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The superiority of FCFF over EVA and FCFE in capital budgeting
16 references·1 citing·28 second hop
The superiority of FCFF over EVA and FCFE in capital budgeting (2014)The superiority of FCFF over EVA and FCFE…The theory and practice of corporate finance: evidence from the field (2001)The theory and practice of co…The Theory of Capital Structure (1991)The Theory of Capital Structu…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Bankruptcy Costs: Some Evidence (1977)Bankruptcy Costs: Some Eviden…BANKRUPTCY COSTS: SOME EVIDENCE (1977)BANKRUPTCY COSTS: SOME EVIDEN…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)THE VALUATION OF RISK ASSETS …A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE (1973)A STATE‐PREFERENCE MODEL OF O…The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)CORPORATE INCOME TAXES AND TH…A Simplified Model for Portfolio Analysis (1963)A Simplified Model for Portfo…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Portfolio Selection (1952)Portfolio SelectionThe Theory of Investment Value, by John Burr Williams (1939)The Theory of Investment Valu…Fair value, equity cash flow and project finance valuation: ambiguities and a solution (2017)Fair value, equity cash flow …Dividend Policy, Growth, and the Valuation of Shares (1961)The cost of capital, corporation finance and the theory of investment (2008)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)What Do We Know about Capital Structure? Some Evidence from International Data (1995)The General Theory of Employment, Interest and Money, by John Maynard Keynes (1936)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Law and Finance (1998)The Nature of the Firm (1937)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)An Integrative Model Of Organizational Trust (1995)The Cross-Section of Expected Stock Returns (1992)Managing with Style: The Effect of Managers on Firm Policies (2003)Law, finance, and economic growth in China (2005)The economic implications of corporate financial reporting (2005)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Common risk factors in the returns on stocks and bonds (1993)An intertemporal asset pricing model with stochastic consumption and investment opportunities (1979)Conditional value-at-risk for general loss distributions (2002)The Capital Asset Pricing Model: Theory and Evidence (2004)On Persistence in Mutual Fund Performance (1997)
this work references cited by second hop

References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,575 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]6,798 cited
  • 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION5,951 cited
  • 2001The theory and practice of corporate finance: evidence from the field5,947 cited

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  • 1952Portfolio Selection4,609 cited
  • 1991The Theory of Capital Structure4,371 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 1963A Simplified Model for Portfolio Analysis2,740 cited
  • 1973A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE2,598 cited
  • 1977BANKRUPTCY COSTS: SOME EVIDENCE1,444 cited
  • 1977Bankruptcy Costs: Some Evidence879 cited
  • 1939The Theory of Investment Value, by John Burr Williams623 cited
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    • 2017Fair value, equity cash flow and project finance valuation: ambiguities and a solution15 cited