proyecto final de grado.page.titleprefix Dos métodos de valuación: WACCc vs APV
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Date
2008
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Abstract
"Miller y Modigliani en su paper (1963) han creado dos metodologías alternativas para la valuación de empresas y proyectos: el WACC (Weighted Average Cost of Capital) el APV (Ajusted Present Value). A pesar de que muchos empresarios y analistas financieros utilizan el WACC, existen aspectos relevantes en el APV que lo hace distinguirse en ciertas situaciones. Sin embargo no siempre se tienen en cuenta las condiciones bajo las cuales cada método es consistente.
El propósito del siguiente trabajo es aclarar los supuestos incluidos intrínsicamente bajo cada método, las ventajas y desventajas de utilizar cada uno de ellos y establecer bajo qué situaciones es preferible uno al otro."
"Miller and Modiglian's paper (1963) gave rise to two alternative methodologies for project and firm valuation: WACC (Weighted Average Cost of Capital) and AVP (Ajusted Present Value). Despite many financial analysts and managers use the WACC method, exist referable aspects of the APV that distinguish it in many situations . However, not always there are taken into account the conditions under method is consisten. The purpose of this work is to make clear the assumption intrisically included under each method, advantages and disadvantage of using each one of them and esablish which situation is preferable to use one or the other."
"Miller and Modiglian's paper (1963) gave rise to two alternative methodologies for project and firm valuation: WACC (Weighted Average Cost of Capital) and AVP (Ajusted Present Value). Despite many financial analysts and managers use the WACC method, exist referable aspects of the APV that distinguish it in many situations . However, not always there are taken into account the conditions under method is consisten. The purpose of this work is to make clear the assumption intrisically included under each method, advantages and disadvantage of using each one of them and esablish which situation is preferable to use one or the other."
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VALORACION, ANALISIS FINANCIERO, ADMINISTRACION DE EMPRESAS