Potential dividends and actual cash flows.A regional Latin American analysis
We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and chan...
- Autores:
-
Vélez-Pareja, Ignacio
Merlo, Mariano Germán
Vélez-Pareja, Ignacio
Londoño Bedoya, David Andrés
Sarmiento Sabogal, Julio Alejandro
- 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:20.500.12585/12309
- Acceso en línea:
- https://hdl.handle.net/20.500.12585/12309
- Palabra clave:
- Cash flow to equity
Equity value
Potential dividends
Flujo de caja del accionista
Dividendos potenciales
Valor del patrimonio
Fluxo de caixa para valoração
Potenciais dividendos
Valoração de patrimônio
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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| dc.title.spa.fl_str_mv |
Potential dividends and actual cash flows.A regional Latin American analysis |
| dc.title.alternative.spa.fl_str_mv |
Dividendos potenciales y flujos de caja: un análisis regional para América Latina Potenciais dividendos e fluxo de caixa efetivos: uma análise regional Latino Americana |
| title |
Potential dividends and actual cash flows.A regional Latin American analysis |
| spellingShingle |
Potential dividends and actual cash flows.A regional Latin American analysis Cash flow to equity Equity value Potential dividends Flujo de caja del accionista Dividendos potenciales Valor del patrimonio Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio |
| title_short |
Potential dividends and actual cash flows.A regional Latin American analysis |
| title_full |
Potential dividends and actual cash flows.A regional Latin American analysis |
| title_fullStr |
Potential dividends and actual cash flows.A regional Latin American analysis |
| title_full_unstemmed |
Potential dividends and actual cash flows.A regional Latin American analysis |
| title_sort |
Potential dividends and actual cash flows.A regional Latin American analysis |
| dc.creator.fl_str_mv |
Vélez-Pareja, Ignacio Merlo, Mariano Germán Vélez-Pareja, Ignacio Londoño Bedoya, David Andrés Sarmiento Sabogal, Julio Alejandro |
| dc.contributor.author.none.fl_str_mv |
Vélez-Pareja, Ignacio Merlo, Mariano Germán Vélez-Pareja, Ignacio Londoño Bedoya, David Andrés Sarmiento Sabogal, Julio Alejandro |
| dc.subject.keywords.spa.fl_str_mv |
Cash flow to equity Equity value Potential dividends Flujo de caja del accionista Dividendos potenciales Valor del patrimonio Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio |
| topic |
Cash flow to equity Equity value Potential dividends Flujo de caja del accionista Dividendos potenciales Valor del patrimonio Fluxo de caixa para valoração Potenciais dividendos Valoração de patrimônio |
| description |
We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows. |
| publishDate |
2009 |
| dc.date.issued.none.fl_str_mv |
2009-11-26 |
| dc.date.accessioned.none.fl_str_mv |
2023-07-21T16:16:32Z |
| dc.date.available.none.fl_str_mv |
2023-07-21T16:16:32Z |
| dc.date.submitted.none.fl_str_mv |
2023-07 |
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http://purl.org/coar/version/c_b1a7d7d4d402bcce |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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info:eu-repo/semantics/article |
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info:eu-repo/semantics/draft |
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http://purl.org/coar/resource_type/c_6501 |
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draft |
| dc.identifier.citation.spa.fl_str_mv |
Vélez-Pareja, I., Merlo, M.G., Bedoya, D.A.L., Sabogal, J.A.S. Potential dividends and actual cash flows.A regional Latin American analysis (2009) Estudios Gerenciales, 25 (113), pp. 151-184. DOI: 10.1016/S0123-5923(09)70093-2 |
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https://hdl.handle.net/20.500.12585/12309 |
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10.1016/S0123-5923(09)70093-2 |
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Universidad Tecnológica de Bolívar |
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Repositorio Universidad Tecnológica de Bolívar |
| identifier_str_mv |
Vélez-Pareja, I., Merlo, M.G., Bedoya, D.A.L., Sabogal, J.A.S. Potential dividends and actual cash flows.A regional Latin American analysis (2009) Estudios Gerenciales, 25 (113), pp. 151-184. DOI: 10.1016/S0123-5923(09)70093-2 10.1016/S0123-5923(09)70093-2 Universidad Tecnológica de Bolívar Repositorio Universidad Tecnológica de Bolívar |
| url |
https://hdl.handle.net/20.500.12585/12309 |
| dc.language.iso.spa.fl_str_mv |
eng |
| language |
eng |
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Attribution-NonCommercial-NoDerivatives 4.0 Internacional |
