Joseph Tham

Educational Independent Consultant

SCHOLARLY PAPERS

109

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111,021

SSRN CITATIONS
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Top 8,487

in Total Papers Citations

31

CROSSREF CITATIONS

121

Scholarly Papers (109)

1.

Market Value Calculation and the Solution of Circularity Between Value and the Weighted Average Cost of Capital WACC (A Note on the Weighted Average Cost of Capital WACC)

Revista de Administração Mackenzie (RAM), Vol. 10, No. 6, November-December 2009
Number of pages: 62 Posted: 08 Feb 2001 Last Revised: 17 Feb 2016
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 9,622 (634)
Citation 11

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital

2.

Risk-Neutral Valuation: A Gentle Introduction (1)

Number of pages: 55 Posted: 12 Nov 2001
Joseph Tham
Educational Independent Consultant
Downloads 9,103 (701)
Citation 2

Abstract:

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Risk-neutral valuation

3.

Prospective Analysis: Guidelines for Forecasting Financial Statements

INVESTMENT MANAGEMENT: A MODERN GUIDE TO SECURITY ANALYSIS AND STOCK SELECTION, Ramanna Vishwanath, Chandrasekhar Krishnamurti, eds., 2009
Number of pages: 78 Posted: 31 Oct 2007 Last Revised: 01 Apr 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 6,971 (1,123)

Abstract:

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Financial statements forecasting, sensitivity analysis, cash flows, plug, financial statement balancing

4.

Do the Rim (Residual Income Model), Eva(R) and DCF (Discounted Cash Flow) Really Match?

Working Paper No. 25
Number of pages: 28 Posted: 17 Mar 2003
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 6,801 (1,173)
Citation 6

Abstract:

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Economic Value Added, EVA, Market Value Added, MVA, Net Present Value, NPV, cash flows, free cash flows, market value of equity, market value of the firm

5.

Equivalence between Discounted Cash Flow (DCF) and Residual Income (Ri)

Fulbright Economics Teaching Program
Number of pages: 18 Posted: 17 Mar 2001
Joseph Tham
Educational Independent Consultant
Downloads 4,678 (2,245)

Abstract:

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Economic Value Added, Residual Income Model, Free Cash Flow

6.

A Note on the Weighted Average Cost of Capital WACC (Nota Sobre El Costo Promedio De Capital)

Monografías No 62, Serie de Finanzas, La medición del valor y del costo de capital en la empresa, Facultad de Administración de la Universidad de los Andes, July 2002, pp. 61-98
Number of pages: 30 Posted: 10 Aug 2001 Last Revised: 22 Oct 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 3,700 (3,342)
Citation 1

Abstract:

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Weighted Average Cost of Capital, WACC, firm valuation, capital budgeting, equity cost of capital

7.

Return to Equity in Project Finance for Infrastructure

Fulbright Economics Teaching Program Working Paper
Number of pages: 16 Posted: 10 Mar 2000
Joseph Tham
Educational Independent Consultant
Downloads 3,462 (3,744)
Citation 1

Abstract:

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8.

Top 9 (Unnecessary and Avoidable) Mistakes in Cash Flow Valuation

Number of pages: 16 Posted: 19 Feb 2004 Last Revised: 02 Apr 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 3,007 (4,818)
Citation 7

Abstract:

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Cost of capital, WACC, valuation

9.

Practical Equity Valuation: A Simple Approach

Number of pages: 27 Posted: 26 Jul 2000
Joseph Tham
Educational Independent Consultant
Downloads 2,866 (5,225)
Citation 2

Abstract:

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Multiperiod WACC, Equity Valuation, Cost of Capital

10.

The Unbearable Lightness of Eva in Valuation

Fulbright Economics Teaching Program, HCMC, Vietnam
Number of pages: 40 Posted: 15 May 2001
Joseph Tham
Educational Independent Consultant
Downloads 2,482 (6,627)

Abstract:

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Economic value added, residual income model, discounted cash flow

11.

Do the Rim (Residual Income Model), Eva(R) and Dcf (Discounted Cash Flow) Really Match? (Coinciden Eva(R) Y Utilidad Economica (Ue) Con Los Metodos De Flujo De Caja Descontado En Valoracion De Empresas?) (Spanish Version)

"¿Coinciden EVA y Utilidad Económica (UE) con los métodos de flujo de caja descontado en valoración de empresas?". Bogotá: Poliantea, No. 1, mayo, 2004. pp. 89 – 108.
Number of pages: 34 Posted: 06 Aug 2003 Last Revised: 12 Nov 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 2,462 (6,708)

Abstract:

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Economic Value Added, EVA, Market Value Added, MVA, Net Present Value, NPV, cash flows, free cash flows, market value of equity, market value of the firm

Estimación Flujos de Caja Para Evaluación de Proyectos y Valoración de Empresas (Estimating Cash Flows for Project Assessment and Firm Valuation)

