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Dividendos "potenciales" versus pagados : razones teoricas y empiricas para usar dividendos pagados. Casos de America Latina y Argentina

Author

Listed:
  • Ignacio Velez-Pareja
  • Mariano Merlo
  • David Andres Londono
  • Julio Sarmiento

Abstract

Muchos consultores, autores y profesores de Finanzas incluyen los cambios en losactivos liquidos (dividendos potenciales") en los flujos de caja. Esta practica escontraria a la teoria basica de las finanzas. Presentamos razones economicas, teoricas, yempiricas para apoyar la tesis. Por lo tanto, al valorar flujos de caja, debemosconsiderar solamente dividendos pagados. Hacemos una propuesta metodologica para buscar evidencia empirica local que apoye nuestra propuesta. Examinamos la evidencia empirica para cinco paises de America Latina y en especial para Argentina. Este documento es un resumen del trabajo de campo en America Latina y que incluye el analisis de un pais especifico. En este caso, Argentina. Proximamente analizaremos el resto de los cinco paises trabajados."

Suggested Citation

  • Ignacio Velez-Pareja & Mariano Merlo & David Andres Londono & Julio Sarmiento, 2008. "Dividendos "potenciales" versus pagados : razones teoricas y empiricas para usar dividendos pagados. Casos de America Latina y Argentina," Proyecciones Financieras y Valoración 5122, Master Consultores.
    • Handle: RePEc:col:000463:005122
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    More about this item

    Keywords

    Flujo de caja; Flujo de caja del accionista; Flujo de caja libre; activos liquidos; dividendos potenciales; valor de la firma; valor del patrimonio; Modigliani y Miller; errores en valuación.;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G3 - Financial Economics - - Corporate Finance and Governance

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