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Valuation of enterprises using dividend-discount models
Języki publikacji
Abstrakty
The dividend-discount method is based upon the premise that the only cash flow received by stockholders is dividends. While the model is often criticised as being of limited value, it has proven to be surprisingly adaptable and useful in a wide range of circumstances. It may be a conservative model that finds fewer and fewer undervalued firms as market prices rise relative to fundamentals (profits, dividends, etc.), but that can also be viewed as a strength. Tests of the model also seem to indicate its usefulness in gauging value. The model has not been applied in valuing Polish enterprises for privatisation purposes but in a new purely market environment ought to become much more popular.
Słowa kluczowe
Czasopismo
Rocznik
Tom
Strony
191--203
Opis fizyczny
bibliogr. 13 poz.
Twórcy
autor
- Uniwersytet Szczeciński, Wydział Nauk Ekonomicznych i Zarządzania, Instytut Ekonomiki i Organizacji Przedsiębiorstw, Zakład Inwestycji i Wyceny Przedsiębiorstw
Bibliografia
- 1. A. DAMODARAN: Investment Valuation, John Wiley & Sons, New York, 1996, s. 191, 211-212.
- 2. Z. BODIE, A. KANE, A.J. MARCUS, Investments, Irwin, Homewood, 1989, s. 474.
- 3. F.R. KAEN: Corporate Finance, Blackwell, Cambridge (USA), 1995, s. 199-200.
- 4. G.J. ALEXANDER, W.F. SHARPE: Fundamentals of Investments, Prentice Hall, Englewood Cliffs, 1989, s. 307.
- 5. R. A. FOLLOWILL: Spreadsheet Models for Investments, Kolb Publishing Company, Miami, 1993, s. 110.
- 6. A.DAMODARAN: Damodaran on Valuation. Security Analysis for Investment and Corporate Finance. John Wiley & Sons, New York, 1994, s. 105.
- 7. R.A. HAUGEN: Modern Investment Theory, Third Edition, Prentice-Hall, Englewood Cliffs 1993 s. 598-602.
- 8. L. GUATRI: The Valuation of Firms, Biackwell, Cambridge (USA), 1996, s. 10-11, 15.
- 9. В. REES: Financial Analysis, Prentice Hall, Hemel Hempstead, 1990, s. 296.
- 10. J. ARNOLD, P. MOIZER: A Survey of the Methods used by Investment Analysts to Appraise Investments in Ordinary Shares, Accounting and Business Research, Autumn 1984, s. 195-208.
- 11. WESTON, COPELAND: Managerial Finance, The Dryden Press, Harcourt Brace Jovanovich Ninth Edition, New York, 1992, s. 687.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-article-BUS6-0006-0032