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102 errores en valoraciones de empresas

  • Fernandez, Pablo


    (IESE Business School)

Este documento de investigación es una recolección de 102 errores cometidos en distintas valoraciones de empresas. La mayor parte de las valoraciones que aparecen referidas en el documento proceden de valoraciones a las que el autor ha tenido acceso al colaborar en procesos de compra venta de empresas, en arbitrajes y en procesos judiciales. Todos los nombres de personas, empresas y ciudades se han modificado. El siguiente refrán aclara la intención con la que el autor escribió estas páginas: "Cuando veas a un sabio echar un borrón, cuida tú de no echar dos". Los errores se clasifican en seis categorías: 1) errores acerca de la tasa de descuento y del riesgo de la empresa; 2) errores al calcular o prever los flujos esperados; 3) errores al calcular el valor terminal; 4) inconsistencias y errores conceptuales; 5) errores al interpretar la valoración, y 6) errores de organización. El Anexo 1 contiene la lista de los errores.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/631.

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Length: 46 pages
Date of creation: 25 May 2006
Handle: RePEc:ebg:iesewp:d-0631
Contact details of provider: Postal:
IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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