I. Velez-Pareja & J. Tham, TOPICOS EN VALORACIÓN DE ACTIVOS NO FINANCIEROS, Fondo Editorial EAFIT, 2012
Number of pages: 43 Posted: 02 Feb 2012 Last Revised: 12 Mar 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 1,089 (23,781)

Abstract:

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Free cash flow, debt cash flow cash flow to equity, capital cash flow, tax savings, operating cash flow

Estimating Cash Flows for Project Appraisal and Firm Valuation

Number of pages: 37 Posted: 23 Feb 2010 Last Revised: 19 Apr 2015
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 1,007 (26,683)

Abstract:

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Cash Flows, Free Cash Flow, Cash Flow To Equity, Cash Flow To Debt, Capital Cash Flow, Tax Savings

13.
Downloads 1,929 ( 9,973)
Citation 1

An Introduction to the Cost of Capital

Number of pages: 27 Posted: 22 Mar 2010 Last Revised: 12 Dec 2015
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 1,032 (25,734)
Citation 1

Abstract:

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Cost of capital, weighted average cost of capital, cost of levered equity, Tax Savings

Una Introducción Al Costo De Capital (An Introduction to the Cost of Capital)

Topicos en Valoración de Activos no financieros: Fondo Editorial EAFIT, 2012
Number of pages: 33 Posted: 02 Feb 2012 Last Revised: 17 Sep 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 897 (31,478)

Abstract:

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Cost of capital, weighted average cost of capital, cost of levered equity, Tax Savings

14.

Mas Alla de Las Proyecciones: El valor Terminal. (Beyond Forecasting Peridod: The Terminal Value)

Topicos en Valoración de Activos no financieros. Fondo Editorial (EAFIT), 2012
Number of pages: 20 Posted: 27 Jan 2012 Last Revised: 19 Jun 2012
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 1,879 (10,408)

Abstract:

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WACC, perpetuities, terminal value, tax savings

15.

Eva(C) Made Simple: Is it Possible?

Number of pages: 12 Posted: 20 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 1,816 (10,965)
Citation 4

Abstract:

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EVA, economic value added, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cost of levered equity, cost of unlevered equity, tax savings

16.

Financial Discount Rates in Project Appraisal

Harvard Institute for International Development Working Paper No. 706
Number of pages: 40 Posted: 24 Jan 2000
Joseph Tham
Educational Independent Consultant
Downloads 1,810 (11,021)

Abstract:

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17.

Modeling the Impacts of Inflation in Investment Appraisal

Number of pages: 53 Posted: 13 May 2002
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,772 (11,427)
Citation 1

Abstract:

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Project evaluation; Impacts of inflation

18.

Equivalence between the Fcf Method, the Ccf Method and the Apv Approach

Number of pages: 25 Posted: 26 Feb 2002
Joseph Tham and Nicholas X. Wonder
Educational Independent Consultant and Western Washington University - College of Business & Economics
Downloads 1,668 (12,578)
Citation 2

Abstract:

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WACC, Free cash flow, Capital cash flow, Adjusted present value, Risk-neutral valuation

19.

Risk-Neutral Valuation: A Gentle Introduction (2)

Number of pages: 29 Posted: 03 Dec 2001
Joseph Tham
Educational Independent Consultant
Downloads 1,482 (15,162)

Abstract:

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Risk-neutral valuation, Cost of Capital

20.

Conceptual Issues in Financial Risk Analysis: A Review for Practitioners

Number of pages: 38 Posted: 13 Mar 2001
Joseph Tham and Lora Sabin
Educational Independent Consultant and Harvard University - Harvard Kennedy School (HKS)
Downloads 1,439 (15,900)

Abstract:

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Risk analysis; Discount rates; Criteria for assessing risk; Certainty equivalents; Multiple risk-adjusted discount rates

21.

Weighted Average Cost of Capital (Wacc) with Risky Debt: A Simple Exposition (I)

Number of pages: 19 Posted: 18 Nov 2002
Joseph Tham
Educational Independent Consultant
Downloads 1,408 (16,467)

Abstract:

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multi-period WACC, cost of capital, risky debt

22.

Consistent Value Estimates from the Discounted Cash Flow (DCF) and Residual Income (Ri) Models in M & M Worlds Without and with Taxes

Fulbright Economics Teaching Program (FETP)
Number of pages: 34 Posted: 29 Nov 2000
Joseph Tham
Educational Independent Consultant
Downloads 1,332 (17,902)

Abstract:

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Cost of capital, weighted average cost of capital (WACC), cash flow to equity, residual income model, discounted cash flow model, valuation, return to equity

23.

An Embarrassment of Riches: Winning Ways to Value with the WACC

Number of pages: 13 Posted: 17 Jul 2009 Last Revised: 06 Apr 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,319 (18,170)
Citation 9

Abstract:

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multi-period WACC, cost of capital

24.

