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Avaliação de Pequenas e Médias Empresas e Gestão de Risco

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Author Info
José Rodrigues de Jesús () (Faculdade de Economia da Universidade do Porto)
Luís Miranda da Rocha () (Faculdade de Economia da Universidade do Porto)
Rui Couto Viana () (Faculdade de Economia da Universidade do Porto)

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Abstract

Using the Free Cash-Flow method in the valuation of small or medium enterprises is far different from the valuation of their larger counterparts: firstly, it's important to make some adjustments to the financial statements, in order to predict the future cash-flows; secondly, the calculation of the weighted average cost of capital is rather subjective. Risk-management practices may have important effects not only in the future cashflows, but also in the cost of capital.

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File URL: http://www.fep.up.pt/investigacao/workingpapers/wp110.pdf
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Publisher Info
Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 110.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 22 pages
Date of creation: Oct 2001
Date of revision:
Handle: RePEc:por:fepwps:110

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Related research
Keywords: Valuation Small and Medium Enterprises Risk Management

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Froot, Kenneth A & Scharfstein, David S & Stein, Jeremy C, 1993. " Risk Management: Coordinating Corporate Investment and Financing Policies," Journal of Finance, American Finance Association, vol. 48(5), pages 1629-58, December. [Downloadable!] (restricted)
    Other versions:
  2. Mayers, David & Smith, Clifford W, Jr, 1982. "On the Corporate Demand for Insurance," Journal of Business, University of Chicago Press, vol. 55(2), pages 281-96, April. [Downloadable!] (restricted)
  3. Graham, J.R. & Smith, Jr.C.W., 1996. "The Incentives to Hedge," Papers 96-03, Rochester, Business - Financial Research and Policy Studies.
  4. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rosa Forte, 2004. "The relationship between foreign direct investment and international trade. Substitution or complementarity? A survey," FEP Working Papers 140, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  2. Rui Henrique Alves, 2004. "Europe: Looking for a New Model," FEP Working Papers 154, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
Statistics
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