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A Simplification and an Extension of the Bernhard-deFaro Sufficient Condition for a Unique Non-Negative Internal Rate of Return

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  • Bernhard, Richard H.

Abstract

In recent issues of the Journal of Financial and Quantitative Analysis, several papers ([7], [1], [4], and [6]) have presented simple sufficient conditions for detecting whether a given pattern of cash flows over time has a unique, simple, nonnegative internal rate of return. One such condition, developed independently by Bernhard [4] and deFaro [6], is easily shown to be the most general of the lot, i.e., to contain the others as special cases. See, e.g., deFaro[6].

Suggested Citation

  • Bernhard, Richard H., 1980. "A Simplification and an Extension of the Bernhard-deFaro Sufficient Condition for a Unique Non-Negative Internal Rate of Return," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(1), pages 201-209, March.
    • Handle: RePEc:cup:jfinqa:v:15:y:1980:i:01:p:201-209_00
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    Cited by:

    1. Marchioni, Andrea & Magni, Carlo Alberto, 2018. "Investment decisions and sensitivity analysis: NPV-consistency of rates of return," European Journal of Operational Research, Elsevier, vol. 268(1), pages 361-372.
    2. Saak, Alexander & Hennessy, David A., 2001. "Well-behaved cash flows," Economics Letters, Elsevier, vol. 73(1), pages 81-88, October.
    3. Carlo Alberto Magni, 2010. "Average Internal Rate of Return and investment decisions: A new perspective," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0021, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    4. Magni, Carlo Alberto, 2016. "Capital depreciation and the underdetermination of rate of return: A unifying perspective," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 54-79.
    5. Harry G. Stanton & John A. Rickard, 1983. "The True Cost of Borrowing Under a Commercial Bill," Australian Journal of Management, Australian School of Business, vol. 8(2), pages 95-103, December.

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