract:

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 5,262 (785)
Citation 6

Abstract:

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

5.

Equivalence between Discounted Cash Flow (DCF) and Residual Income (RI)

Fulbright Economics Teaching Program
Number of pages: 18 Posted: 17 Mar 2001
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 4,083 (1,423)
Citation 5

Abstract:

Economic Value Added, Residual Income Model, Free Cash Flow

6.

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 3,291 (2,139)

Abstract:

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

7.

Return to Equity in Project Finance for Infrastructure

Fulbright Economics Teaching Program Working Paper
Number of pages: 16 Posted: 10 Mar 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 3,055 (2,347)
Citation 2

Abstract:

8.

Practical Equity Valuation: A Simple Approach

Number of pages: 27 Posted: 26 Jul 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 2,749 (3,021)
Citation 4

Abstract:

Multiperiod WACC, Equity Valuation, Cost of Capital

9.

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 2,641 (3,064)
Citation 10

Abstract:

Cost of capital, WACC, valuation

10.

The Unbearable Lightness of EVA in Valuation

Fulbright Economics Teaching Program, HCMC, Vietnam
Number of pages: 40 Posted: 15 May 2001
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 2,416 (3,784)

Abstract:

Economic value added, residual income model, discounted cash flow

11.

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 2,314 (3,997)

Abstract:

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

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 852 (20,767)
Citation 1

Abstract:

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 846 (20,985)
Citation 1

Abstract:

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

13.

Financial Discount Rates in Project Appraisal

Harvard Institute for International Development Working Paper No. 706
Number of pages: 40 Posted: 24 Jan 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 1,671 (7,095)
Citation 5

Abstract:

14.

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 1,654 (7,178)
Citation 5

Abstract:

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

15.
Downloads 1,651 ( 7,505)

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 952 (17,570)

Abstract:

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 699 (27,589)

Abstract:

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

16.

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 1,542 (7,737)
Citation 6

Abstract:

Project evaluation; Impacts of inflation

17.

Equivalence Between the FCF Method, the CCF Method and the APV Approach

Number of pages: 25 Posted: 26 Feb 2002
Joseph Tham and Nicholas X. Wonder
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics
Downloads 1,401 (8,976)
Citation 3

Abstract:

WACC, Free cash flow, Capital cash flow, Adjusted present value, Risk-neutral valuation

18.

Conceptual Issues in Financial Risk Analysis: A Review for Practitioners

Number of pages: 38 Posted: 13 Mar 2001
Joseph Tham and Lora Sabin
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Harvard University - Harvard Kennedy School (HKS)
Downloads 1,385 (9,710)

Abstract:

Risk analysis; Discount rates; Criteria for assessing risk; Certainty equivalents; Multiple risk-adjusted discount rates

19.

Consistent Value Estimates from the Discounted Cash Flow (DCF) and Residual Income (RI) Models in M & M Worlds Without and With Taxes

Fulbright Economics Teaching Program (FETP)
Number of pages: 34 Posted: 29 Nov 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 1,291 (11,001)

Abstract:

Cost of capital, weighted average cost of capital (WACC), cash flow to equity, residual income model, discounted cash flow model, valuation, return to equity

20.

Weighted Average Cost of Capital (WACC) with Risky Debt: A Simple Exposition (I)

Number of pages: 19 Posted: 18 Nov 2002
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 1,267 (10,939)

Abstract:

multi-period WACC, cost of capital, risky debt

21.

Risk-neutral Valuation: A Gentle Introduction (2)

Number of pages: 29 Posted: 03 Dec 2001
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 1,249 (10,469)
Citation 1

Abstract:

Risk-neutral valuation, Cost of Capital

22.

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 1,121 (13,166)
Citation 22

Abstract:

Value of Tax Shield

23.

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 1,098 (12,963)
Citation 17

Abstract:

multi-period WACC, cost of capital

24.

