全球智库信息集成服务系统(G2TT): Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w12847
来源ID	Working Paper 12847
	Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?
	Borja Larrain; Motohiro Yogo
发表日期	2007-01-19
出版年	2007
语种	英语
摘要	The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends, interest, and net repurchases of equity and debt. Variation in net payout yield, the ratio of net payout to asset value, is mostly driven by movements in expected cash flow growth, instead of movements in discount rates. Net payout yield is less persistent than dividend yield and implies much smaller variation in long-horizon discount rates. Therefore, movements in the value of corporate assets can be justified by changes in expected future cash flow.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance
URL	https://www.nber.org/papers/w12847
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/570513
推荐引用方式 GB/T 7714	Borja Larrain,Motohiro Yogo. Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?. 2007.