Journal of Business Valuation and Economic Loss Analysis最新文献

Consistent DCF Methods for Constant-Growth Annuities à la Modigliani & Miller or Miles & Ezzell 莫迪利亚尼与米勒或迈尔斯与埃泽尔的恒定增长年金的一致 DCF 方法

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2024-07-02 DOI: 10.1515/jbvela-2023-0015

D. Becker

{"title":"Consistent DCF Methods for Constant-Growth Annuities à la Modigliani & Miller or Miles & Ezzell","authors":"D. Becker","doi":"10.1515/jbvela-2023-0015","DOIUrl":"https://doi.org/10.1515/jbvela-2023-0015","url":null,"abstract":"Abstract In this paper, we develop two complete discounted-cash flow (DCF) frameworks for the valuation of constant-growth annuities and perpetuities. By ‘complete’ we mean that these frameworks allow the valuation of a firm or project by means of different DCF methods, particularly, the equity method, the free-cash-flow (FCF) method, the adjusted-present-value-method, and the capital-cash-flow method. This also requires the derivation of formulas that allow the translation between different required returns, like the required return on unlevered and levered equity, the discount rate in the FCF method, and the required return on the tax-shield. Our paper departs from the two most advocated and mutually exclusive frameworks when dealing with DCF. The first is based on Modigliani and Miller (M&M), where the FCF at different points in time are independently distributed. The second framework rests on the analysis of Miles and Ezzell (M&E) who presume a first-order autoregressive cash-flow process. Some elements of a ‘complete’ framework exist in the literature, but in our opinion, a complete picture has not been developed yet. The contributions of this paper are the following: (1) We develop (or expand) the set of formulas that are required for the valuation of constant-growth annuities and perpetuities; (2) The formulas we develop in this paper are based on a backward-iteration process, which in itself represents a suitable tool for firm valuation; (3) Using a numerical example, we show that the two mutually exclusive frameworks of M&M or M&E achieve very different valuation results; (4) It turns out that the expected returns and the growth rate of the FCF are partly linked, but this relationship is different in the two frameworks; (5) In our numerical examples, we show how the constant-growth annuity or perpetuity, can be integrated with an explicitly planned FCF.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141686346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Central Bank Independence and Economic Growth: Evidence from ASEAN Countries 中央银行独立性与经济增长:来自东盟国家的证据

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-09-22 DOI: 10.1142/s2737566823500081

Muhammad Alaf bin Haji Redawan

引用次数: 0

HIERARCHICAL EFFECTS OF PUBLIC HEALTH RESPONSES AND FISCAL POLICY MEASURES ON TAX MORALE OF ENTREPRENEURIAL FIRMS DURING THE COVID-19 PANDEMIC IN NIGERIA 尼日利亚2019冠状病毒病大流行期间，公共卫生应对措施和财政政策措施对创业公司税收士气的等级影响

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-07-08 DOI: 10.1142/s2737566823500056

L. Raimi, L. A. Agbetunde, Basirat Olaide Raimi

{"title":"HIERARCHICAL EFFECTS OF PUBLIC HEALTH RESPONSES AND FISCAL POLICY MEASURES ON TAX MORALE OF ENTREPRENEURIAL FIRMS DURING THE COVID-19 PANDEMIC IN NIGERIA","authors":"L. Raimi, L. A. Agbetunde, Basirat Olaide Raimi","doi":"10.1142/s2737566823500056","DOIUrl":"https://doi.org/10.1142/s2737566823500056","url":null,"abstract":"The purpose of this paper is to examine the hierarchical effects of Public Health Responses (PHRs) and fiscal policy measures (FPMs) on the tax morale (TM) of entrepreneurial firms in Nigeria during the COVID-19 pandemic. The theoretical basis for the study is based on social contract theory (SCT) and fiscal exchange theory (FET), which oblige entrepreneurs to pay taxes to the state in return for public goods and social services. Using a cross-sectional survey design, we collected primary data from 177 professional managers of entrepreneurial firms in Nigeria using online questionnaires. The sampled firms were accessed with the support of the Lagos Chamber of Commerce. Data collected at a point in time reflecting respondents’ views on the impact of PHRs and FPMs on TM were analyzed using hierarchical regression analysis. Three estimates emerged from the hierarchical regression analyses. The first estimation suggests that the PHRs have a significant positive effect on the TM of entrepreneurial firms. The second estimate suggests that the FPMs do not have a significant positive effect on the TM of entrepreneurial firms. The third estimation found that the interactive effects of PHRs and FPMs do not have a significant positive effect on the TM of entrepreneurial firms. The study, although modest, contributes to the literature on the entrepreneurial behavior of firms and tax morals in a period of economic uncertainty. The study provides valuable insights and validates the social contract and fiscal exchange theories in the recessionary period.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81615132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Product Development and Customer Loyalty: The Mediating Role of Visual Branding 产品开发与顾客忠诚:视觉品牌的中介作用

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-06-23 DOI: 10.1142/s2737566823500068

G. Kankam, Henry Okai Aryeetey, Daniel Ato Adubah

引用次数: 0

Urban Population and CO2 Emission on GDP Per Capita: ASEAN Countries 城市人口和人均国内生产总值二氧化碳排放:东盟国家

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-06-23 DOI: 10.1142/s273756682350007x

Areezna Arza Binti Haji Abdullah

引用次数: 0

Implementation of the New Performance Appraisal System in the Brunei Public Sector: Initial Responses 在文莱公共部门实施新的绩效考核制度:初步反应

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-05-19 DOI: 10.1142/s2737566823500044

L. Pang

引用次数: 0

Understanding the Firm Specific Risk Premium 了解企业特定风险溢价

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-05-09 DOI: 10.1515/jbvela-2023-0004

S. Feldman, Todd J. Feldman

引用次数: 0

The effect of economic growth determinants on economic growth: a study on different financial systems 经济增长决定因素对经济增长的影响:基于不同金融体制的研究

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-04-15 DOI: 10.1142/s2737566823500020

Jannatul Ferdaous

引用次数: 0

Quantitative assessment of the effect of government expenditure on poverty incidence in nigeria 尼日利亚政府支出对贫困率影响的定量评估

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-04-15 DOI: 10.1142/s2737566823500032

Tolulope Elorhor Obele, O. Adebiyi

引用次数: 0

MESSAGE FROM THE GUEST EDITORS SOCIAL ENTREPRENEURSHIP AND DIGITAL ENTREPRENEURSHIP AS DRIVERS OF SDGS AND POST-COVID-19 ECONOMIC RECOVERY 社会企业家精神和数字企业家精神是可持续发展目标和covid -19后经济复苏的驱动力

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2023-03-25 DOI: 10.1142/s2737566822020017

L. Raimi, Hani El-Chaarani, M. Tariq

引用次数: 0