Equivalence between Discounted Cash Flow (DCF) and Residual Income (Ri) (Su Tuong Duong Giua Dong Tien Chiet Khau Va Thu Nhap Rong)

Financial Project Appraisals Working Paper No. 001-2003
Number of pages: 20 Posted: 05 May 2003
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 1,236 (20,015)

Abstract:

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Economic Value Added, Residual Income Model, Cash Flow Model

25.

The Correct Discount Rate for the Tax Shield: The N-Period Case

Fulbright Economics Teaching Program
Number of pages: 48 Posted: 09 May 2001
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 1,224 (20,325)
Citation 21

Abstract:

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Value of Tax Shield

26.

Estimating the Cost of Capital with Debt Financing in a Foreign Currency

Number of pages: 18 Posted: 30 Jun 2003
Joseph Tham
Educational Independent Consultant
Downloads 1,002 (27,294)

Abstract:

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WACC, foreign loan, cost of debt

27.

The Non-Conventional Wacc with Risky Debt and Risky Tax Shield

Number of pages: 17 Posted: 05 Dec 2001
Joseph Tham and Nicholas X. Wonder
Educational Independent Consultant and Western Washington University - College of Business & Economics
Downloads 1,001 (27,324)
Citation 12

Abstract:

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WACC theory

28.

Consistent Valuation of a Finite Stream of Cash Flows with a Terminal Value

Number of pages: 33 Posted: 29 Apr 2002
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 997 (27,496)
Citation 1

Abstract:

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29.

The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories)

Working Paper No. 11, Financial Project Appraisals Working Paper No. 002-03
Number of pages: 18 Posted: 17 May 2001
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 986 (27,922)

Abstract:

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Cost-Benefit Analysis, Capital Budgeting, Project evaluation

30.

The Present Value of the Tax Shield (Pvts) for Fcf in Perpetuity with Growth

Number of pages: 21 Posted: 08 Jan 2003
Joseph Tham
Educational Independent Consultant
Downloads 978 (28,226)

Abstract:

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Present value of the tax shield, risk neutral valuation

31.

The Miles & Ezzell (M & E) Wacc Reconsidered

Number of pages: 34 Posted: 04 Feb 2002
Joseph Tham and Andreas Loeffler
Educational Independent Consultant and Freie Universität Berlin
Downloads 935 (30,131)
Citation 4

Abstract:

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Risk-neutral valuation, WACC Theory

32.

The Mismatching of Apv and the DCF in Brealey, Myers and Allen 8th Edition of Principles of Corporate Finance, 2006

Number of pages: 5 Posted: 21 Sep 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 904 (31,601)

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

33.

Computer, Computer, on the Wall, Which Cost of Capital is Fairest, of Them All?

Number of pages: 11 Posted: 10 Apr 2002 Last Revised: 31 Mar 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 890 (32,303)

Abstract:

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WACC; Cost of capital; Free cash flow (FCF); Capital cash flow (CCF); Cash flow to equity (CFE)

34.

Wacc, Value of Tax Savings and Terminal Value for Growing and Non Growing Perpetuities

Number of pages: 41 Posted: 30 Aug 2005 Last Revised: 17 Oct 2007
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 846 (34,627)
Citation 4

Abstract:

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WACC, perpetuities, terminal value, tax savings

35.

Constant Leverage Modeling: A Reply to 'a Tutorial on the Mckinsey Model for Valuation of Companies'

Number of pages: 19 Posted: 07 Jun 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 824 (35,869)

Abstract:

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Valuation, free cash flow, discounting, accounting data

36.

Present Value of the Tax Shield: A Note

Harvard Institute for International Development Working Paper No. 695
Number of pages: 16 Posted: 24 Jan 2000
Joseph Tham
Educational Independent Consultant
Downloads 784 (38,437)

Abstract:

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37.

Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation. The Treatment with Dcf and Eva(C) (in Spanish)

Number of pages: 36 Posted: 05 Sep 2003 Last Revised: 23 Jun 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 783 (38,487)
Citation 3

Abstract:

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Economic Value Added, EVA, Market Value Added, MVA, residual income model, utilidad, economica, valor presente neto (VPN), flujos de cja, flujos de caja libre, valor de Mercado del patrimonio, valor de la firma, perdidas amortizadas, losses carried forward, perdida en cambio, deuda en moneda etanjera, foreign exchange loss, foreign exchange debt, renta presuntiva, presumptive income, ajustes por inflacion a los estados financieros, inflation adjustments to the financial statements

38.

