




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           <!DOCTYPE html><html lang="en">    <head>    <script language="JavaScript">var beforeload = (new Date()).getTime();var totalTime = 0;var clientTime = 0;var serverTime = 0;var XmlHttpObj1;function Sign(X) { return X>0 ? "+" : X<0 ? "-" : " " }function CreateXmlHttpObj1() {try {XmlHttpObj1 = new ActiveXObject("Msxml2.XMLHTTP");}catch(e) {try{XmlHttpObj1 = new ActiveXObject("Microsoft.XMLHTTP");}catch(oc) {XmlHttpObj1 = null;}}if(!XmlHttpObj1 && typeof XMLHttpRequest != "undefined") {XmlHttpObj1 = new XMLHttpRequest();}}function loadingTime() {//calculate the current time in afterloadvar afterload = (new Date()).getTime();//calculate the secondsclientTime = (afterload-beforeload)/1000;serverTime =  parseFloat(document.getElementById("serverTime").innerHTML);totalTime = (clientTime + serverTime).toFixed(3);document.getElementById("loadingtime").innerHTML = "and delivered in " + totalTime + " seconds";}function addLoadEvent(func) {var oldonload = window.onload;if (typeof window.onload != 'function') {window.onload = func;} else {window.onload = function() {if (oldonload) {oldonload();}func();}}}</script>    <title>SSRN JEL Code: M21</title>    <meta http-equiv="X-UA-Compatible" content="IE=edge">    <meta name="viewport" content="width=device-width, initial-scale=1">    <meta name="robots" content="noindex">        <meta name="description" content="SSRN JEL Code: M21">        <meta name="keywords" content="SSRN, JEL Code: M21">        <link rel="search"              type="application/opensearchdescription+xml"  href="https://privpapers.ssrn.com/sol3/opensearchdescription.xml"              title="SSRN" />    <script src="https://ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script></head>    <body class="new-layout"><div id="genericToastr" class="generic-toastr"><div class="toastr-icon"><i id="toastrIcon"></i></div><div id="toastrMessage" class="toastr-mesage"></div><div class="toastr-close"><i class="icon icon-gizmo-delete" onclick="closeToastr()"></i></div><div class="toastr-link"><a id="toastrLink" href="#"></a></div></div>    <script language="javascript">//Language functionsfunction changeLanguage1(language, response){$.ajax({url: '/AltLanguage_ajax.cfm?type=changeLanguage&partid=1&strCode=en',cache: false,success: function(data) {// Update values in cookiesSet_Cookie('SITEID',language,'-1','/','.ssrn.com','');Set_Cookie('SITEID',language,'1000','/','.ssrn.com','');// Finally, perform redirectionif (response == 'reload') {window.location.reload();}else {window.location.href=response;}}});}function Set_Cookie( name, value, expires, path, domain, secure ) {// set time, its in millisecondsvar today = new Date();today.setTime( today.getTime() );/*if the expires variable is set, make the correctexpires time, the current script below will setit for x number of days, to make it for hours,delete * 24, for minutes, delete * 60 * 24*/if ( expires ) {expires = expires * 1000 * 60 * 60 * 24;}var expires_date = new Date( today.getTime() + (expires) );document.cookie = name + "=" +escape( value ) +( ( expires ) ? ";expires=" + expires_date.toGMTString() : "" ) +( ( path ) ? ";path=" + path : "" ) +( ( domain ) ? ";domain=" + domain : "" ) +( ( secure ) ? ";secure" : "" );}/** We use this function when the language should be stripped from an object, like a form RADIO*/function getLanguage ( oObj ) {var specialChars = "!@#$^&%*()+=-[]\/{}|:<>?,.";// Need to clean up code if object came from Mura site.sCode = oObj.value;if (sCode.length > 2) {for (var i = 0; i < specialChars.length; i++) {sCode = sCode.replace(new RegExp("\\" + specialChars[i], 'gi'), '');}// After cleaning up special chars, we take the first two chars.sCode = sCode.substring(0,2).trim();}return sCode;}</script><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/custom-bootstrap.min.css?v=410"><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/custom.min.css?v=410"><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/global.min.css?v=410"><link href="https://cdn.ssrn.com/ssrn-global-header/main.css?v=410" rel="stylesheet"><div class="accesibility-link"><a id="skip-to-content" title="Skip to content" href="#maincontent">Skip to main content</a></div><meta name="part_id" content="1"><meta name="www_server" content="privwww.ssrn.com"><meta name="static_server" content="https://cdn.ssrn.com"><meta name="hq_server" content="privhq.ssrn.com"><meta name="papers_server" content="privpapers.ssrn.com"><meta name="user_name" content="Public User"><meta name="is_custom" content="false"><meta name="own_design" content="false"><meta name="ab_id" content=""><meta name="on_behalf" content="False"><meta name="login_user_id" content=""><!--GLOBAL HEADER--><header id="global-header" data-id-plus-auth-enabled="false"></header><script src="//ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script>
<script type="text/javascript">if(typeof jQuery == 'undefined') {
    document.write(unescape("%3Cscript src='https://#strStaticServer#/libraries/JQuery/v1.12.4/jquery.min.js' type='text/javascript'%3E%3C/script%3E"));
}</script><script>function sentEmailValidation(lngLoginID, forwardURL){var parameters = {"lngLoginID" : lngLoginID,"strForwardURL" : forwardURL};$.ajax({type: "POST",url: "https://privstatic.ssrn.com/cfc/webServices/loginServices.cfc?method=sentValidationEmailNew",data: parameters,dataType: "jsonp",async: false,success: function(data) {if(data.RESULT == 1){$("#errorMessageLogin").html(data.MESSAGE);}},error: function(jqXHR, textStatus, errorThrown) {console.log(textStatus, errorThrown);}});};</script><script>$( document ).ready(function() {// Show translation notice on footer on loadvar hebrewIsSelected = $('.dropdown-lang option:last-child').is(':selected'),$body = $('body'),$loginBox = $('.loginBox'),$menuMain = $('.menu-main'),$profileMenu = $('.profileMenu');if (hebrewIsSelected) {toggleTranslationNote();}        $('#global-header .auth-menu > div > a:first-child').on('click', function() {        pageDataTracker.trackEvent('conversionDriverClick', {conversionDriver:{name : 'ssrn-header:register'}});    });    $('#global-header .auth-menu > div > a:last-child').click(function(e) {        pageDataTracker.trackEvent('conversionDriverClick', {conversionDriver:{name : 'ssrn-header:sign-in-or-register'}});    });    $('#global-header a[href$="/rankings/Ranking_display.cfm?TRN_gID=10"]').on('click', function() {        pageDataTracker.trackEvent('conversionDriverClick', {conversionDriver:{name : 'rankings-top-papers'}});    });    $('#global-header a[href$="/submissions/CreateNewAbstract.cfm"]').on('click', function() {        pageDataTracker.trackEvent('conversionDriverClick', {conversionDriver:{name : 'ssrn-header:submit-article'}});    });$('#btnMenu').on('click', function() {$body.addClass('nav-is-open');$menuMain.addClass('open');});$('.mo-nav-close-btn').on('click', function() {$body.removeClass('nav-is-open');$(this).closest('.mo-nav').removeClass('open');});$('.mo-nav-search-btn').on('click', function() {$menuMain.find('.menu-search').toggleClass('open');});$(document).on('click','#profile', function(e){e.preventDefault();$body.toggleClass('nav-is-open');$profileMenu.toggleClass('open');});/* Cleaning the email text*/$('#txtLogin').bind("change keyup input",function() {$(".error_show_login").hide();$("#txtLogin").removeClass("loginError");$("#errorMessageLogin").hide();});/* Cleaning the password text*/$('.password-inp').bind("change keyup input",function() {$(".error_show_pass").hide();$("#txtPasswordLogin").removeClass("loginError");$("#errorMessageLogin").hide();});/*Function for encrypt*/function encrypt(key1, key2, key3){var key = btoa(key1 + "|" + key2 + "|" + key3);return key;};function validateFields (){var emptyLogin = false;var emptyPass = false;if(document.getElementById("txtLogin") == null || document.getElementById("txtLogin").value == ""){$("#txtLogin").addClass('loginError');$(".error_show_login").show();emptyLogin = true;}if(document.getElementById("txtPasswordLogin") == null || document.getElementById("txtPasswordLogin").value == "" ){$("#txtPasswordLogin").addClass('loginError');$(".error_show_pass").show();emptyPass = true;}if(emptyLogin == true || emptyPass == true){return false;}return true;};$('.password-inp').keypress(function(event) {if (event.keyCode == 13 || event.which == 13) {event.preventDefault();login();}});$('#txtLogin').keypress(function(event) {if (event.keyCode == 13 || event.which == 13) {event.preventDefault();login();}});$("#signin").click(function() {login();});function login(){if (validateFields() != false) {var user = document.getElementById("txtLogin").value;var pass = document.getElementById("txtPasswordLogin").value;var remember = $('.remember-me-check').prop('checked');var keyUser = encrypt(user, pass, remember);var parameters = {"key" : keyUser};$.ajax({type: "POST",url: "https://privstatic.ssrn.com/cfc/webServices/loginServices.cfc?method=signinService",data: parameters,dataType: "jsonp",async: false,success: function(data) {if(data.ILOGINRESULT == 0) {var lngPartLogedIn = data.USER.PART_ID;buildmenu(lngPartLogedIn);$("#name-header div.user-name-overflow").text(data.USER.FULLNAME);$("#name-mo-header").text(data.USER.FULLNAME);$('#profile').show();$("#btnSignin").hide();$("#btnRegister").hide();$loginBox.removeClass('open');$body.removeClass('nav-is-open');pageData.visitor.loginSuccess = "true";pageData.visitor.loginStatus = "logged in";pageData.visitor.accessType = "ss:registered-user";pageData.visitor.userId = data.USER.ENCRYPT_PART_ID;pageDataTracker.trackEvent( 'newPage' , pageData);} else {pageData.visitor.loginSuccess = "false";pageDataTracker.trackEvent( 'newPage' , pageData);$("#errorMessageLogin").html(data.MESSAGETOSHOW);$("#errorMessageLogin").show();}}});} else {return false;};};function buildmenu(lngPartLogedIn){$("#personal").attr("href", "https://privhq.ssrn.com/Participant.cfm?rectype=edit&partid=" + lngPartLogedIn + "&perinf=y");$("#affil").attr("href", "https://privhq.ssrn.com/Affiliations/AffiliationList.cfm?partid=" + lngPartLogedIn);$("#suscr").attr("href", "https://privhq.ssrn.com/Subscriptions.cfm?partId=" + lngPartLogedIn);$("#mypapers").attr("href", "https://privhq.ssrn.com/submissions/MyPapers.cfm?partid=" + lngPartLogedIn);};$(document).click(function(event) {if(!$(event.target).closest('.header-tooltip').length && $(event.target)[0] != $('#btnSignin')[0] && $(event.target)[0] != $('#profile')[0] ) {if($('.header-tooltip').is(":visible") && $('.mo-nav-header').is(":hidden")) {$body.removeClass('nav-is-open');$('.header-tooltip').removeClass('open');}}// Makes the submenu links accesible by keyboard$('.has-sub-menu a').focus(function() {$(this).parents("li").addClass("focus");}).blur(function() {$(this).parents("li").removeClass("focus");});});// Show translation notice on change$('.dropdown-lang').on('change', function() {toggleTranslationNote();});// Accordion functionality on Footer MOvar $collapseBtn = $('h4[data-toggle="collapse"]'),$collapsableContent = $('.collapsable');$collapseBtn.on('click', function(){var $this = $(this),$parent = $this.parent(),$thisCollapsable = $parent.find('.collapsable');$collapsableContent.slideUp('fast');if ( !