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A Practical Guide for Consistency in Valuation: Cash Flows, Terminal Value and Cost of Capital


Author Info

  • Ignacio Vélez-Pareja

    (Politécnico Grancolombiano.)

  • Antonio Burbano-Pérez

    (Universidad de los Andes. Colombia.)


El modelo de Sandmo (1971) para la empresa competitiva bajo incertidumbre en el precio ha sido objeto de investigación desde su aparición en 1971, en parte por el hecho de que se hayan identificado tres enfoques diferentes para señalar el efecto marginal de riesgo. Uno de estos enfoques ha generado nuevas investigaciones en lo que denominamos modelo en dos fases. El presente artículo pone en relación el modelo de Sandmo para la empresa competitiva con el área de los modelos en dos fases. Concretamente, aquí examinamos cómo el modelo de Sandmo puede adaptarse al contexto de un modelo en dos fases. De este modo, ofrecemos una generalización de un desconocido modelo de Sakai (1997).

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Bibliographic Info

Article provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013).

Volume (Year): 5 (2006)
Issue (Month): (June)
Pages: 1-16

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Handle: RePEc:eac:articl:07/05

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