VAIC: New Financial Performance Metric and Valuation Tool

Cuadernos Latinoamericanos de Administración. Volumen IX Número 16. Enero - Junio de 2013. pp 9-20
Number of pages: 12 Posted: 13 May 2012 Last Revised: 06 Sep 2013
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 776 (38,972)

Abstract:

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Performance measurement, Economic Value Added, EVA, Residual income, Residual operating income, Valuation

Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields

Mays Business School Research Paper No. 2011-12
Number of pages: 11 Posted: 10 Aug 2010 Last Revised: 19 Dec 2011
Educational Independent Consultant, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 433 (81,262)
Citation 4

Abstract:

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Cost of levered equity, firm valuation, tax shields, discount rate for tax shields, risk of tax shields

Costo de Capital con Costo del Patrimonio Apalancado Como el Riesgo de los Escudos Fiscales (Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields)

Revista Emprendedorismo y Estrategia Organizacional, Vol. 1, No. 2, pp. 15-19, 2011, Mays Business School Research Paper No. 2011-10
Number of pages: 14 Posted: 01 Oct 2010 Last Revised: 05 Aug 2013
Educational Independent Consultant, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 333 (110,061)

Abstract:

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Cost of levered equity, firm valuation, tax shields, discount rate for tax shields, risk of tax shields

40.

Eva© Made Simple: Is it Possible? (Una Forma Sencilla De Calcular El Eva© )

Number of pages: 14 Posted: 04 May 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 704 (44,486)

Abstract:

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EVA, economic value added, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, cost of levered equity, cost of unlevered equity, tax savings

41.

Multiperiod Financial Discount Rates in Project Appraisal

Harvard Institute for International Development Working Paper No. 712
Number of pages: 28 Posted: 24 Jan 2000
Joseph Tham
Educational Independent Consultant
Downloads 660 (48,492)

Abstract:

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42.

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields', Including an Arbitrage Opportunity

The Quarterly Review of Economics and Finance, Vol. 45, No. 1, pp. 188-192, February 2005
Number of pages: 8 Posted: 31 Dec 2003 Last Revised: 01 Apr 2009
Western Washington University - College of Business & Economics, Ernst & Young, The Netherlands, Free University of Berlin (FUB) - Department of Business and Economics, University of Hannover - Economics and Business Administration Area, Freie Universität Berlin, Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 640 (50,433)
Citation 1

Abstract:

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Present value of tax shield, perpetuities

43.

Valuation in an Inflationary Environment

Number of pages: 65 Posted: 08 Oct 2002
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 635 (50,987)
Citation 4

Abstract:

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Project evaluation, engineering economy, NPV, Net Present Value, inflation, constant price methodology, current price methodology, nominal price methodology, free cash flows, pro-forma financial statements, relative prices

Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach

Management Research News, Vol. 28, No. 10, pp. 65-92, January 2005
Number of pages: 32 Posted: 02 Feb 2005 Last Revised: 02 May 2009
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 609 (53,220)
Citation 1

Abstract:

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Adjusted Present Value, APV, weighted average cost of capital, circularity problem, discounted cash flow, DCF equity value, cost of equity

Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach

Management Research News, Vol. 28, No. 10, pp. 65-92, January 2005
Posted: 16 May 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant

Abstract:

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Adjusted Present Value, APV, weighted average cost of capital, circularity problem, discounted cash flow, DCF equity value, cost of equity

45.

With Subsidized Debt How Do We Adjust the Wacc?

Number of pages: 8 Posted: 31 Mar 2005
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 607 (54,099)

Abstract:

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WACC, cost of capital, subsidized debt, valuation of cash flows, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

46.

Financial Discount Rates in Project Appraisal (Suat Chiet Khau Tai Chinh Trong Tham Dinh Du an) (Vietnamese Version)

Financial Project Appraisals Working Paper No. 005-2003
Number of pages: 43 Posted: 08 Sep 2003
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 607 (54,099)

Abstract:

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cost-benefit analysis, capital budgeting, project evaluation

47.

Discrete Option Pricing: A Simplified Exposition (Part I)

Number of pages: 61 Posted: 26 Jul 2000
Joseph Tham
Educational Independent Consultant
Downloads 592 (55,831)

Abstract:

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Discrete Option Pricing, Risk-neutral valuation

48.

Constructing the Free Cash Flow (Fcf) with Retention of Surplus Funds: The No Tax Case

Number of pages: 39 Posted: 27 Mar 2003
Joseph Tham
Educational Independent Consultant
Downloads 571 (58,336)

Abstract:

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free cash flow, investment of surplus funds

49.

Modeling Cash Flows with Constant Leverage: A Note

Number of pages: 8 Posted: 12 Jul 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 562 (59,545)

Abstract:

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WACC, constant leverage, cash flows

50.

Adjustment of the Wacc with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case

Estudios de Administración, Vol. 12, No. 2, pp. 45-66, 2005
Number of pages: 16 Posted: 31 Mar 2005 Last Revised: 01 Apr 2009
Grupo Consultor CAV Capital Advisory & Valuation, Educational Independent Consultant and Adolfo Ibanez University
Downloads 552 (60,915)

Abstract:

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Adjusted Present Value, APV, weighted average cost of capital, discounted cash flow, DCF equity value, cost of equity, WACC, subsidized debt with taxes, valuation of cash flows, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow

51.