$thisCollapsable.is(":visible") ) {$thisCollapsable.slideDown('fast');}});// Show translation notice on footerfunction toggleTranslationNote() {$('.translation-notice').toggle();}});//Language functionfunction changeLanguage(lang){        var curretUrl = window.location.href;        if(curretUrl.indexOf('&lng') != -1) {            var new_url = curretUrl.substring(0, curretUrl.indexOf('&lng'));        }else{            var new_url = window.location.href;        }        window.location.href=new_url+'&lng='+lang;    }</script><script type="text/javascript" src="https://cdn.ssrn.com/ssrn-global-header/app.bundle.js?v=410"></script><script type="text/javascript" async="async" src="https://privstatic.ssrn.com/js/image-lazy-load.js"></script><!-- new css --><link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/3.3.6/css/bootstrap.min.css"      integrity="sha384-1q8mTJOASx8j1Au+a5WDVnPi2lkFfwwEAa8hDDdjZlpLegxhjVME1fgjWPGmkzs7" crossorigin="anonymous">    <link rel="stylesheet"          type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/custom.min.css?v=410"><!-- new results search css -->        <link rel="stylesheet"              type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/search-results.min.css?v=410"><div class="container search-results-body" id="maincontent"><div class="row">        <div class="col-sm-12"><div class="box-container"><header><form name="searchForm" id="searchForm" action="?form_name=Jel&code=M21&lim=false" method="post">    <h1 class="section-title">    <div>Search Results</div>    <span>JEL Code: M21</span></h1>            <div class="organization-header">
            <div class="info">
                
                                
                
                    <strong>  1,608,774 </strong>Total downloads
                                
            </div>
        </div><div class="form-group search-within">    <button id="submitsearchwithin" onclick="javascript:document.getElementById('searchForm').submit();"            aria-label="Seach Within"><i class="icon icon-gizmo-search" aria-hidden="true"></i></button>    <input class="form-control" type="text" placeholder="Search Within" onload="this.focus();" id="txtKey_Words_within"           name="txtKey_Words_within" aria-label="Search Within">        <input type="hidden" id="iSearchWithinDone"               name="iSearchWithinDone" value="0">        <input type="hidden" id="strSearchTerm" name="strSearchTerm" value="    ">                <input type="hidden" name="strSelectedOption" id="strSelectedOption" value="4">    <input type="hidden" name="orderBy" value= " numHits desc " >        <input type="hidden" name="iTotalResults" value="1958">        <input type="hidden" id="listAB_ID" name="listAB_ID" value="    7382,52200,112348,145411,173530,182308,246943,247028,256987,265608,265609,265753,268129,270688,270799,270833,272252,274855,274972,274973,275497,276051,279391,279677,279719,283531,285108,294279,294471,296293,296639,296945,297973,298218,303170,304000,309747,310539,313379,313562,318479,320620,325961,326341,330161,330540,330541,345820,345940,367161,370970,376502,379740,380363,383941,386280,395260,397020,406220,407600,411600,418200,420220,421100,422820,431540,438242,438562,481203,483083,483104,484382,485563,489694,490153,493782,497545,498582,500922,503842,504565,506102,510146,511422,514204,515949,517964,518443,541322,541388,545546,545723,546042,555869,556183,559419,565364,568144,568165,577362,580042,583641,583642,586648,601761,601903,605302,605801,609981,621985,622863,623647,627789,627801,633761,633762,633763,636503,637103,637222,642664,642763,642781,643266,655203,655364,660581,664472,666993,668405,669102,669342,670386,677564,683349,684801,684881,687024,688701,689262,689283,689821,691984,694405,695041,695101,701187,708844,710184,713082,714522,718741,719984,722259,722486,727806,728408,729743,731423,739398,742306,744364,758664,760864,765824,771765,773244,784084,791644,796084,796766,798025,799365,799385,818924,825244,829244,846804,860705,871584,872276,874566,874606,878049,885914,886445,890205,891738,892157,893043,893721,893826,895151,895152,895248,895267,895362,896004,896061,896284,897676,897700,899558,900333,900642,901462,901865,903046,904383,905194,905195,905201,905202,905925,908541,908542,908543,908612,909464,911965,912407,912722,912815,914160,917079,917786,918469,920080,921525,921638,922185,922342,925186,925834,926308,927331,931625,931805,931965,933070,933300,934324,935774,937384,939034,941727,944335,944995,946226,946234,947372,947589,950554,957236,957628,958822,959104,959110,959112,959184,959197,959207,959377,959378,959380,959384,959386,959862,960635,961167,961359,962921,963595,964954,965107,965175,965528,968685,968714,970164,975248,975471,976132,977989,978662,979035,979719,980541,981444,982821,984658,985120,985602,985887,985985,986365,989055,989344,991699,995706,996587,997439,998224,999103,1000732,1002983,1003316,1003417,1005403,1006258,1007820,1009649,1010660,1010860,1012082,1012651,1012958,1013389,1013559,1013561,1015722,1019053,1019073,1021449,1021469,1021620,1021622,1023472,1025424,1028749,1029680,1030826,1032152,1032793,1034163,1036282,1049541,1053481,1053581,1058841,1064461,1066901,1068142,1069422,1077363,1078838,1079725,1081193,1081194,1081620,1081849,1082146,1082465,1082786,1083077,1083943,1084007,1084507,1085106,1085969,1087589,1088640,1090206,1090902,1091087,1092074,1092395,1092400,1092419,1095068,1095303,1095691,1096213,1098814,1098884,1099384,1101505,1101578,1103165,1103432,1103443,1103492,1104223,1104597,1106092,1107729,1116312,1117905,1117917,1118287,1118808,1120554,1121660,1121715,1123549,1125419,1125486,1125625,1126266,1134493,1135517,1136034,1136254,1138355,1138357,1139025,1140163,1141514,1148373,1153563,1159045,1159047,1159818,1160469,1162871,1166703,1174922,1182255,1204082,1204712,1223454,1237014,1238022,1242642,1249301,1256082,1259860,1262247,1265047,1265457,1265592,1266623,1266624,1267159,1267987,1268047,1270156,1273006,1273215,1274224,1274816,1275758,1277144,1281023,1281449,1286443,1286487,1286696,1287157,1288185,1291873,1292478,1292508,1293770,1293798,1295752,1296149,1297286,1297426,1297433,1298128,1300293,1301333,1303710,1306654,1309581,1311928,1311941,1314206,1325147,1327106,1328986,1329571,1332242,1333412,1337480,1337793,1344209,1345157,1345475,1347372,1348194,1350233,1350520,1350528,1352417,1353103,1355603,1355605,1359770,1359775,1359778,1364117,1364208,1371540,1371713,1372371,1373064,1374285,1392146,1392762,1393722,1393830,1394233,1397559,1403137,1406923,1407413,1407464,1407584,1415925,1415976,1417306,1417995,1419919,1420742,1420855,1425509,1428788,1434722,1440156,1440886,1440893,1441533,1442384,1443986,1447277,1452982,1460823,1462658,1462661,1462683,1462684,1464670,1466654,1466785,1470046,1473225,1475024,1475387,1476933,1483811,1486054,1487346,1494887,1496262,1496545,1499142,1500228,1501186,1502643,1502919,1502980,1503476,1505496,1505498,1505522,1508512,1514605,1515743,1515751,1516044,1516743,1517742,1517744,1520927,1522953,1524484,1524707,1526681,1527725,1527726,1529670,1531694,1532219,1532248,1535098,1535477,1536638,1538324,1538333,1538922,1539983,1540027,1541082,1542690,1543204,1543882,1545445,1546481,1553434,1554002,1554813,1555652,1561522,1562725,1564099,1564745,1567570,1567584,1568588,1571576,1577080,1578002,1579841,1582902,1585843,1588091,1589102,1596426,1597357,1597371,1606563,1609563,1615922,1617323,1622203,1625844,1629150,1629155,1630056,1630425,1630570,1636368,1636374,1639030,1646827,1651585,1651662,1655244,1655655,1655663,1656311,1659446,1661987,1663398,1663896,1663999,1664386,1666819,1667575,1668889,1676209,1678057,1678520,1680826,1684488,1689411,1690207,1690285,1692001,1693189,1693971,1694308,1698204,1700863,1700894,1701684,1701705,1702794,1705771,1706976,1708551,1709390,1709550,1709563,1713232,1718663,1720785,1724530,1724683,1725527,1727630,1728972,1732190,1732555,1734019,1734142,1734200,1734225,1735329,1737860,1740556,1742882,1743044,1746849,1746948,1749394,1750792,1754390,1754397,1756190,1756575,1757117,1759353,1760364,1760648,1763157,1767898,1769634,1780882,1780934,1784047,1784464,1785050,1785279,1792531,1792637,1797807,1799605,1805852,1805968,1806550,1807343,1815466,1816682,1817048,1821292,1822182,1822422,1823833,1823904,1824294,1825748,1826264,1832472,1833406,1839367,1855898,1861424,1865290,1865639,1870809,1871234,1871827,1873356,1873808,1873929,1880193,1881205,1883249,1884087,1886669,1888426,1896106,1898071,1898167,1898172,1898186,1899685,1903848,1904298,1908278,1909326,1909771,1909793,1909833,1910536,1910537,1910547,1910548,1911138,1911972,1912069,1913671,1915955,1917755,1919305,1919715,1923081,1923099,1923110,1923672,1923837,1926633,1926935,1926936,1928959,1931021,1932314,1933687,1940929,1940934,1946761,1946926,1946995,1947301,1948487,1950583,1952136,1952803,1957349,1958083,1958695,1961087,1961404,1961468,1963726,1965561,1966473,1968307,1968680,1969453,1973575,1973691,1974211,1974411,1975624,1978895,1981889,1982635,1982828,1983280,1983390,1985594,1987267,1989078,1997070,2000190,2000213,2000927,2001450,2005142,2005184,2005842,2007483,2008276,2008608,2009386,2009986,2010761,2011353,2011381,2015344,2016654,2021345,2022212,2024822,2024928,2025118,2025458,2025460,2026129,2026433,2027062,2027440,2031466,2032815,2034820,2035771,2036617,2038654,2040800,2042639,2044576,2046847,2046939,2050969,2055146,2055721,2056823,2073336,2079011,2079055,2080842,2084154,2084213,2089397,2094741,2096135,2099044,2102878,2106189,2114406,2116203,2116235,2117765,2124500,2125037,2127459,2128174,2129368,2129421,2137307,2138183,2138355,2139239,2140722,2142006,2144107,2144183,2146208,2148792,2151458,2153592,2154117,2155589,2156449,2157005,2157687,2159840,2161470,2161925,2163459,2164320,2164696,2172152,2175420,2176728,2180286,2183603,2184845,2185960,2188001,2188601,2189488,2189871,2190077,2191044,2191432,2191450,2193706,2194055,2194329,2194662,2196404,2197109,2197525,2200763,2202141,2204757,2205050,2209679,2209692,2210957,2212373,2214543,2214674,2214703,2214903,2215739,2215796,2215926,2217604,2218855,2219247,2220745,2222869,2223636,2226321,2226358,2232738,2232801,2233369,2233829,2234175,2234288,2236688,2238100,2241268,2242555,2244118,2249768,2252485,2252992,2253191,2253227,2253236,2254478,2254791,2255089,2256325,2257278,2257305,2258605,2258607,2258617,2259039,2259212,2260037,2260291,2260316,2260321,2260322,2260347,2260348,2260349,2260350,2260354,2260357,2260386,2260390,2260500,2260503,2260505,2260506,2260507,2260523,2260524,2260528,2261209,2262681,2262754,2263187,2264029,2266998,2270867,2271528,2273006,2274548,2