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Avaliação de Pequenas e Médias Empresas e Gestão de Risco

  • 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)

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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Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 110.

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Length: 22 pages
Date of creation: Oct 2001
Date of revision:
Handle: RePEc:por:fepwps:110
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  1. 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.
  2. James S. Ang, 1992. "On the Theory of Finance for Privately Held Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(3), pages 185-203 , Spring.
  3. Mayers, David & Smith, Clifford W, Jr, 1982. "On the Corporate Demand for Insurance," The Journal of Business, University of Chicago Press, vol. 55(2), pages 281-96, April.
  4. Kenneth A. Froot & David S. Scharfstein & Jeremy C. Stein, 1992. "Risk Management: Coordinating Corporate Investment and Financing Policies," NBER Working Papers 4084, National Bureau of Economic Research, Inc.
  5. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
  6. Stulz, René M., 1984. "Optimal Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(02), pages 127-140, June.
  7. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  8. Edward A. Vos, 1992. "Differences in Risk Measurement for Small Unlisted Businesses," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(3), pages 255-267 , Spring.
  9. Larry D. Wall & John J. Pringle, 1987. "Alternate explanations of interest rate swaps," Proceedings 154, Federal Reserve Bank of Chicago.
  10. Graham, J.R. & Smith, Jr.C.W., 1996. "The Incentives to Hedge," Papers 96-03, Rochester, Business - Financial Research and Policy Studies.
  11. Campbell, Tim S. & Kracaw, William A., 1987. "Optimal Managerial Incentive Contracts and the Value of Corporate Insurance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(03), pages 315-328, September.
  12. James S. Ang, 1991. "Small Business Uniqueness and the Theory of Financial Management," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(1), pages 1-13 , Spring.
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