Potential dividends and actual cash flows in equity valuation. A critical analysis
Practitioners and most academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments un...
- Autores:
-
Vélez-Pareja, Ignacio
Magni, Carlo Alberto
- Tipo de recurso:
- Fecha de publicación:
- 2009
- Institución:
- Universidad Tecnológica de Bolívar
- Repositorio:
- Repositorio Institucional UTB
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.utb.edu.co:20.500.12585/12311
- Acceso en línea:
- https://hdl.handle.net/20.500.12585/12311
- Palabra clave:
- Cash flow to equity
Equity value
Potential dividends
Fluxo de caixa para valoração
Potenciais dividendos
Valoração de patrimônio
Flujo de caja del accionista
Dividendos potenciales
Valor del patrimonio
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Potential dividends and actual cash flows in equity valuation. A critical analysis |
| dc.title.alternative.spa.fl_str_mv |
Potenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Uma análise crítica Dividendos potenciales y flujos de caja reales en valoración. Un análisis crítico |
| title |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| spellingShingle |
Potential dividends and actual cash flows in equity valuation. A critical analysis Cash flow to equity Equity value Potential dividends Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio Flujo de caja del accionista Dividendos potenciales Valor del patrimonio |
| title_short |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| title_full |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| title_fullStr |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| title_full_unstemmed |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| title_sort |
Potential dividends and actual cash flows in equity valuation. A critical analysis |
| dc.creator.fl_str_mv |
Vélez-Pareja, Ignacio Magni, Carlo Alberto |
| dc.contributor.author.none.fl_str_mv |
Vélez-Pareja, Ignacio Magni, Carlo Alberto |
| dc.subject.keywords.spa.fl_str_mv |
Cash flow to equity Equity value Potential dividends Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio Flujo de caja del accionista Dividendos potenciales Valor del patrimonio |
| topic |
Cash flow to equity Equity value Potential dividends Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio Flujo de caja del accionista Dividendos potenciales Valor del patrimonio |
| description |
Practitioners and most academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments. |
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2009 |
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2009-11-11 |
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2023-07-21T16:17:57Z |
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2023-07-21T16:17:57Z |
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2023-07 |
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http://purl.org/coar/version/c_b1a7d7d4d402bcce |
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http://purl.org/coar/resource_type/c_6501 |
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Vélez-Pareja, I., Magni, C.A. Potential dividends and actual cash flows in equity valuation. A critical analysis [Potenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Uma análise crítica] [Dividendos potenciales y flujos de caja reales en valoración. Un análisis crítico.] (2009) Estudios Gerenciales, 25 (113), pp. 123-150. DOI: 10.1016/S0123-5923(09)70092-0 |
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https://hdl.handle.net/20.500.12585/12311 |
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10.1016/S0123-5923(09)70092-0 |
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Universidad Tecnológica de Bolívar |
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Repositorio Universidad Tecnológica de Bolívar |
| identifier_str_mv |
Vélez-Pareja, I., Magni, C.A. Potential dividends and actual cash flows in equity valuation. A critical analysis [Potenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Uma análise crítica] [Dividendos potenciales y flujos de caja reales en valoración. Un análisis crítico.] (2009) Estudios Gerenciales, 25 (113), pp. 123-150. DOI: 10.1016/S0123-5923(09)70092-0 10.1016/S0123-5923(09)70092-0 Universidad Tecnológica de Bolívar Repositorio Universidad Tecnológica de Bolívar |
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https://hdl.handle.net/20.500.12585/12311 |
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eng |
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eng |
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Attribution-NonCommercial-NoDerivatives 4.0 Internacional |
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28 páginas |
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Pdf |
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Cartagena de Indias |