Equivalence between Discounted Cash Flow (DCF) and Residual Income (RI) (Su Tuong Duong Giua Dong Tien Chiet khau va Thu Nhap Rong)

Financial Project Appraisals Working Paper No. 001-2003
Number of pages: 20 Posted: 05 May 2003
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 1,071 (13,083)
Citation 4

Abstract:

Economic Value Added, Residual Income Model, Cash Flow Model

25.

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 945 (17,645)

Abstract:

Cost-Benefit Analysis, Capital Budgeting, Project evaluation

26.

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 943 (17,786)

Abstract:

27.

The Miles & Ezzell (M & E) WACC Reconsidered

Number of pages: 34 Posted: 04 Feb 2002
Joseph Tham and Andreas Loeffler
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Freie Universität Berlin
Downloads 865 (20,147)
Citation 4

Abstract:

Risk-neutral valuation, WACC Theory

28.

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 859 (20,611)

Abstract:

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

29.

The Non-Conventional WACC with Risky Debt and Risky Tax Shield

Number of pages: 17 Posted: 05 Dec 2001
Joseph Tham and Nicholas X. Wonder
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics
Downloads 858 (19,682)
Citation 8

Abstract:

WACC theory

30.

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 783 (22,222)
Citation 2

Abstract:

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

31.

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 778 (23,304)
Citation 5

Abstract:

WACC, perpetuities, terminal value, tax savings

32.

Present Value of the Tax Shield: A Note

Harvard Institute for International Development Working Paper No. 695
Number of pages: 16 Posted: 24 Jan 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 758 (24,529)
Citation 6

Abstract:

33.

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 752 (24,964)
Citation 6

Abstract:

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

34.

The Present Value of the Tax Shield (PVTS) for FCF in Perpetuity With Growth

Number of pages: 21 Posted: 08 Jan 2003
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 726 (23,473)
Citation 2

Abstract:

Present value of the tax shield, risk neutral valuation

35.

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 720 (24,529)

Abstract:

Valuation, free cash flow, discounting, accounting data

36.

Estimating the Cost of Capital with Debt Financing in a Foreign Currency

Number of pages: 18 Posted: 30 Jun 2003
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 671 (23,877)

Abstract:

WACC, foreign loan, cost of debt

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
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 380 (60,801)
Citation 6

Abstract:

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
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 275 (88,271)
Citation 6

Abstract:

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

38.

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 631 (31,090)
Citation 1

Abstract:

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

39.

Multiperiod Financial Discount Rates in Project Appraisal

Harvard Institute for International Development Working Paper No. 712
Number of pages: 28 Posted: 24 Jan 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 623 (31,955)
Citation 5

Abstract:

40.

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
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 613 (28,671)

Abstract:

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

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 580 (35,605)
Citation 7

Abstract:

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

Abstract:

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

42.

Discrete Option Pricing: A Simplified Exposition (Part I)

Number of pages: 61 Posted: 26 Jul 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 571 (36,407)

Abstract:

Discrete Option Pricing, Risk-neutral valuation

43.

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 562 (36,066)
Citation 7

Abstract:

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

44.

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
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 561 (35,487)
Citation 2

Abstract:

Present value of tax shield, perpetuities

45.

Financial Discount Rates in Project Appraisal (Suat Chiet Khau Tai Chinh trong Tham Dinh Du An) (Vietnamese version)

Financial Project Appraisals Working Paper No. 005-2003
Number of pages: 43 Posted: 08 Sep 2003
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 552 (36,653)
Citation 4

Abstract:

cost-benefit analysis, capital budgeting, project evaluation

46.

Constructing the Free Cash Flow (FCF) with Retention of Surplus Funds: The No Tax Case

Number of pages: 39 Posted: 27 Mar 2003
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 549 (38,085)

Abstract:

free cash flow, investment of surplus funds

47.

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 540 (37,993)
Citation 2

Abstract:

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

48.

