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De vuelta a lo fundamental: perpetuidades, conocimiento generalizado y el uso del modelo de crecimiento constante de Gordon

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  • Ignacio Velez-Pareja

Abstract

En este trabajo explicamos el uso apropiado de perpetuidades y el cálculo de su valor. Consideramos dos casos: calcular el valor en el período cero cuando la perpetuidad comienza con un flujo de caja dado en el período 1 y cuando se conoce el flujo de caja en el período cero y crece en el período 1 en una tasa dada (como cuando calculamos un valor terminal o de continuación). Derivamos las expresiones apropiadas para los dos casos. Particularmente enfocamos el análisis cuando no hay crecimiento real y la inflación prevista es positiva.Concluimos que dependiendo de cuál sea el caso que podremos utilizar o no el modelo constante del crecimiento (modelo de Gordon).

Suggested Citation

  • Ignacio Velez-Pareja, 2008. "De vuelta a lo fundamental: perpetuidades, conocimiento generalizado y el uso del modelo de crecimiento constante de Gordon," Proyecciones Financieras y Valoración 4739, Master Consultores.
    • Handle: RePEc:col:000463:004739
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    File URL: http://ssrn.com/abstract=1155462
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    More about this item

    Keywords

    WACC; CGM; constant growth model; gordon model; perpetuities; terminal value; tax savings;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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