275544,2276066,2277890,2278593,2278988,2282214,2283032,2283176,2283411,2283498,2283660,2285156,2285459,2285750,2286210,2287784,2289805,2291395,2292974,2293131,2293569,2293654,2293727,2294978,2296427,2297915,2309497,2309622,2310992,2312249,2312741,2313058,2314965,2320584,2323883,2324109,2324401,2326116,2326200,2326585,2326722,2326963,2329976,2332970,2333924,2336581,2336949,2337004,2339446,2339559,2339635,2340899,2343917,2347669,2348234,2349488,2349533,2351342,2351869,2352667,2352812,2354903,2357432,2358121,2358444,2361472,2365286,2365587,2367925,2368763,2370373,2372066,2372437,2372493,2373434,2374705,2375160,2379338,2379368,2380057,2383543,2384256,2388645,2388689,2390619,2392665,2393382,2397314,2398567,2408096,2408496,2409276,2409917,2410112,2410177,2418109,2418669,2420478,2424810,2427507,2430335,2430342,2430346,2430658,2430662,2431727,2433041,2433510,2433754,2437668,2437929,2438431,2438646,2439623,2439852,2439944,2439946,2439953,2441426,2441875,2444406,2447158,2450064,2450452,2456474,2458901,2461210,2464077,2468621,2472467,2475848,2479111,2479777,2480185,2483834,2485177,2487570,2487624,2487636,2489187,2490269,2490909,2491490,2497185,2498712,2498856,2499455,2500416,2502038,2502048,2505508,2506021,2506802,2506956,2508477,2508479,2509426,2509849,2512766,2515291,2516677,2516825,2516982,2519459,2520328,2521216,2522950,2530164,2530263,2531651,2533973,2534022,2534472,2535924,2540303,2540763,2541032,2542119,2548430,2554194,2560091,2560520,2561057,2563796,2564284,2565102,2568415,2568621,2569067,2569112,2571287,2573195,2574698,2575648,2577424,2578606,2583987,2584039,2584050,2585254,2586239,2586552,2588081,2588412,2588636,2589695,2590392,2592408,2592843,2594032,2596878,2597685,2598104,2599032,2600068,2600278,2600866,2602295,2604205,2605541,2605758,2606654,2608706,2608708,2608727,2610235,2612980,2613058,2614443,2616995,2620011,2620975,2622429,2624809,2624817,2625481,2627542,2628803,2630486,2631907,2634013,2636231,2636327,2637407,2637711,2639011,2642926,2650020,2652756,2654861,2655104,2658354,2659257,2660324,2663644,2665329,2666485,2667127,2669394,2669998,2670087,2670510,2671167,2671203,2671344,2671748,2671867,2672051,2673747,2675274,2676079,2676802,2679598,2684740,2685137,2685158,2685207,2686190,2686408,2688452,2689106,2696240,2697564,2699271,2701199,2702868,2704780,2705238,2705449,2705454,2707282,2708284,2709945,2710496,2710718,2712086,2712098,2712758,2713307,2716266,2720365,2721364,2721397,2721703,2723044,2724056,2727089,2727680,2728145,2728918,2730572,2731066,2731750,2736739,2737764,2740757,2741083,2741275,2741569,2742140,2743120,2745733,2746549,2747949,2750341,2753069,2753141,2756306,2757653,2763259,2767386,2767449,2769118,2773620,2773627,2776636,2779472,2779697,2780277,2782772,2789532,2790990,2798190,2799155,2799169,2799261,2799524,2802279,2802706,2803629,2804318,2804319,2804336,2805279,2810680,2812853,2814868,2816010,2816763,2827724,2832951,2833753,2837524,2840005,2842075,2842182,2847557,2847701,2847896,2848839,2852143,2852549,2857193,2857901,2859410,2864246,2865550,2866701,2868702,2869927,2870994,2872669,2877941,2884730,2890647,2900438,2905342,2906887,2913216,2913779,2915010,2921795,2925165,2926089,2927836,2928045,2933684,2937646,2938044,2939759,2944212,2944417,2944438,2944876,2944919,2945299,2945490,2946341,2946686,2948357,2948691,2954142,2955581,2955584,2957784,2961827,2964950,2965965,2968183,2971566,2972682,2972857,2978188,2979571,2980847,2980874,2984625,2986611,2993556,2994138,2995134,2995271,2996782,2998223,2998497,3000135,3000163,3000203,3000228,3000309,3001673,3002279,3002417,3003766,3005211,3005257,3005859,3006781,3008666,3009374,3009662,3013365,3013651,3014469,3014552,3015633,3017039,3017680,3019419,3020316,3022175,3022425,3023725,3024134,3025621,3025755,3026729,3030964,3031838,3034969,3036905,3042815,3042880,3045464,3049370,3049891,3050837,3051501,3053756,3054514,3055087,3055663,3055665,3055671,3059620,3060568,3060670,3061552,3065684,3065690,3065948,3066033,3066717,3069923,3071699,3075034,3076792,3083363,3083465,3087822,3090755,3090936,3091103,3093355,3096903,3097670,3100984,3100985,3101598,3102796,3102979,3103716,3108288,3109090,3109411,3113179,3113510,3114149,3120386,3120728,3121089,3123563,3125782,3128127,3128584,3129684,3130287,3130822,3135314,3136035,3136138,3136363,3136453,3138080,3138924,3139384,3139771,3141288,3142023,3147159,3147371,3148052,3148741,3149730,3149959,3150382,3150434,3150476,3150612,3150898,3151764,3152322,3152351,3153472,3154465,3154505,3154550,3154974,3155709,3159749,3168391,3176814,3177229,3177666,3179697,3184206,3184501,3186507,3191153,3193783,3193897,3196942,3197175,3197596,3201649,3202476,3203802,3204791,3205356,3205364,3205478,3207758,3211138,3211805,3211938,3212854,3223639,3230485,3231984,3236095,3236528,3237124,3238510,3241627,3243530,3250472,3251535,3251545,3251552,3251574,3251583,3252230,3254311,3256056,3261273,3263731,3263745,3264069,3264080,3265056,3265532,3265850,3270268,3273371,3274644,3276266,3280251,3281901,3282240,3282265,3282280,3282286,3282554,3282687,3283012,3283102,3283110,3285751,3286427,3289927,3290382,3294594,3295792,3296103,3297451,3297543,3298391,3298403,3298412,3298421,3298425,3300063,3301656,3303061,3305539,3305550,3305792,3307313,3308147,3308478,3310206,3310381,3312142,3315456,3315730,3318106,3319461,3320112,3320937,3323247,3323393,3323876,3324296,3326595,3327206,3334585,3337779,3338899,3342669,3344632,3345108,3347069,3348559,3351243,3351267,3354992,3357687,3358901,3362383,3363075,3363088,3364381,3367928,3369307,3370966,3371516,3372093,3372691,3373815,3376719,3377016,3377211,3378510,3378731,3379443,3381380,3381500,3383257,3384058,3386737,3387602,3388442,3389917,3390021,3390597,3390702,3390720,3390721,3392465,3394367,3396059,3396089,3396090,3396095,3396101,3397477,3404573,3404630,3404637,3406682,3409200,3410577,3412799,3413538,3414474,3417420,3417901,3422774,3424786,3427249,3427396,3427412,3431572,3431877,3433067,3433072,3434662,3436690,3438029,3439023,3443200,3448311,3449075,3449094,3450415,3450467,3455294,3455904,3456914,3457233,3458037,3459838,3459849,3460530,3463858,3464783,3465667,3467988,3468161,3468163,3468230,3468617,3468648,3468652,3471562,3473061,3477563,3479179,3480557,3486992,3488399,3490165,3490483,3490949,3491767,3491976,3492240,3493650,3494200,3494954,3495008,3495492,3500407,3504536,3506377,3506543,3506608,3506624,3507917,3508081,3508090,3510029,3512739,3513201,3513210,3517648,3517655,3517660,3517682,3517688,3519090,3520524,3523812,3525161,3527147,3528394,3528401,3532937,3538075,3539940,3540947,3543473,3543761,3544917,3549459,3549590,3551040,3551054,3555927,3558794,3560355,3560869,3561467,3563294,3565937,3569553,3570076,3574850,3577162,3577715,3578167,3578189,3582513,3585073,3585425,3586888,3591969,3593236,3595311,3600217,3600595,3603055,3604848,3605986,3606090,3607701,3608967,3613835,3614259,3614753,3619034,3619120,3620806,3621366,3622819,3623957,3625355,3625552,3626104,3626266,3629066,3629281,3629333,3630686,3632997,3635302,3636412,3636876,3637275,3638013,3641996,3642163,3646020,3648175,3648283,3648840,3652656,3660174,3661428,3663401,3663424,3664134,3672910,3673618,3675136,3675260,3677255,3677622,3677802,3678023,3682128,3683033,3683651,3685702,3685994,3687868,3688557,3689657,3690344,3690636,3693876,3694015,3697193,3697245,3697606,3697686,3708764,3708863,3711751,3716407,3716842,3720398,3726442,3728144,3729596,3730716,3734536,3738418,3739037,3742562,3742646,3746046,3746830,3746851,3746875,3746903,3746918,3746937,3746943,3746994,3753330,3754200,3762663,3763116,3763513,3763560,3763787,3764998,3769386,3772366,3773151,3778068,3783436,3786749,3787044,3787657,3788378,3788405"></div></form></header>                                                                                        <div class="results-header">                <div class="sort-by filters-box">                <label>                    Sort by:                                                                                                                <div class="select-custom">                <select class="form-control" name="sort-by" id="sort-by" aria-label="Sort by"                        onChange="resortResults(this.value);">                        <option value="1"                                >                Abstract Title, A-Z</option>                    <option value="2"                            >                Abstract Title, Z-A</option>                    <option value="3"                            >                Downloads, Ascending</option>                    <option value="4"                            SELECTED>                Downloads, Descending</option>                    <option value="5"                            >                Date Posted, Ascending</option>                    <option value="6"                            >                Date Posted, Descending</option>            </select>            </div>            </label>            </div>                                                                                                                            <div class="pagination"><ul>  <li class="curr"><strong>1</strong></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=2&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">2</a></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=3&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">3</a></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=4&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">4</a></li><li>...</li><li><a href="/sol3/JELJOUR_Results.cfm?npage=40&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">40</a></li><li class="next"><a href="/sol3/JELJOUR_Results.cfm?npage=2&form_name=Jel&code=M21&lim=false" role="button" tabindex="0">Next</a></li><li class="total">40</li></ul><div class="go-to-page input-group form-group" onkeypress="return isNumberKey(event)"><input type="text" aria-label="Go to page" placeholder="Go to page" role="input"><button onclick="gotoPage(40,this.parentNode);" aria-label="Go" role="button"><i class="icon-gizmo-navigate-right" aria-hidden="true"></i></button></div></div> <script type="text/javascript" language="javascript">function isNumberKey(evt) {var charCode = (evt.which) ? evt.which : event.keyCodeif (charCode > 31 && (charCode < 48 || charCode > 57)) {return false;}return true;}function gotoPage(totalPages,caller){var gotopage = caller.getElementsByTagName('input')[0].value;if (gotopage == "" || gotopage == null) {alert('The page number field cannot be empty.  