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openAccess |
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34 páginas |
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Pdf |
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application/pdf |
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Cartagena de Indias |
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Estudios Gerenciales - Vol. 25, No. 113, (2009) |
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Universidad Tecnológica de Bolívar |
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Vélez-Pareja, Ignacio7820b0cc-5263-4237-96bd-57076aa0af70Merlo, Mariano Germánc4062843-09fd-47f9-9a51-9deab98f3d32Vélez-Pareja, Ignacio7820b0cc-5263-4237-96bd-57076aa0af70Londoño Bedoya, David Andrés0ff6d6a6-668d-4f10-8b01-36d7ea4bcb8aSarmiento Sabogal, Julio Alejandro3859ecf4-255d-415e-b278-090d9b477e4c2023-07-21T16:16:32Z2023-07-21T16:16:32Z2009-11-262023-07Vélez-Pareja, I., Merlo, M.G., Bedoya, D.A.L., Sabogal, J.A.S. Potential dividends and actual cash flows.A regional Latin American analysis (2009) Estudios Gerenciales, 25 (113), pp. 151-184. DOI: 10.1016/S0123-5923(09)70093-2https://hdl.handle.net/20.500.12585/1230910.1016/S0123-5923(09)70093-2Universidad Tecnológica de BolívarRepositorio Universidad Tecnológica de BolívarWe examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor. Un dólar invertido en activos líquidos tiene un valor presente neto negativo. Confirmamos los costos de agencia de no distribuir los flujos de cajaAmericana Examinámos o valor que o mercado determina para componentes do fluxo de caixa, e para valoração do património, incluindo potenciais dividendos. Estudámos firmas não financeiras de capital aberto de cinco países Latino Americanos. O modelo inclui as quatro variáveis seguintes: valoração de patrimônio no mercado, dividendos pagos, mudança no investimento de patrimônio, e mudança em ativos disponíveis (potenciais dividendos). Foi realizada uma análise de regressão a essas variáveis usando valor de património real como uma variável dependente. Os testes efetuados produziram resultados fortes. As conclusões principais são as seguintes: o mercado determina menos de um dólar para um futuro dólar por qualquer das variáveis em revista. Potenciais dividendos destruem o valor. Um dólar investido em ativos disponíveis tem um Valor Líquido Presente negativo e não é investimento zero VPL. Nós confirmámos os custos da agência por manter fluxos de caixa retidos34 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.A regional Latin American analysisDividendos potenciales y flujos de caja: un análisis regional para América LatinaPotenciais dividendos e fluxo de caixa efetivos: uma análise regional Latino Americanainfo: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 dividendsFlujo de caja del accionistaDividendos potencialesValor del patrimonioFluxo de caixa para valoraçãoPotenciais dividendosValoração de patrimônioCartagena de IndiasBenninga, S. (2006) Principles of Finance with Excel. Cited 30 times. London: OxfordBenninga, 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-IrwinChu, H., Partington, G. The market valuation of cash dividends: The case of the CRA bonus issue (2008) InternationalReview of Finance, 8 (1-2), pp. 1-20. Cited 6 times. SSRN http://ssrn.com/abstract=1138832orCopeland, 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.). 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Potential dividends and actual cash flows in equity valuation. A critical analysis (2009) Estudios Gerenciales, 25 (113), pp. 123-150. Cited 4 times. https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/323/pdf doi: 10.1016/S0123-5923(09)70092-0(2008) Bolsa De Comercio De Santiago De Chile (Chilean Stock Exchange Visited on May 23 http://www.bolsadesantiago.com/(2008) Bolsa De Valores De Lima (Peruvian Stock Exchange) Visited on May 23 http://www.bvl.com.pe/(2008) Bolsa Mexicana De Valores (Mexican Stock Exchange) Visited on May 23 http://www.bmv.com.mx/BOVESPA (São Paulo Stock Exchange http://www.bmfbovespa.com.br/home.aspx?idioma=pt-br(2008) CNV National Exchange Commision: Visited on May 23 Comisión Nacional de Valores(2008) Visited on May 23 Google Financehttp://purl.org/coar/resource_type/c_2df8fbb1ORIGINAL1-s2.0-S0123592309700932-main.pdf1-s2.0-S0123592309700932-main.pdfapplication/pdf778563https://repositorio.utb.edu.co/bitstream/20.500.12585/12309/1/1-s2.0-S0123592309700932-main.pdf8da1529206085381a7b87f2fa5d0f1adMD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; 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