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120 errores en valoraciones de empresas

Author

Listed:
  • Fernandez, Pablo

    (IESE Business School)

Abstract

Este documento contiene 120 errores cometidos en distintas valoraciones de empresas. La mayor parte proceden de valoraciones a las que el autor ha tenido acceso al colaborar en arbitrajes, en procesos judiciales y en compras y ventas de empresas. Casi todos los nombres de personas, empresas y ciudades se han modificado. El siguiente refrán aclara la intención con la que el autor elaboró este trabajo: "Cuando veas a un sabio echar un borrón, cuida tú de no echar dos". Los errores se clasifican en 7 categorías: 1) Errores acerca de la tasa de descuento y del riesgo de la empresa; 2) Errores al calcular o prever los flujos esperados; 3) Errores al calcular el valor terminal; 4) Inconsistencias y errores conceptuales; 5) Errores al interpretar la valoración; 6) Errores al interpretar la contabilidad; y 7) Errores de organización. Los anexos contienen valoraciones con varios errores.

Suggested Citation

  • Fernandez, Pablo, 2007. "120 errores en valoraciones de empresas," IESE Research Papers D/681, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0681
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    File URL: http://www.iese.edu/research/pdfs/DI-0681.pdf
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    More about this item

    Keywords

    valoración empresas; rentabilidad ponderada accionistas; aumento valor para accionistas; rentabilidad para accionistas; rentabilidad debida cambios tipos interés; capitalización;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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