Please enter a page number and try again.');return false;} else if (gotopage < 1 || gotopage > totalPages) {alert('The requested page does not exist.');return false;}changePage('/sol3/JELJOUR_Results.cfm?npage='+gotopage+'&form_name=Jel&code=M21&lim=false');}$('.go-to-page input').keypress(function (e) {if (e.which == 13) {gotoPage(200,this.parentNode);return false;}});</script>                                                                            <p class="viewing">Viewing: <strong>        1</strong> -                    <strong>       50</strong> of                    <strong>     1,958</strong> papers</p>                                </div>                                                                <div class="table results papers-list">                    <div class="tbody">                                                                                                                                                                                                                                                                <div class="trow abs abs_274973" id="div_274973">                        <div class="actions">                            1.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=274973">Company Valuation Methods</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 18</span>                                                                                                                    <span>Posted: 22 Jul 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>63,806</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_256987" id="div_256987">                        <div class="actions">                            2.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=256987">Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories</a>                                </span>                                </h3>                                                                                                                                <div><i>EFMA 2002 London Meetings</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 14 May 2004</span>                                                                                                                    <span>Last Revised: 28 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>37,563</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1267987" id="div_1267987">                        <div class="actions">                            3.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1267987">Métodos de valoración de empresas (Company Valuation Methods)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 28</span>                                                                                                                    <span>Posted: 15 Sep 2008</span>                                                                                                                    <span>Last Revised: 26 Oct 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>31,173</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2202141" id="div_2202141">                        <div class="actions">                            4.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2202141">Índice Libro Valoración de Empresas y Sensatez (Company Valuation and Common Sense)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 7</span>                                                                                                                    <span>Posted: 28 Jan 2013</span>                                                                                                                    <span>Last Revised: 14 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>26,758</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_2084213" id="div_2084213">                        <div class="actions">                            5.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2084213">Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192 Answers</a>                                </span>                                </h3>                                                                                                                                <div><i>IESE Business School Working Paper No. WP-1059-E</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 18</span>                                                                                                                    <span>Posted: 16 Jun 2012</span>                                                                                                                    <span>Last Revised: 12 Oct 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1181340" target="_blank">Javier Aguirreamalloa</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1148299" target="_blank">Luis Corres Avendaño</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, IESE Business School and IESE                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>25,756</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_296945" id="div_296945">                        <div class="actions">                            6.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=296945">Three Residual Income Valuation Methods and Discounted Cash Flow Valuation</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 12</span>                                                                                                                    <span>Posted: 16 Jan 2002</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>19,640</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2044576" id="div_2044576">                        <div class="actions">                            7.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2044576">Ten Badly Explained Topics in Most Corporate Finance Books</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 13</span>                                                                                                                    <span>Posted: 28 Apr 2012</span>                                                                                                                    <span>Last Revised: 12 Oct 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                    <p><a class="btn-link versions-btn" tabindex="0" role="button" aria-label="Open tooltip with 2 versions of this paper" ><img src="https://privstatic.ssrn.com/cfincludes/img/icons/icon-small-multipleversion.png" alt="Multiple version icon">There are <span>2</span> versions of this paper</a></p><div class="tooltip bottom-left versions-tooltip" role="tooltip" id="versions-tooltip"><i class="icon-gizmo-delete tooltip-close" aria-label="Close modal" title="Close modal" role="button" tabindex="0" onkeypress="return closeTooltip(event)"></i><div class="tooltip-arrow"></div><div class="tooltip-inner"><div class="table papers-list"><div class="tbody"><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2044576" tabindex="0"><span>Ten Badly Explained Topics in Most Corporate Finance Books</span></a></h3><div class="note note-list"><span>Number of pages: 13</span><span tabindex="0">Posted: 28 Apr 2012</span><span>Last Revised: 12 Oct 2017</span></div></div><div class="downloads"><span>Downloads</span><span>18,195</span></div></div><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2079055" tabindex="0"><span>Ten Badly Explained Topics in Most Corporate Finance Books</span></a></h3><div class="reference">IESE Business School Working Paper No. 954</div><div class="note note-list"><span>Number of pages: 15</span><span tabindex="0">Posted: 07 Jun 2012</span></div></div><div class="downloads"><span>Downloads</span><span> 1,035</span></div></div></div></div></div></div>                                    <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>18,195</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1266623" id="div_1266623">                        <div class="actions">                            8.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1266623">Valoración de empresas por descuento de flujos: 10 métodos y 7 teorías (Valuing Companies by Cash Flow Discounting: 10 Methods and 7 Theories)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 12 Sep 2008</span>                                                                                                                    <span>Last Revised: 13 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>18,004</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_274972" id="div_274972">                        <div class="actions">                            9.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=274972">Valuation Using Multiples: Dispersion. Useful to compare and to negotiate</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 13</span>                                                                                                                    <span>Posted: 17 Jul 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>17,999</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2450452" id="div_2450452">                        <div class="actions">                            10.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2450452">Market Risk Premium Used in 88 Countries in 2014: A Survey with 8,228 Answers</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 18</span>                                                                                                                    <span>Posted: 15 Jun 2014</span>                                                                                                                    <span>Last Revised: 20 Jun 2014</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1907849" target="_blank">Pablo Linares</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2039798" target="_blank">Isabel Fernández Acín</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>17,577</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_270688" id="div_270688">                        <div class="actions">                            11.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=270688">Valuation of Brands and Intellectual Capital</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 29 May 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>16,873</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_330540" id="div_330540">                        <div class="actions">                            12.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=330540">Cash Flow Is a Fact: Net Income Is Just an Opinion</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 10</span>                                                                                                                    <span>Posted: 25 Sep 2002</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>16,295</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2089397" id="div_2089397">                        <div class="actions">                            13.