Constant Leverage and Constant Cost of Capital: A Common Knowledge Half-Truth

Estudios Gerenciales, Vol. 24, No. 107, pp. 13-34, June 2008
Number of pages: 21 Posted: 02 Jul 2007 Last Revised: 26 Jun 2012
Grupo Consultor CAV Capital Advisory & Valuation, Russian Presidential Academy of National Economy and Public Administration and Educational Independent Consultant
Downloads 550 (61,192)
Citation 2

Abstract:

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WACC, constant cost of capital, constant leverage, cash flows

52.

Hershey Chocolate in Two Flavors: Kd and Ku

Number of pages: 19 Posted: 20 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 547 (61,632)
Citation 1

Abstract:

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings, cash flows, Copeland, Hershey

53.

Discrete Option Pricing: A Simplified Exposition (Part Ii)

Fulbright Economics Teaching Program, Teaching Note
Number of pages: 57 Posted: 24 Oct 2000
Joseph Tham
Educational Independent Consultant
Downloads 546 (61,787)

Abstract:

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Discrete Option Pricing, Risk Neutral Valuation

54.

Will the Deflated WACC Please Stand Up? And the Real WACC Should Sit Down

Cuadernos Latinoamericanos de Administración, Vol. VI No. 12, Julio- Diciembre 2011
Number of pages: 17 Posted: 29 May 2010 Last Revised: 15 Jul 2013
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 544 (62,064)
Citation 1

Abstract:

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Weighted Average Cost Of Capital, WACC, Firm Valuation, Capital Budgeting, Deflated WACC, Real WACC, Inflation

55.

Company Valuation in an Emerging Economy - Caldonia: A Case Study

The Valuation Journal, Vol. 5, No. 2, pp. 4-45, 2010
Number of pages: 25 Posted: 01 Nov 2010 Last Revised: 28 Aug 2011
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 539 (62,747)

Abstract:

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Free cash flows, equity and firm value, Losses carried forward, exchange losses, presumptive Income, inflation adjustments to Financial Statements

56.

Horsing Around with Clean Surplus Relations

Number of pages: 19 Posted: 06 Feb 2001
Joseph Tham
Educational Independent Consultant
Downloads 535 (63,312)
Citation 1

Abstract:

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Multi-period WACC, Residual Income (RI) model, Cash Flow to Equity (CFE), Cash Flow (CF) model

57.

Multiperiod Financial Discount Rates in Project Appraisal: The No-Tax Case (Suat Chiet Khau Tai Chinh Nhieu Giai Doan Trong Tham Dinh Du an: Truong Hop Khong Co Thue)

Fulbright Economics Teaching Program Working Paper
Number of pages: 40 Posted: 10 Mar 2000
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 530 (64,025)

Abstract:

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58.

The Correct Formula for the Return to Levered Equity (for Finite Cash Flows with Zero Growth) with Respect to the M&E Wacc

Number of pages: 8 Posted: 31 Mar 2005
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 520 (65,582)

Abstract:

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M&E WACC, tax shields

59.

For Finite Cash Flows, What is the Correct Formula for the Return to Levered Equity?

Number of pages: 4 Posted: 11 May 2004 Last Revised: 31 Mar 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 516 (66,219)
Citation 6

Abstract:

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Present value of the tax shield, formulation for Ke, cost of levered equity, cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings, growth rate for the free cash flow

60.

An Integrated, Consistent Market-Based Framework for Valuing Finite Cash Flows

Management Research News, Vol. 28, No. 10, pp. 65-92
Number of pages: 23 Posted: 02 Feb 2005 Last Revised: 01 Apr 2009
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 509 (67,330)

Abstract:

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Multiperiod WACC, firm valuation, levered equity, valuation with EVA, cost of equity

61.

Consistency in Chocolate. A Fresh Look at Copeland's Hershey Foods & Co Case

Number of pages: 11 Posted: 19 Feb 2004
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 502 (68,526)

Abstract:

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Cash flows, Copeland, Hershey, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, cost of unlevered equity, tax savings

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Number of pages: 30 Posted: 09 May 2003
Educational Independent Consultant, Grupo Consultor CAV Capital Advisory & Valuation and Western Washington University - College of Business & Economics
Downloads 497 (68,712)

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Present value of tax shield

Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Posted: 30 Dec 2004
Ernst & Young, The Netherlands, Grupo Consultor CAV Capital Advisory & Valuation, Free University of Berlin (FUB) - Department of Business and Economics, University of Hannover - Economics and Business Administration Area, Freie Universität Berlin, Educational Independent Consultant and Western Washington University - College of Business & Economics

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Present value of tax shield, perpetuities

63.

