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Avaliação de Pequenas e Médias Empresas e Gestão de Risco

Author

Listed:
  • 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)

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.

Suggested Citation

  • José Rodrigues de Jesús & Luís Miranda da Rocha & Rui Couto Viana, 2001. "Avaliação de Pequenas e Médias Empresas e Gestão de Risco," FEP Working Papers 110, Universidade do Porto, Faculdade de Economia do Porto.
  • Handle: RePEc:por:fepwps:110
    as

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    File URL: http://www.fep.up.pt/investigacao/workingpapers/wp110.pdf
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    References listed on IDEAS

    as
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    9. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 391-405, December.
    10. 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 1629-1658, December.
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    Cited by:

    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.
    2. Rui Henrique Alves, 2004. "Europe: Looking for a New Model," FEP Working Papers 154, Universidade do Porto, Faculdade de Economia do Porto.

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