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2089397">Valoración de Empresas por Descuento de Flujos: lo fundamental y las Complicaciones Innecesarias (Valuing Companies by Cash Flow Discounting: Fundamental Ideas and Unnecessary Complications)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 11</span>                                                                                                                    <span>Posted: 23 Jun 2012</span>                                                                                                                    <span>Last Revised: 13 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>16,150</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_962921" id="div_962921">                        <div class="actions">                            14.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=962921">170 Errores en Valoraciones de Empresas (170 Errors in Company Valuations)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 47</span>                                                                                                                    <span>Posted: 14 Feb 2007</span>                                                                                                                    <span>Last Revised: 11 May 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>16,112</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_270799" id="div_270799">                        <div class="actions">                            15.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=270799">EVA and Cash Value Added Do NOT Measure Shareholder Value Creation</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 10</span>                                                                                                                    <span>Posted: 05 Jun 2001</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>15,404</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_270833" id="div_270833">                        <div class="actions">                            16.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=270833">Optimal Capital Structure: Problems with the Harvard and Damodaran Approaches</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 12</span>                                                                                                                    <span>Posted: 22 May 2001</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>14,300</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_3358901" id="div_3358901">                        <div class="actions">                            17.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3358901">Market Risk Premium and Risk-Free Rate Used for 69 Countries in 2019: A Survey</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 15</span>                                                                                                                    <span>Posted: 18 Apr 2019</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=3314613" target="_blank">Mar Martinez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2039798" target="_blank">Isabel Fernández Acín</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>14,090</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_1025424" id="div_1025424">                        <div class="actions">                            18.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1025424">119 Common Errors in Company Valuations</a>                                </span>                                </h3>                                                                                                                                <div><i>IESE Business School Working Paper No. 714</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 27</span>                                                                                                                    <span>Posted: 30 Oct 2007</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=875364" target="_blank">Andrada Bilan</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and University of Navarra - IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>13,926</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1473225" id="div_1473225">                        <div class="actions">                            19.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1473225">The Equity Premium in 150 Textbooks</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 24</span>                                                                                                                    <span>Posted: 14 Sep 2009</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>13,575</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_3155709" id="div_3155709">                        <div class="actions">                            20.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3155709">Market Risk Premium and Risk-Free Rate used for 59 Countries in 2018: A Survey</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 23 Apr 2018</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2651082" target="_blank">Vitaly Pershin</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2039798" target="_blank">Isabel Fernández Acín</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>13,248</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_897676" id="div_897676">                        <div class="actions">                            21.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=897676">Prima de Riesgo del Mercado: Histórica, Esperada, Exigida e Implícita (Market Risk Premium: Historical, Expected, Required and Implied)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 22</span>                                                                                                                    <span>Posted: 27 Apr 2006</span>                                                                                                                    <span>Last Revised: 15 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=576507" target="_blank">Jose M. Carabias</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and London School of Economics & Political Science (LSE) - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>12,517</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1617323" id="div_1617323">                        <div class="actions">                            22.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1617323">205 Preguntas y Respuestas sobre Finanzas (205 Questions on Finance) (Spanish)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 43</span>                                                                                                                    <span>Posted: 29 May 2010</span>                                                                                                                    <span>Last Revised: 09 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>12,473</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_975471" id="div_975471">                        <div class="actions">                            23.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=975471">Valoracion de Marcas e Intangibles (Brand Valuation)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 24</span>                                                                                                                    <span>Posted: 27 Mar 2007</span>                                                                                                                    <span>Last Revised: 13 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>12,086</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_2117765" id="div_2117765">                        <div class="actions">                            24.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2117765">Valuing Companies by Cash Flow Discounting: Fundamental Relationships and Unnecessary Complications</a>                                </span>                                </h3>                                                                                                                                <div><i>IESE Business School Working Paper No. WP-1062-E</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 14</span>                                                                                                                    <span>Posted: 27 Jul 2012</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>11,943</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_274855" id="div_274855">                        <div class="actions">                            25.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=274855">Valuing Real Options: Frequently Made Errors</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 15</span>                                                                                                                    <span>Posted: 20 Jul 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>11,607</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_268129" id="div_268129">                        <div class="actions">                            26.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=268129">Shareholder Value Creation: A Definition</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 10</span>                                                                                                                    <span>Posted: 30 May 2001</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>11,515</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_504565" id="div_504565">                        <div class="actions">                            27.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=504565">Are Calculated Betas Good for Anything?</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 22</span>                                                                                                                    <span>Posted: 20 Feb 2004</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>11,439</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_914160" id="div_914160">                        <div class="actions">                            28.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=914160">Market Risk Premium and Risk Free Rate Used for 51 Countries in 2013: A Survey with 6,237 Answers</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 15 Jul 2006</span>                                                                                                                    <span>Last Revised: 27 Jun 2013</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1181340" target="_blank">Javier Aguirreamalloa</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1907849" target="_blank">Pablo Linares</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, IESE Business School and University of Navarra, IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>11,258</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1121715" id="div_1121715">                        <div class="actions">                            29.