Valuation of Cash Flows with Constant Leverage: Further Insights

Number of pages: 13 Posted: 30 Jan 2006
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 469 (74,528)
Citation 4

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WACC, constant leverage, cash flows

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

65.

The Tyranny of Rounding Errors: The Mismatching of APV and the DCF in Perpetuities in Brealey and Myers 6th and 7th Edition of Principles of Corporate Finance

Number of pages: 9 Posted: 16 Apr 2007 Last Revised: 20 Dec 2008
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 440 (80,467)

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, Adjusted Present Value, APV, Discounted Cash Flow, DCF, weighted average cost of capital, WACC, cost of unlevered equity, tax savings

66.

Consistent Valuation in the Two-Period Case: A Pedagogical Note

Number of pages: 9 Posted: 31 Aug 2000
Joseph Tham
Educational Independent Consultant
Downloads 427 (83,347)

Abstract:

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Valuation, WACC, Cost of Capital, Tax shield

67.

Revised Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields'

Number of pages: 7 Posted: 25 Nov 2003
Western Washington University - College of Business & Economics, Grupo Consultor CAV Capital Advisory & Valuation, Educational Independent Consultant, Freie Universität Berlin and Ernst & Young, The Netherlands
Downloads 391 (92,281)
Citation 13

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Present value of tax shield, perpetuities

68.

Modeling Cash Flows with Constant Leverage: A Note (in Spanish)

Number of pages: 9 Posted: 12 Jul 2005
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 388 (93,095)
Citation 1

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WACC, constant leverage, cash flows

69.

Unconventional Wisdom on Psi, the Appropriate Discount Rate for the Tax Shield

Number of pages: 26 Posted: 10 Sep 2001
Joseph Tham and Nicholas X. Wonder
Educational Independent Consultant and Western Washington University - College of Business & Economics
Downloads 369 (98,586)
Citation 7

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Discount Rate for Tax Shield

70.

Framework for Economic Appraisal: A Simple Exposition of Harberger's Approach

Number of pages: 39 Posted: 26 Jun 2002
Joseph Tham
Educational Independent Consultant
Downloads 354 (103,411)

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Project appraisal, economic price, consumer surplus, producer surplus, Harberger Triangle

71.

Risk-Neutral Valuation: A Gentle Introduction (1) Dinh Gia Theo Rui Ro-Trung Hoa: Phan Gioi Thieu (1) (Vietnamese Version)

Number of pages: 60 Posted: 04 Feb 2004
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 338 (108,874)

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Cost-Benefit Analysis, Capital Budgeting, Project Evaluation

72.

Much Ado About Nothing: A Non-Technical Comment on the Present Value of the Tax Shield (Pvts)

Working Paper No. 23
Number of pages: 8 Posted: 02 Dec 2002
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 307 (120,822)
Citation 1

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risk of the tax shield, present value of tax shield

73.

Practical Equity Valuation: A Simple Approach - Dinh Gia Von Chu so Huu Tren Thuc Te:Mot Phuong Phap Don Gian (Vietnamese Version)

Number of pages: 27 Posted: 10 Jan 2004
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 304 (122,154)

Abstract:

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Asset Pricing, Capital Budgeting

74.

Impact of Taxes on Multiperiod Financial Discount Rates

Fulbright Economics Teaching Program Working Paper
Number of pages: 61 Posted: 10 Mar 2000
Joseph Tham
Educational Independent Consultant
Downloads 301 (123,448)

Abstract:

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75.

The Non-Conventional Wacc with Risky Debt and Risky Tax Shield (Wacc Dac Biet Doi Voi No Co Rui Ro Va La Chan Thue Co Rui Ro) (Vietnamese Version)

Financial Project Appraisals Working Paper No. 003-2003
Number of pages: 20 Posted: 31 Jul 2003
affiliation not provided to SSRN, Educational Independent Consultant and Western Washington University - College of Business & Economics
Downloads 299 (124,343)

Abstract:

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Cost-Benefit Analysis, Capital Budgeting, Project evaluation

76.

Estimating the Cost of Capital with Debt Financing in a Foreign Currency (Uoc Luong Chi Phi Von Dau Tu Co No Vay Ngoai Te) (Vietnamese Version)

Financial Project Appraisals Working Paper No. 004-2003
Number of pages: 19 Posted: 23 Jul 2003
Tran Viet Thang and Joseph Tham
affiliation not provided to SSRN and Educational Independent Consultant
Downloads 291 (127,891)

Abstract:

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77.

EVA Performance Measurement is Faulty: So You May Be Persuaded to Switch to a Robust OEVA-TEVA Alternative

Number of pages: 26 Posted: 17 Feb 2013 Last Revised: 15 Aug 2019
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 270 (138,292)

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Financial performance measurement, economic value added, operating EVA, total EVA, residual income, valuation model, market value added

78.