Discrete Option Pricing: A Simplified Exposition (Part II)

Fulbright Economics Teaching Program, Teaching Note
Number of pages: 57 Posted: 24 Oct 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 527 (40,377)

Abstract:

Discrete Option Pricing, Risk Neutral Valuation

49.

Horsing Around with Clean Surplus Relations

Number of pages: 19 Posted: 06 Feb 2001
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 518 (41,440)
Citation 1

Abstract:

Multi-period WACC, Residual Income (RI) model, Cash Flow to Equity (CFE), Cash Flow (CF) model

50.

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 515 (40,566)
Citation 3

Abstract:

WACC, constant leverage, cash flows

51.

Multiperiod Financial Discount Rates in Project Appraisal: The No-Tax Case (Suat Chiet Khau Tai Chinh Nhieu Giai Doan trong Tham Dinh Du An: Truong hop Khong Co Thue)

Fulbright Economics Teaching Program Working Paper
Number of pages: 40 Posted: 10 Mar 2000
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 515 (41,549)
Citation 4

Abstract:

52.

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
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 499 (41,844)
Citation 1

Abstract:

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

53.

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 484 (44,494)

Abstract:

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

54.

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
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 483 (42,819)
Citation 5

Abstract:

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

55.

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 470 (43,917)

Abstract:

M&E WACC, tax shields

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
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 470 (46,836)
Citation 18

Abstract:

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
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:

Present value of tax shield, perpetuities

57.

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 459 (47,112)
Citation 2

Abstract:

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

58.

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 457 (46,848)
Citation 6

Abstract:

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

59.

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 424 (51,381)
Citation 1

Abstract:

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

60.

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 421 (51,681)
Citation 3

Abstract:

WACC, constant leverage, cash flows

61.

Consistent Valuation in the Two-Period Case: A Pedagogical Note

Number of pages: 9 Posted: 31 Aug 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 412 (54,721)

Abstract:

Valuation, WACC, Cost of Capital, Tax shield

62.

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 410 (54,402)

Abstract:

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

63.

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 407 (50,289)
Citation 4

Abstract:

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

64.

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 392 (55,705)

Abstract:

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

65.

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 389 (48,779)
Citation 1

Abstract:

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

66.

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
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 363 (63,521)
Citation 8

Abstract:

Present value of tax shield, perpetuities

67.

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 355 (63,521)
Citation 3

Abstract:

WACC, constant leverage, cash flows

68.

Unconventional Wisdom on PSI, the Appropriate Discount Rate for the Tax Shield

Number of pages: 26 Posted: 10 Sep 2001
Joseph Tham and Nicholas X. Wonder
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics
Downloads 354 (65,393)
Citation 5

Abstract:

Discount Rate for Tax Shield

69.

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 344 (45,391)

Abstract:

WACC, perpetuities, terminal value, tax savings

70.

Risk-Neutral Valuation: A Gentle Introduction (1) Dinh Gia Theo Rui Ro-Trung Hoa: Phan Gioi Thieu (1) (Vietnamese version)

Number of pages: 60 Posted: 04 Feb 2004
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 322 (72,925)
Citation 1

Abstract:

Cost-Benefit Analysis, Capital Budgeting, Project Evaluation

71.

Framework for Economic Appraisal: a Simple Exposition of Harberger's Approach

Number of pages: 39 Posted: 26 Jun 2002
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 321 (70,656)

Abstract:

Project appraisal, economic price, consumer surplus, producer surplus, Harberger Triangle

72.

Impact of Taxes on Multiperiod Financial Discount Rates

Fulbright Economics Teaching Program Working Paper
Number of pages: 61 Posted: 10 Mar 2000
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 291 (81,747)

Abstract:

73.

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 282 (84,317)
Citation 1

Abstract:

risk of the tax shield, present value of tax shield

74.