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1121715">Valoración y compra de RJR Nabisco (Valuation and Acquisition of RJR Nabisco)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 14</span>                                                                                                                    <span>Posted: 17 Apr 2008</span>                                                                                                                    <span>Last Revised: 17 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>10,410</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_933070" id="div_933070">                        <div class="actions">                            30.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=933070">Equity Premium: Historical, Expected, Required and Implied</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 25</span>                                                                                                                    <span>Posted: 27 Sep 2006</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>10,408</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_3560869" id="div_3560869">                        <div class="actions">                            31.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3560869">Survey: Market Risk Premium and Risk-Free Rate used for 81 countries in 2020</a>                                </span>                                </h3>                                                                                                                                <div><i>IESE Business School Working Paper No. WP-1244-E</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 15</span>                                                                                                                    <span>Posted: 25 Mar 2020</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=3891654" target="_blank">Eduardo de Apellániz</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=4074842" target="_blank">Javier F. Acín</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, Instituto de Estudos Sociais e Economicos (IESE) and Independent                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,854</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_897700" id="div_897700">                        <div class="actions">                            32.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=897700">El Peligro de utilizar Betas Calculadas (The Danger of Using Calculated Betas)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 17</span>                                                                                                                    <span>Posted: 27 Apr 2006</span>                                                                                                                    <span>Last Revised: 16 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=576507" target="_blank">Jose M. Carabias</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and London School of Economics & Political Science (LSE) - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,801</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_406220" id="div_406220">                        <div class="actions">                            33.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=406220">How to Value a Seasonal Company Discounting Cash Flows</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 18 Jun 2003</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,595</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1822182" id="div_1822182">                        <div class="actions">                            34.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1822182">Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 14</span>                                                                                                                    <span>Posted: 26 Apr 2011</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1181340" target="_blank">Javier Aguirreamalloa</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1148299" target="_blank">Luis Corres Avendaño</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, IESE Business School and IESE                                    </div>                                                                                                                                                                                    <p><a class="btn-link versions-btn" tabindex="0" role="button" aria-label="Open tooltip with 2 versions of this paper" ><img src="https://privstatic.ssrn.com/cfincludes/img/icons/icon-small-multipleversion.png" alt="Multiple version icon">There are <span>2</span> versions of this paper</a></p><div class="tooltip bottom-left versions-tooltip" role="tooltip" id="versions-tooltip"><i class="icon-gizmo-delete tooltip-close" aria-label="Close modal" title="Close modal" role="button" tabindex="0" onkeypress="return closeTooltip(event)"></i><div class="tooltip-arrow"></div><div class="tooltip-inner"><div class="table papers-list"><div class="tbody"><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1822182" tabindex="0"><span>Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers</span></a></h3><div class="note note-list"><span>Number of pages: 14</span><span tabindex="0">Posted: 26 Apr 2011</span></div></div><div class="downloads"><span>Downloads</span><span> 9,548</span></div></div><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1947301" tabindex="0"><span>Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers</span></a></h3><div class="reference">IESE Business School Working Paper No. 920</div><div class="note note-list"><span>Number of pages: 21</span><span tabindex="0">Posted: 21 Oct 2011</span></div></div><div class="downloads"><span>Downloads</span><span> 1,536</span></div></div></div></div></div></div>                                    <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,548</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2021345" id="div_2021345">                        <div class="actions">                            35.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2021345">71 problemas sencillos de finanzas resueltos y 1.481 respuestas erróneas (71 Basic Finance Problems and 1.481 Wrong Answers)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 27</span>                                                                                                                    <span>Posted: 15 Mar 2012</span>                                                                                                                    <span>Last Revised: 09 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,383</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_265608" id="div_265608">                        <div class="actions">                            36.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=265608">Internet Valuations: The Case of Terra-Lycos</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 12</span>                                                                                                                    <span>Posted: 16 Apr 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 9,369</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2598104" id="div_2598104">                        <div class="actions">                            37.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2598104">Discount Rate (Risk-Free Rate and Market Risk Premium)  Used for 41 Countries in 2015: A Survey</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 25 Apr 2015</span>                                                                                                                    <span>Last Revised: 18 Oct 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2312616" target="_blank">Alberto Ortiz Pizarro</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2039798" target="_blank">Isabel Fernández Acín</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 8,767</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_265609" id="div_265609">                        <div class="actions">                            38.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=265609">Valuation of Internet-Related Companies</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 15 Apr 2001</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 8,654</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1182255" id="div_1182255">                        <div class="actions">                            39.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1182255">Beneficio y flujos. El beneficio es una decisión discutible, pero el cash flow es un hecho (Cash Flow Is a Fact: Net Income Is Just an Opinion)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 15</span>                                                                                                                    <span>Posted: 28 Jul 2008</span>                                                                                                                    <span>Last Revised: 24 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 8,464</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1098814" id="div_1098814">                        <div class="actions">                            40.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1098814">100 Questions About Finance (100 Preguntas Sobre Finanzas)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 25</span>                                                                                                                    <span>Posted: 27 Feb 2008</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 8,453</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1406923" id="div_1406923">                        <div class="actions">                            41.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1406923">β = 1 Does a Better Job than Calculated Betas</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 17</span>                                                                                                                    <span>Posted: 19 May 2009</span>                                                                                                                    <span>Last Revised: 26 May 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=872318" target="_blank">Vicente J. Bermejo</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and ESADE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 8,362</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1419919" id="div_1419919">                        <div class="actions">                            42.