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Estudios Gerenciales - Vol. 25, No. 113, (2009) |
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Vélez-Pareja, Ignacio7820b0cc-5263-4237-96bd-57076aa0af70Magni, Carlo Alberto7f019957-6ab3-46d1-a207-8cd964ab8abd2023-07-21T16:17:57Z2023-07-21T16:17:57Z2009-11-112023-07Vélez-Pareja, I., Magni, C.A. Potential dividends and actual cash flows in equity valuation. A critical analysis [Potenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Uma análise crítica] [Dividendos potenciales y flujos de caja reales en valoración. Un análisis crítico.] (2009) Estudios Gerenciales, 25 (113), pp. 123-150. DOI: 10.1016/S0123-5923(09)70092-0https://hdl.handle.net/20.500.12585/1231110.1016/S0123-5923(09)70092-0Universidad Tecnológica de BolívarRepositorio Universidad Tecnológica de BolívarPractitioners and most academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.Profissionais e a maioria dos académicos trabalhando no campo da valoração incluem mudanças em ativos disponíveis (potenciais dividendos) nos fluxos de caixa. Esta prática comum e incorreta é inconsistente com a teoria financeira básica. Nós apresentamos argumentos econômicos, teóricos e empíricos para apoiar essa tese. Enquanto que os argumentos econômicos afirmam que apenas os fluxos de caixa deveriam ser considerados para objetivos de valoração, os argumentos teóricos mostram como a consideração de potenciais dividendos leva a contradições/discrepâncias e perdas em arbitragem. Argumentos empíricos em estudos recentes sugerem que os investidores tendem a descontar potenciais dividendos a elevadas taxas de desconto, o que significa que as mudanças em ativos disponíveis não são acionadores de valor. Por isso, apenas pagamentos reais deveriam ser considerados ao valorar fluxos de caixa.Profesionales y la mayoría de los académicos de valoración incluyen los cambios en activos líquidos (dividendos potenciales) en los flujos de efectivo. Esta práctica generalizada y equivocada es incompatible con la teoría básica de finanzas. Se presentan argumentos económicos, teóricos y empíricos para apoyar esta tesis. Los argumentos económicos dicen que para la valoración sólo se deben considerar flujos de caja; los teóricos muestran cómo los dividendos potenciales conducen a contradicciones y a pérdidas de arbitraje. Los argumentos empíricos sugieren que los inversionistas descuentan los dividendos potenciales con altas tasas de descuento, lo que significa que el cambio en activos líquidos destruyen valor. Por tanto, al valorar los flujos de caja, se debería considerar sólo los pagos que en realidad ocurren.28 páginasPdfapplication/pdfenghttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessAttribution-NonCommercial-NoDerivatives 4.0 Internacionalhttp://purl.org/coar/access_right/c_abf2Estudios Gerenciales - Vol. 25, No. 113, (2009)Potential dividends and actual cash flows in equity valuation. A critical analysisPotenciais dividendos e fluxo de caixa efetivo em valoração de patrimônio. Uma análise críticaDividendos potenciales y flujos de caja reales en valoración. Un análisis críticoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/drafthttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_2df8fbb1Cash flow to equityEquity valuePotential dividendsFluxo de caixa para valoraçãoPotenciais dividendosValoração de patrimônioFlujo de caja del accionistaDividendos potencialesValor del patrimonioCartagena de IndiasBenninga, S.Z., Sarig, O.H. (1997) Corporate Finance. A Valuation Approach. Cited 62 times. New York, NY: McGraw-HillBrealey, R., Myers, S.C. (2003) Principles of Corporate Finance. Cited 4247 times. 7th ed.). New York, NY: McGraw-Hill-Irwin(2007) Cash Management Fundamentals Professional Development Program Northwestern University Website. Retrieved in November 21, 2007, from http://www.scs.northwestern.edu/pdp/npdp/cmf/Copeland, T.E., Koller, T., Murrin, J. (1990) Valuation: Measuring and Managing the Value of Companies. Cited 1450 times. New York, NY: John Wiley & SonsCopeland, T.E., Koller, T., Murrin, J. (1994) Valuation: Measuring and Managing the Value of Companies. Cited 1450 times. 2nd ed.). New York, NY: John Wiley & SonsCopeland, T.E., Koller, T., Murrin, J. (2000) Valuation: Measuring and Managing the Value of Companies. Cited 1450 times. 3rd ed.). New York NY: John Wiley & SonsDamodaran, A. (1999) Applied Corporate Finance. A User’S Manual. Cited 242 times. New York, NY: John Wiley & SonsDamodaran, A. (2006) Damodaran on Valuation. Cited 251 times. 2nd ed.). Hoboken, NJ: John Wiley & SonsDamodaran, A. Valuation approaches and metrics: A survey of the theory and evidence (2007) Foundations and Trends in Finance, 1 (8), pp. 693-784. Cited 61 times. http://www.nowpublishers.com/fin doi: 10.1561/0500000013Damodaran, A. (2008) Equity Instruments: Part I. Discounted Cash Flow Valuation. Cited 3 times. 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