Practical Equity Valuation: A Simple Approach - Dinh Gia Von Chu So Huu Tren Thuc te:Mot Phuong Phap Don Gian (Vietnamese version)

Number of pages: 27 Posted: 10 Jan 2004
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 279 (84,991)
Citation 2

Abstract:

Asset Pricing, Capital Budgeting

75.

The Non-Conventional WACC With Risky Debt and Risky Tax Shield (WACC Dac Biet Doi Voi No Co Rui Ro va La Chan Thue Co Rui Ro) (Vietnamese version)

Financial Project Appraisals Working Paper No. 003-2003
Number of pages: 20 Posted: 31 Jul 2003
affiliation not provided to SSRN, Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics
Downloads 278 (85,669)

Abstract:

Cost-Benefit Analysis, Capital Budgeting, Project evaluation

76.

Estimating The Cost of Capital with Debt Financing in a Foreign Currency (Uoc Luong Chi Phi Von Dau Tu Co No Vay Ngoai Te) (Vietnamese version)

Financial Project Appraisals Working Paper No. 004-2003
Number of pages: 19 Posted: 23 Jul 2003
Tran Viet Thang and Joseph Tham
affiliation not provided to SSRN and Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 271 (88,390)

Abstract:

77.

Analytical Solution for Optimal Capital Structure in Perpetuities

Number of pages: 7 Posted: 15 Dec 2010 Last Revised: 19 Oct 2011
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 236 (99,961)

Abstract:

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

78.

Reconciling the Two Definitions of the Present Value of the Tax Shield (PVTS)

Number of pages: 43 Posted: 24 Oct 2002
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 234 (103,413)
Citation 3

Abstract:

Tax shield, risk of tax shield, WACC, Cost of Capital

79.

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 225 (106,702)

Abstract:

80.

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
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 198 (109,002)

Abstract:

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

81.

Inter-temporal Resolution of Risk: the Case of the Tax Shield

Number of pages: 30 Posted: 05 May 2002
Joseph Tham and Nicholas X. Wonder
Duke University - Duke Center for International Development in the Sanford School of Public Policy and Western Washington University - College of Business & Economics
Downloads 186 (128,770)

Abstract:

Inter-temporal resolution of risk, tax shield

82.

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

Number of pages: 11 Posted: 05 Aug 2007
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 180 (128,770)

Abstract:

WACC, taxes, regulation, tariff regulation

83.

Consistent Valuation in the Two-Period Case: A Pedagogical Note (Dinh Gia Thong Nhat trong Truong Hop Hai Giai Doan: Bai Viet Giang Day) (Vietnamese version)

Financial Project Appraisals Working Paper No. 006-2003
Number of pages: 10 Posted: 08 Sep 2003
Joseph Tham and Tran Viet Thang
Duke University - Duke Center for International Development in the Sanford School of Public Policy and affiliation not provided to SSRN
Downloads 164 (143,347)

Abstract:

capital budgeting

84.

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
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 141 (146,346)

Abstract:

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

85.

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 90 (219,772)
Citation 2

Abstract:

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

86.

Project Appraisal Simplified

Number of pages: 7 Posted: 20 Dec 2009
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy
Downloads 89 (224,346)

Abstract:

Project Appraisal

87.

Do Personal Taxes Destroy Tax Shields?

Emerging Markets Finance and Trade, Forthcoming
Number of pages: 30 Posted: 01 Oct 2015 Last Revised: 21 Apr 2017
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 0 (181,793)

Abstract:

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

88.

USAID/India Reform Project Compendium with Practitioners' Guide, Volume V State Fiscal Management Reform

Posted: 21 Dec 2009
Joseph Tham
Duke University - Duke Center for International Development in the Sanford School of Public Policy

Abstract:

Project Appraisal

89.

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

Abstract:

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

90.

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

Abstract:

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

Other Papers (1)

Total Downloads: 5    Citations: 0
1.

Sharpening Performance Measurement with the Operating and Total EVA

Number of pages: 21 Posted: 08 Jun 2016
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 0

Abstract:

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