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1419919">Betas utilizadas por directivos y profesores europeos  en 2009 (Betas Used by Companies and Professors in Europe: A Survey)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 15 Jun 2009</span>                                                                                                                    <span>Last Revised: 09 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=872318" target="_blank">Vicente J. Bermejo</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and ESADE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,857</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_2176728" id="div_2176728">                        <div class="actions">                            43.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2176728">Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina</a>                                </span>                                </h3>                                                                                                                                <div><i>IESE Business School Working Paper No. WP-1055-E</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 14</span>                                                                                                                    <span>Posted: 17 Nov 2012</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                    <p><a class="btn-link versions-btn" tabindex="0" role="button" aria-label="Open tooltip with 2 versions of this paper" ><img src="https://privstatic.ssrn.com/cfincludes/img/icons/icon-small-multipleversion.png" alt="Multiple version icon">There are <span>2</span> versions of this paper</a></p><div class="tooltip bottom-left versions-tooltip" role="tooltip" id="versions-tooltip"><i class="icon-gizmo-delete tooltip-close" aria-label="Close modal" title="Close modal" role="button" tabindex="0" onkeypress="return closeTooltip(event)"></i><div class="tooltip-arrow"></div><div class="tooltip-inner"><div class="table papers-list"><div class="tbody"><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2176728" tabindex="0"><span>Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina</span></a></h3><div class="reference">IESE Business School Working Paper No. WP-1055-E</div><div class="note note-list"><span>Number of pages: 14</span><span tabindex="0">Posted: 17 Nov 2012</span><span>Last Revised: 02 Jun 2019</span></div></div><div class="downloads"><span>Downloads</span><span> 7,850</span></div></div><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2183603" tabindex="0"><span>Valoracion de una expropiacion: YPF y Repsol en Argentina (Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina)</span></a></h3><div class="reference">IESE Business School Working Paper No. WP-1055-E</div><div class="note note-list"><span>Number of pages: 14</span><span tabindex="0">Posted: 06 Dec 2012</span><span>Last Revised: 16 Jan 2018</span></div></div><div class="downloads"><span>Downloads</span><span> 6,260</span></div></div></div></div></div></div>                                    <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,850</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_182308" id="div_182308">                        <div class="actions">                            44.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=182308">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</a>                                </span>                                </h3>                                                                                                                                <div><i>EFMA 2001 Lugano Meetings</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 23</span>                                                                                                                    <span>Posted: 09 Jan 2000</span>                                                                                                                    <span>Last Revised: 16 Oct 2008</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,822</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1609563" id="div_1609563">                        <div class="actions">                            45.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1609563">Market Risk Premium Used in 2010 by Analysts and Companies: A Survey with 2,400 Answers</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 15</span>                                                                                                                    <span>Posted: 19 May 2010</span>                                                                                                                    <span>Last Revised: 24 May 2010</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1351397" target="_blank">Javier del Campo Baonza</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School and <i>affiliation not provided to SSRN</i>                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,799</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_303170" id="div_303170">                        <div class="actions">                            46.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=303170">Levered and Unlevered Beta</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 16</span>                                                                                                                    <span>Posted: 14 Mar 2002</span>                                                                                                                    <span>Last Revised: 17 Oct 2008</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,717</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1159045" id="div_1159045">                        <div class="actions">                            47.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1159045">Valoración de opciones reales: dificultades, problemas y errores (Valuing Real Options: Difficulties and Errors)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 12 Jul 2008</span>                                                                                                                    <span>Last Revised: 13 Oct 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,646</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1166703" id="div_1166703">                        <div class="actions">                            48.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1166703">La Prima de Riesgo del Mercado según 100 Libros (The Equity Premium in 100 Books)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 14</span>                                                                                                                    <span>Posted: 25 Jul 2008</span>                                                                                                                    <span>Last Revised: 16 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,601</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1407464" id="div_1407464">                        <div class="actions">                            49.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1407464">Betas Used by Professors: A Survey with 2,500 Answers</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 22</span>                                                                                                                    <span>Posted: 20 May 2009</span>                                                                                                                    <span>Last Revised: 02 Jun 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,516</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_1822422" id="div_1822422">                        <div class="actions">                            50.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1822422">Prima de riesgo del mercado utilizada para España: encuesta 2011 (The Equity Premium in Spain: Survey 2011)</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 10</span>                                                                                                                    <span>Posted: 26 Apr 2011</span>                                                                                                                    <span>Last Revised: 16 Jan 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=12696" target="_blank">Pablo Fernandez</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1181340" target="_blank">Javier Aguirreamalloa</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1148299" target="_blank">Luis Corres Avendaño</a>                                    </div>                                    <div class="afiliations">                                    IESE Business School, IESE Business School and IESE                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span> 7,205</span>                                                        </div>                            </div>                                        </div>                    </div>                                            <div class="results-footer">                                <div class="pagination"><ul>  <li class="curr"><strong>1</strong></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=2&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">2</a></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=3&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">3</a></li><li><a href="/sol3/JELJOUR_Results.cfm?npage=4&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">4</a></li><li>...</li><li><a href="/sol3/JELJOUR_Results.cfm?npage=40&form_name=Jel&code=M21&lim=false" class="jeljour_pagination_number" role="button" tabindex="0">40</a></li><li class="next"><a href="/sol3/JELJOUR_Results.cfm?npage=2&form_name=Jel&code=M21&lim=false" role="button" tabindex="0">Next</a></li><li class="total">40</li></ul><div class="go-to-page input-group form-group" onkeypress="return isNumberKey(event)"><input type="text" aria-label="Go to page" placeholder="Go to page" role="input"><button onclick="gotoPage(40,this.parentNode);" aria-label="Go" role="button"><i class="icon-gizmo-navigate-right" aria-hidden="true"></i></button></div></div> <script type="text/javascript" language="javascript">function isNumberKey(evt) {var charCode = (evt.which) ? evt.which : event.keyCodeif (charCode > 31 && (charCode < 48 || charCode > 57)) {return false;}return true;}function gotoPage(totalPages,caller){var gotopage = caller.getElementsByTagName('input')[0].value;if (gotopage == "" || gotopage == null) {alert('The page number field cannot be empty.  