Profesor Pablo Fernández

ARTICULOS

http://web.iese.edu/PabloFernandez/cv.html

Journal of Financial Economics: The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields. 2004 (July). Vol. 73/1 pp. 145-165.

Journal of Applied Finance: A more Realistic Valuation: APV and WACC with constant book leverage ratio.

International Journal of Finance Education: Equivalence of Ten Different Methods for Valuing Companies by Cash Flow Discounting. 2005. Volume 1 Issue 1: 2005, pp. 141-168

Quarterly Review of Economics and Finance: Reply to “Comment on ‘The value of tax shields is NOT equal to the present value of tax shields’”. Volume 45, #1, pp. 188-192, 2005.

International Journal of Business: A General Formula for the WACC: a Comment. 2007. Volume 12, No. 3, pp. 399-403.

Journal of Financial Transformation: Valuing Real Options: Frequently Made Errors. Vol. 13 - April 2005, pp. 77-81.

Managerial Finance: Valuing companies by cash flow discounting: Ten methods and nine theories. Volume 33 No 11, 2007, pp. 853-876.

Journal of Management Science: Valuing companies by cash flow discounting: Ten methods and nine theories, 2007, Vol. 1, No. 1, pp. 80-100.

Investment Management and Financial Innovations Journal: Most common errors in company valuation. 2005, Vol. 2, issue 2, pp. 128-141.

INFINZ Journal, publication of the Institute of Finance Professionals in New Zealand: Company Valuation Methods. The Most Common Errors in Valuations. 2005.

ICFAI Journal of Accounting Research

- Company Valuation Methods. The Most Common Errors in Valuations. July 2003. Vol. II, No. 3, pp. 31-56.

- Equivalence of ten different methods for valuing companies by cash flow discounting. January 2005. Vol. IV, No. 1, pp. 44-67.

ICFAI Journal of Applied Finance

- EVA, Economic Profit and Cash Value Added do not measure shareholder value creation. May 2003. Vol. 9, No. 3, pp. 74-94.

- Three residual income valuation methods and discounted cash flow valuation. November 2003. Vol. 9, No. 8, pp. 49-67.

- Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories. January 2004. Vol. 10, No. 1, pp. 50-71.

- Three residual income valuation methods and discounted cash flow valuation. April 2004. Vol. 10, No. 4, pp. 75-93.

- How to value a seasonal Company by Discounted Cash Flow. May 2004. Vol. 10, No. 5, pp. 81-103.

- Levered and Unlevered Beta. 2005.

ICFAI Journal of Effective Executive: Brand Equity and Brand Valuation. August 2006. Volume VIII, Number 8, pp. 35-39.

ICFAI Journal of Management Research: Valuation of brands and intellectual capital. May 2004. Volume 3, Number 5, pp. 17-37.

ICFAI Journal of Managerial Economics: EVA, Economic Profit and Cash Value Added do not measure shareholder value creation. February 2004.

Inquire (Institute for Quantitative Investment Research): Convertible bonds in Spain: a Different Security. Summary of proceedings for the years 1990-1995.

Advances in Futures and Options Research: An Analysis of Spanish Convertible Bonds. 1993. pp. 367 - 392. Jai Press, Inc. Greenwich, Connecticut.

Financial Times: A new formula for value-creation. June 16, 2006.

Economist Executive Briefing: A tale of two companies: Meteoric rises and staggering falls. April 2007.

Economist Intelligence Unit: CAPM: The dangers of calculated risk. September 24, 2007

FSR forum (Holanda): Company Valuation Methods. The Most Common Errors in Valuations. May 2007. pp.14-20

Social Science Research Network (SSRN) Working papers

1. Equivalence of the APV, WACC and Flows to Equity Approaches to Firm Valuation. 10/ago/1997

2. Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories. 19/ene/2001

3. EVA and Cash Value Added Do Not Measure Shareholder Value Creation. 22/may/2001

4. Company Valuation Methods. The Most Common Errors in Valuations. 22/jul/2001

5. Equivalence of the Different Discounted Cash Flow Valuation Methods. Different Alternatives for Determining the Discounted Value of Tax Shields and their Implications for the Valuation. 9/ene/2000