Analytical Solution for Optimal Capital Structure in Perpetuities

Number of pages: 7 Posted: 15 Dec 2010 Last Revised: 19 Oct 2011
Educational Independent Consultant, Grupo Consultor CAV Capital Advisory & Valuation and Texas A&M University - Department of Finance
Downloads 269 (138,800)

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Firm valuation, optimal capital structure, discount rate for tax shields

79.

Reconciling the Two Definitions of the Present Value of the Tax Shield (Pvts)

Number of pages: 43 Posted: 24 Oct 2002
Joseph Tham
Educational Independent Consultant
Downloads 251 (148,853)
Citation 2

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Tax shield, risk of tax shield, WACC, Cost of Capital

80.

The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories) (Chen Thanh Trong Tim Kiem Gia Tri (Theo CAC Mo Hinh Alpha Va Ly Thuyet Omega)

Financial Project Appraisals Working Paper No. 002-03
Number of pages: 20 Posted: 25 Jun 2003
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 242 (154,176)

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81.

How the Regulator Overpays Investor? A Simple Exposition of the Principles of Tariff Setting

Number of pages: 11 Posted: 05 Aug 2007
Grupo Consultor CAV Capital Advisory & Valuation, Russian Presidential Academy of National Economy and Public Administration, Educational Independent Consultant and Universidad Tecnológica de Bolívar (UTB)
Downloads 205 (180,565)

Abstract:

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WACC, taxes, regulation, tariff regulation

82.

Mejora de la Medición del Desempeño con el vea (EVA) Operativo Y Total (Sharpening Performance Measurement with the Operating and Total EVA)

Number of pages: 19 Posted: 01 Apr 2013 Last Revised: 13 Apr 2013
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 201 (183,937)

Abstract:

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financial performance measurement, economic value added, operating EVA, total EVA, residual income, valuation model, market value added

83.

Inter-Temporal Resolution of Risk: The Case of the Tax Shield

Number of pages: 30 Posted: 05 May 2002
Joseph Tham and Nicholas X. Wonder
Educational Independent Consultant and Western Washington University - College of Business & Economics
Downloads 201 (183,937)
Citation 1

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Inter-temporal resolution of risk, tax shield

84.

Consistent Valuation in the Two-Period Case: A Pedagogical Note (Dinh Gia Thong Nhat Trong Truong Hop Hai Giai Doan: Bai Viet Giang Day) (Vietnamese Version)

Financial Project Appraisals Working Paper No. 006-2003
Number of pages: 10 Posted: 08 Sep 2003
Joseph Tham and Tran Viet Thang
Educational Independent Consultant and affiliation not provided to SSRN
Downloads 179 (203,914)

Abstract:

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capital budgeting

85.

Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation: Matching DCF and EVA©

Number of pages: 42 Posted: 24 Jul 2010
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 118 (284,833)

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Economic Value Added, EVA, Market Value Added, MVA, Residual Income, economic profit, free cash flows, market value of equity, market value of firm, Losses carried forward, exchange losses, presumptive Income, inflation adjustments to the Financial Statements

86.

Project Appraisal Simplified

Number of pages: 7 Posted: 20 Dec 2009
Joseph Tham
Educational Independent Consultant
Downloads 114 (291,744)

Abstract:

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Project Appraisal

87.

Two Fundamental Principles for Cash Flow Valuation (CFV)

Number of pages: 14 Posted: 30 May 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 89 (343,549)

Abstract:

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

88.

Finanzas Corporativas y Decisiones de Inversión (Corporate Finance and Investment Decisions)

Number of pages: 690 Posted: 04 Mar 2021
Grupo Consultor CAV Capital Advisory & Valuation, Educational Independent Consultant and Universidad Tecnológica de Bolívar
Downloads 82 (363,735)

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Matemáticas financieras, decisiones, flujos de caja, costo de capital, valor terminal, valoración Time value of money, investment decisions, construction of financial statements, cash flows for valuation purposes, terminal value

89.

Financial Modeling & Valuation: An Applied Integrated Framework for Practitioners

Financial Modeling & Valuation, Forthcoming
Number of pages: 41 Posted: 06 May 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 60 (427,433)

Abstract:

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

90.

The Unbearable Longevity of the Classic Free Cash Flow (FCF) WACC: A Nontechnical Retrospection

Number of pages: 6 Posted: 28 Mar 2019
Joseph Tham
Educational Independent Consultant
Downloads 54 (449,167)
Citation 2

Abstract:

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Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

91.

A Defense of the Classic FCF WACC: A Rejoinder to the Retrospection

Number of pages: 7 Posted: 28 Mar 2019
Educational Independent Consultant, Grupo Consultor CAV Capital Advisory & Valuation and Russian Presidential Academy of National Economy and Public Administration
Downloads 45 (485,202)

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Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

92.