Please enter a page number and try again.');return false;} else if (gotopage < 1 || gotopage > totalPages) {alert('The requested page does not exist.');return false;}changePage('/sol3/JELJOUR_Results.cfm?npage='+gotopage+'&form_name=Jel&code=M21&lim=false');}$('.go-to-page input').keypress(function (e) {if (e.which == 13) {gotoPage(200,this.parentNode);return false;}});</script>                            </div>            </div></div>        <div class="feedback-tab-container">            <div class="feedback-tab" role="button" tabindex="0">                <span>Feedback</span>                <i class="icon icon-gizmo-comment" aria-hidden="true"></i>            </div>        </div>    <div id="feedbackModule" class="modal-wrapper"><div class="modal-custom feedback"><i class="icon-gizmo-delete modal-close" aria-label="Close modal" title="Close modal" role="button" tabindex="0"></i><div class="feedback-title">Feedback to SSRN</div><form name="formSuggestions" role="suggestions"><div class="feedback-description"><label for="txtFeedback"><span class="feedback-label">Feedback</span><span class="feedback-required">&nbsp;(required)</span></label><textarea id="txtFeedback" name="txtFeedback" maxlength="1000" placeholder="(1,000 Characters Max)" required></textarea></div><div class="feedback-email"><label for="txtEmail"><span class="feedback-label">Email</span><span class="feedback-required">&nbsp;(required)</span></label><input type="email" id="txtEmail" name="txtEmail" value="" required></div><button class="btn-orange btn-add-to-cart feedback-submit">Submit<i class="icon-gizmo-navigate-right" aria-hidden="true"></i></button></form><div class="modal-divider"></div><div class="feedback-information">If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday.</div></div></div><script language="javascript" type="text/javascript">var strServer = "privpapers.ssrn.com";var strSugPageName = "/sol3/JELJOUR_Results.cfm";var strIP = "3.236.175.108";var strFullUrl = "privpapers%2Essrn%2Ecom%2Fsol3%2FJELJOUR%5FResults%2Ecfm%3Fcode%3DM21";var sEmail = "";</script></div></div>    <link rel="stylesheet" type="text/css" href="https://maxcdn.bootstrapcdn.com/font-awesome/4.6.3/css/font-awesome.min.css"><!--FOOTER--><nav class="footer-integration footer-redesigned "><div class="container"><div class="row"><div class="footer-col">                    
        
            
        
            <div class="button-wrapper inline">
                <a href="https://privhq.ssrn.com/submissions/CreateNewAbstract.cfm" class="button-link secondary submit-paper-btn"  >
                    <span>Submit a Paper</span>
                    
                        <i class="icon icon-gizmo-navigate-right"></i>
                    
                </a>
            </div>
        
    
        
    <a class="section-508-link" href="https://privwww.ssrn.com/index.cfm/en/section-508/" title="Section 508 Text Only Pages">Section 508 Text Only Pages</a></div><div class="footer-col"><h4 data-toggle="collapse">SSRN Quick Links <i class="icon-gizmo-navigate-down" aria-hidden="true"></i></h4><ul class="footer-links collapsable"><li><a target="_blank" href="https://www.elsevier.com/solutions/ssrn" title="SSRN Solutions">SSRN Solutions</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/rps/" title="Research Paper Series">Research Paper Series</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/conferences/" title="Conference Papers">Conference Papers</a></li><li><a href="https://privpapers.ssrn.com/sol3/DisplayPipPublishers.cfm" title="Partners in Publishing">Partners in Publishing</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/Announcements-Jobs/" title="Jobs &amp; Announcements">Jobs &amp; Announcements</a></li><li><a target="_blank" href="https://communications.elsevier.com/webApp/els_doubleOptInWA?do=0&srv=els_SSRN&sid=153&uif=0&uvis=3" title="Newsletter Sign Up">Newsletter Sign Up</a></li></ul></div><div class="footer-col"><h4 data-toggle="collapse">SSRN Rankings <i class="icon-gizmo-navigate-down" aria-hidden="true"></i></h4><ul class="footer-links collapsable"><li><a href="https://privhq.ssrn.com/rankings/Ranking_display.cfm?TRN_gID=10" title="Top Papers">Top Papers</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/top-authors/" title="Top Authors">Top Authors</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/top-organizations/" title="Top Organizations">Top Organizations</a></li></ul></div><div class="footer-col"><h4 data-toggle="collapse">About SSRN <i class="icon-gizmo-navigate-down" aria-hidden="true"></i></h4><ul class="footer-links collapsable"><li><a href="https://privwww.ssrn.com/index.cfm/en/ssrns-objectives/" title="SSRN Objectives">SSRN Objectives</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/network-directors/" title="Network Directors">Network Directors</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/presidents-letter/" title="Presidential Letter">Presidential Letter</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/recent-announcements/" title="Announcements">Announcements</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/contactus/" title="Contact us">Contact us</a></li><li><a href="https://privwww.ssrn.com/index.cfm/en/ssrn-faq/" title="FAQs">FAQs</a></li></ul></div></div><ul class="footer-social-links"><li><a target="_blank" href="https://www.facebook.com/SSRNcommunity/" title="SSRN on Facebook" aria-label="Facebook" role="link"><i class="icon icon-social-facebook" aria-hidden="true"></i></a></li><li><a target="_blank" href="https://www.linkedin.com/company/493409?trk=tyah&trkInfo=clickedVertical%3Acompany%2CentityType%3AentityHistoryName%2CclickedEntityId%3Acompany_493409%2Cidx%3A0" title="SSRN on Linkedin" aria-label="Linkedin" role="link"><i class="icon icon-social-linkedin" aria-hidden="true"></i></a></li><li><a target="_blank" href="https://twitter.com/SSRN" title="SSRN on Twitter" aria-label="Twitter" role="link"><i class="icon icon-social-twitter" aria-hidden="true"></i></a></li></ul><div class="footer-elsevier"><div class="footer-left"><a class="logo-elsevier" target="_blank" href="http://www.elsevier.com/" title="Elsevier"></a></div><div class="footer-left"><div class="footer-links"><a href="https://privwww.ssrn.com/index.cfm/en/dmca-notice-policy/" title="Copyright">Copyright</a><a href="https://privwww.ssrn.com/index.cfm/en/terms-of-use/" title="Terms and Conditions">Terms and Conditions</a><a target="_blank" href="https://www.elsevier.com/legal/privacy-policy" title="Privacy Policy">Privacy Policy</a></div><div class="footer-text"><p>We use cookies to help provide and enhance our service and tailor content.<br/>By continuing, you agree to the use of cookies. To learn more, visit <a href="https://www.ssrn.com/index.cfm/en/ssrn-faq/#cookies">our Cookies page</a>.<span class="icon-gizmo-lightning alwaysshowme"><span class="tooltip top" role="tooltip"><span class="tooltip-arrow"></span><span class="tooltip-inner">This page was processed by aws-apollo4 in <span id="serverTime">  0.989</span> seconds <span id="loadingtime"></span></span></span></span></p></div></div><div class="footer-right"><a class="logo-relx" target="_blank" href="http://www.relx.com/" title="RELX"></a></div></div></div></nav><!--END FOOTER--><script src="https://privstatic.ssrn.com/cfincludes/generic-toastr/generic-toastr.js"></script>        <script src="https://privstatic.ssrn.com/cfincludes/feedback-module/feedback-module.js"></script>        <script src="https://privpapers.ssrn.com/sol3/Scripts/versions-groups.js?v=410"></script><script src="https://maxcdn.bootstrapcdn.com/bootstrap/3.3.7/js/bootstrap.min.js"        integrity="sha384-Tc5IQib027qvyjSMfHjOMaLkfuWVxZxUPnCJA7l2mCWNIpG9mGCD8wGNIcPD7Txa"        crossorigin="anonymous"></script><script language="javascript">function changePage(strURL){        document.searchForm.action = strURL;        document.searchForm.submit();}function removeST(intST) {    var lstCurrST = document.getElementById("strSearchTerm").value.split(",");    var lstNewST = "";    for (i = 0; i < lstCurrST.length; i++) {        if (i != (intST - 1)) {            if (lstNewST == "") {                lstNewST = lstCurrST[i];            } else {                lstNewST = lstNewST + "," + lstCurrST[i];            }        }    }    document.searchForm.strSearchTerm.value = lstNewST;    document.searchForm.strSearchTerm.value = lstNewST;    if (lstNewST.length < 1) {        // force original Sphinx search        document.searchForm.iSearchWithinDone.value = 0;    }    document.searchForm.submit();}function resortResults(intType) {    let sortType = "ab_title";    let sortOrder = "asc";    if (intType == 1) {        sortType = "ab_title";        sortOrder = "asc";    } else if (intType == 2) {        sortType = "ab_title";        sortOrder = "desc";    } else if (intType == 3) {        sortType = "numHits";        sortOrder = "asc";    } else if (intType == 4) {        sortType = "numHits";        sortOrder = "desc";    } else if (intType == 5) {        sortType = "ab_approval_date";        sortOrder = "asc";    } else if (intType == 6) {        sortType = "ab_approval_date";        sortOrder = "desc";    }    document.searchForm.orderBy.value = " " + sortType + " " + sortOrder + " ";    if (document.searchForm.action.indexOf("orderBy") != -1) {        document.searchForm.action = document.searchForm.action.replace(/orderBy=.*?&/, "orderBy=" + sortType + "&");    } else {        document.searchForm.action += "&orderBy=" + sortType;    }    if (document.searchForm.action.indexOf("orderDir") != -1) {        document.searchForm.action = document.searchForm.action.replace(/orderDir=.*?&/, "orderDir=" + sortOrder + "&");    } else {        document.searchForm.action += "&orderDir=" + sortOrder;    }    document.searchForm.strSelectedOption.value = intType;    if (document.searchForm.action.indexOf("strSelectedOption") != -1) {        document.searchForm.action = document.searchForm.action.replace(/strSelectedOption=./, "strSelectedOption=" + intType);    } else {        document.searchForm.action += "&strSelectedOption=" + intType;    }    document.searchForm.submit();}function filterByJournal(intType) {    document.searchForm.action = "?form_name=journalBrowse&journal_id=" + intType;    document.searchForm.submit();}$('.more-collapse').on('click', function (ev) {    ev.preventDefault();    if ($(this).html() != "More...") {        $(this).parent().prev().hide();        $(this).html("More...")    } else {        $(this).parent().prev().show();        $(this).html("Collapse...");    }});$('.search-within-btn').on('click', function () {    $('.search-within').show();    $(this).hide();});$('.popover-curtain').on('click', function () {    $('.link-to-this-page').popover('hide');    $(this).hide();});$('.link-to-this-page')        .popover({            trigger: 'manual',            html: 'true',            placement: 'bottom',            content: function () {                $('.popover-curtain').show();                return $('#divContentLinkToThisPage').html();            }        })        .on('click', function (e) {            $(this).popover('show');            e.preventDefault();        });</script></body></html>