IDEAS home Printed from https://ideas.repec.org/p/ebg/iesewp/d-0631.html
   My bibliography  Save this paper

102 errores en valoraciones de empresas

Author

Listed:
  • Fernandez, Pablo

    () (IESE Business School)

Abstract

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.

Suggested Citation

  • Fernandez, Pablo, 2006. "102 errores en valoraciones de empresas," IESE Research Papers D/631, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0631
    as

    Download full text from publisher

    File URL: http://www.iese.edu/research/pdfs/DI-0631.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics, and Organization, Oxford University Press, pages 222-279.
    2. Persson, Torsten & Tabellini, Guido, 1999. "Political economics and macroeconomic policy," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 22, pages 1397-1482 Elsevier.
    3. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, Oxford University Press, pages 1-37.
    4. Gutierrez, Luis Hernando, 2003. "The Effect of Endogenous Regulation on Telecommunications Expansion and Efficiency in Latin America," Journal of Regulatory Economics, Springer, pages 257-286.
    5. Donald, Stephen G & Sappington, David E M, 1995. "Explaining the Choice among Regulatory Plans in the U.S. Telecommunications Industry," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 4(2), pages 237-265, Summer.
    6. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    7. Oriana Bandiera & Gerard Caprio & Patrick Honohan & Fabio Schiantarelli, 2000. "Does Financial Reform Raise or Reduce Saving?," The Review of Economics and Statistics, MIT Press, pages 239-263.
    8. Armstrong, Mark & Sappington, David E.M., 2007. "Recent Developments in the Theory of Regulation," Handbook of Industrial Organization, Elsevier.
    9. Besley, Timothy & Case, Anne, 2000. "Unnatural Experiments? Estimating the Incidence of Endogenous Policies," Economic Journal, Royal Economic Society, vol. 110(467), pages 672-694, November.
    10. Elhanan Helpman, 1999. "The Structure of Foreign Trade," Journal of Economic Perspectives, American Economic Association, pages 121-144.
    11. Olivier Boylaud & Giuseppe Nicoletti, 2003. "Regulation, market structure and performance in telecommunications," OECD Economic Studies, OECD Publishing, pages 99-142.
    12. Fink, Carsten & Mattoo, Aaditya & Rathindran, Randeep, 2003. "An assessment of telecommunications reform in developing countries," Information Economics and Policy, Elsevier, pages 443-466.
    13. Geoff Edwards & Leonard Waverman, 2006. "The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes," Journal of Regulatory Economics, Springer, pages 23-67.
    14. Daniel Kaufmann & Aart Kraay, 2002. "Growth without Governance," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, vol. 0(Fall 2002), pages 169-230, August.
    15. Witold J. Henisz & Bennet A. Zelner, 2001. "The Institutional Environment for Telecommunications Investment," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(1), pages 123-147, March.
    16. Duso, Tomaso & Roller, Lars-Hendrik, 2003. "Endogenous deregulation: evidence from OECD countries," Economics Letters, Elsevier, pages 67-71.
    17. Mark Armstrong & David Sappington, 2005. "Regulation, Competition and Liberalization," Industrial Organization 0505011, EconWPA, revised 07 Oct 2005.
    18. Li, Wei & Xu, Lixin Colin, 2002. "The Political Economy of Privatization and Competition: Cross-Country Evidence from the Telecommunications Sector," Journal of Comparative Economics, Elsevier, pages 439-462.
    19. repec:hrv:faseco:30747190 is not listed on IDEAS
    20. Stern, Jon & Trillas, Francesc, 2003. "Independence and discretion in telecommunications regulation: lessons from independent central banks," Utilities Policy, Elsevier, pages 191-201.
    21. Olivier Boylaud & Giuseppe Nicoletti, 2003. "Regulation, market structure and performance in telecommunications," OECD Economic Studies, OECD Publishing, pages 99-142.
    22. Mark Armstrong & David E.M. Sappington, 2006. "Regulation, Competition and Liberalization," Journal of Economic Literature, American Economic Association, pages 325-366.
    23. Ros Agustin J., 2003. "The Impact of the Regulatory Process and Price Cap Regulation in Latin American Telecommunications Markets," Review of Network Economics, De Gruyter, pages 1-17.
    24. S. Baranzoni & P. Bianchi & L. Lambertini, 2000. "Multiproduct Firms, Product Differentiation, and Market Structure," Working Papers 368, Dipartimento Scienze Economiche, Universita' di Bologna.
    25. repec:hrv:faseco:30747160 is not listed on IDEAS
    26. Jordi Gual & Francesc Trillas, 2003. "Telecommunications Policies: Determinants and Impact," Working Papers 2003/2, Institut d'Economia de Barcelona (IEB).
    27. Wallsten, Scott J, 2001. "An Econometric Analysis of Telecom Competition, Privatization, and Regulation in Africa and Latin America," Journal of Industrial Economics, Wiley Blackwell, vol. 49(1), pages 1-19, March.
    28. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics, and Organization, Oxford University Press, pages 222-279.
    29. Paul Levine & John Stern & Francesc Trillas, 2005. "Utility price regulation and time inconsistency: comparisons with monetary policy," Oxford Economic Papers, Oxford University Press, vol. 57(3), pages 447-478, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    valoraciones de empresas; errores al calcular el valor terminal; nconsistencias y errores conceptuales;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebg:iesewp:d-0631. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Noelia Romero). General contact details of provider: http://edirc.repec.org/data/ienaves.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.