6. Valuation and Value Creation in Internet-related Companies. April 15, 2001

7. Internet Valuations: The Case of Terra-Lycos. April 16, 2001

8. Optimal Capital Structure: Problems with the Harvard and Damodaran Approaches. May 22, 2001

9. A Definition of Shareholder Value Creation. May 30, 2001

10. Valuation of Brands and Intellectual Capital. May 29, 2001

11. Shareholder Value Creators and Shareholder Value Destroyers in USA: Year 2000. June 6, 2001

12. Valuation Using Multiples: How Do Analysts Reach Their Conclusions?. July 17, 2001

13. Valuing Real Options: Frequently Made Errors. July 20, 2001

14. The Correct Value of Tax Shields. An Analysis of 23 Theories. July 21, 2001

15. Convertibles in Spain: An Example of 'Back Door' Equity Financing. November 13, 2001

16. The Value of Tax Shields is the Difference of Two Present Values with Different Risk. Dec. 17, 2001

17. Three Residual Income Valuation Methods and Discounted Cash Flow Valuation. January 16, 2002

18. Shareholder Value Creators and Shareholder Value Destroyers in USA: Year 2001. February 4, 2002

19. Beta Levered and Beta Unlevered. March 14, 2002

20. Cash Flow is a Fact. Net Income is Just an Opinion. September 25, 2002

21. The Correct Value of Tax Shields. September 30, 2002

22. Equivalence of Ten Different Methods for Valuing Companies by Cash Flow Discounting. 19/2/ 2003

23. Shareholder Value Creators and Shareholder Value Destroyers in USA: Year 2002. 4/apr/ 2003.

24. The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields. 5/may/2003.

25. Shareholder Value Creators and Shareholder Value Destroyers in Europe. Year 2002. 9/jul/2003

26. How to Value a Seasonal Company Discounting Cash Flows. 11/may/2003.

27. 75 Common and Uncommon Errors in Company Valuation. 27/may/2003.

28. Are Calculated Betas Worth for Anything?. 17/feb/2004.

29. Shareholder Value Creators in the S&P 500: Year 2003. 19/feb/2004.

30. The Value of Tax Shields and the Risk of the Net Increase of Debt. 19/feb/2004.

31. On the Instability of Betas: The Case of Spain. 27/feb/2004.

32. Shareholder value creation in Europe. EuroStoxx 50: 1997-2003. 16/mar/2004

33. 80 Common Errors in Company Valuation. 12/may/2004

34. Shareholder Value Creation of Microsoft and GE. 25/jun/2004

35. Most Common Errors in Company Valuation. 23/jul/2004

36. Reply to ¨The value of tax shields is equal to the present value of tax shields". 28/oct/2004

37. Market risk premium: Required, historical and expected. 9/nov/2004

38. Comments on "A reconsideration of tax shield valuation" by Enrique R. Arzac and Lawrence R. Glosten. 18/nov/2004.

39. Reply to Comment on the Value of Tax Shields is NOT Equal to the Present Value of Tax Shields. 11/ene/2005

40. The value of tax shields is not equal to the present value of tax shields: A correction. 20/ene/2005.

41. Shareholder Value Creators in the S&P 500: Year 2004. 27/ene/2005

42. EuroStoxx 50: 1997-2004. Shareholder Value Creation in Europe. 10/feb/2005.

43. Financial Literature about Discounted Cash Flow Valuation. 14/jun/2005

44. Discounted Cash Flow Valuation Methods: Examples of Perpetuities, Constant Growth and General Case. 14/jun/2005

45. The Value of Tax Shields Depends Only on the Stochastic Process of the Net Increase of Debt. 20/jul/2005

46. The Value of Tax Shields Depends Only on the Net Increases of Debt. 6/oct/2005

47. The Value of Tax Shields with a Fixed Book-Value Leverage Ratio. 14/oct/2005

48. Valuing Companies with a Fixed Book-Value Leverage Ratio. 7/nov/2005

49. 96 common errors in company valuations 4/ab/2006