Matching Methods in Valuation with Finite Cash Flows: An Almost Perfect Textbook Example

Number of pages: 7 Posted: 03 May 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 44 (493,967)

Abstract:

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Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF), Tax Shield

93.

Cash Flows in Perpetuity with Different Growth Rates for the FCF and the Debt: A Numerical Illustration

Number of pages: 8 Posted: 13 Jun 2019
Joseph Tham
Educational Independent Consultant
Downloads 43 (493,967)

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF), Cash Flow in Perpetuity

94.

Critical Factors for Creating a Successful Digital Public Administration

Number of pages: 22 Posted: 26 Dec 2018
Joseph Tham
Educational Independent Consultant
Downloads 33 (542,184)

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digital public administration, digitalization, disruption, technology

95.

Optimal Capital Structure (OCS) with a Finite Cash Flow: A Simple Numerical Illustration

Number of pages: 26 Posted: 28 May 2019
Joseph Tham
Educational Independent Consultant
Downloads 32 (547,433)

Abstract:

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Optimal Capital Structure (OCS), Financial modeling, Valuation, Weighted Average Cost of Capital (WACC)

96.

Evidence-Based Policy Making (EBPM) Is Wicked: A Critical Assessment From the Periphery

Number of pages: 9 Posted: 26 Dec 2018
Joseph Tham
Educational Independent Consultant
Downloads 32 (547,433)

Abstract:

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Evidence-Based Policy Making (EBPM), definition of evidence, public administration, developing countries

97.

the Weirdness and Absurdity of a Specific theory on the Present Value of the Tax Benefits (PVTB) from Debt Financing

Number of pages: 9 Posted: 06 May 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 28 (570,109)

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF), Risk of the Tax Shield

98.

Sharpening Performance Measurement with the Operating and Total EVA

Number of pages: 21 Posted: 08 Jun 2016
Russian Presidential Academy of National Economy and Public Administration, Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant
Downloads 28 (570,109)

Abstract:

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Financial performance measurement, economic value added, market value added, valuation, operating EVA, total EVA

99.

Digital Technologies and the Future of Employment

Number of pages: 12 Posted: 26 Dec 2018
Joseph Tham
Educational Independent Consultant
Downloads 25 (588,819)

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digital public administration, digitalization, disruption, digital technology, future of employment

Abstract:

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Evidence-Based Policy Making (EBPM), public administration, theory of change, realist evaluation approach

101.

Goldilocks and the Three WACCs

Number of pages: 11 Posted: 23 Jun 2020
Joseph Tham
Educational Independent Consultant
Downloads 24 (595,416)

Abstract:

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

102.

Matching Methods in Valuation with Finite Cash Flows: An Annotated Appendix

Number of pages: 4 Posted: 06 May 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation
Downloads 21 (615,485)

Abstract:

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Financial modeling, Valuation, Weighted Average Cost of Capital (WACC), Free Cash Flow (FCF)

Abstract:

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Evidence-Based Policy Making (EBPM), Governance, Public Administration, Capacity Building

104.

USAID/India Reform Project Compendium with Practitioners' Guide, Volume V State Fiscal Management Reform

Number of pages: 385 Posted: 21 Dec 2009 Last Revised: 03 Apr 2019
Duke University - Trinity College of Arts & Sciences, affiliation not provided to SSRN, Educational Independent Consultant, affiliation not provided to SSRN, Independent and Independent
Downloads 15 (657,512)

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Project Appraisal

105.
Downloads 14 (664,842)

Abstract:

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Evidence-Based Policy Making (EBPM), definition of evidence, public administration, developing countries

106.

The Unbearable Enlightenment (and Lightness) of Rigorous Research Evidence in Policy Making

Number of pages: 11 Posted: 26 Dec 2018
Joseph Tham
Educational Independent Consultant
Downloads 5 (733,858)

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Evidence-Based Policy Making (EBPM), governance, definition of evidence, wicked problem

107.

Principles of Cash Flow Valuation

Principles of Cash Flow Valuation, published by Academic Press, Elsevier, 2004
Posted: 22 Apr 2019
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation

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cash flow valuation, cost of capital

108.

Basic Concepts in Market-Based Cash Flow Valuation

Posted: 14 Feb 2005
Joseph Tham and Ignacio Velez-Pareja
Educational Independent Consultant and Grupo Consultor CAV Capital Advisory & Valuation

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Cash flows, free cash flow, cash flow to equity, valuation, levered value, levered equity value, terminal value, cost of levered equity, weighted average cost of capital, WACC, cost of unlevered equity

109.

Brief Introduction to the Construction of Financial Statements I

Posted: 04 Mar 2002
Ignacio Velez-Pareja and Joseph Tham
Grupo Consultor CAV Capital Advisory & Valuation and Educational Independent Consultant

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Project evaluation, Financial statements, Free cash flows, Cash budget, Income statement, Balance sheet