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Valorisation par les flux : l'apport des liquidités disponibles

Abstract : Valuation is important in many fields of finance, such as corporate finance, mergers and acquisitions or portfolio management. Whereas it is limited for indexed funds management, valuation represents a great issue for an active portfolio management. In the capital-value theory, valuation with dividend discount models shows some insufficiencies, which may be corrected by the use of other flows, the "free cash flow". The empirical study on the french market allowed us to compare how relevant several indicators were, among which some were linked to free cash flows and some were financial ratios. The results show that the indicators we proposed are significant in the market valuation of stocks, and therefore relevant in active management.
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Submitted on : Tuesday, April 24, 2018 - 4:04:54 PM
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Sophie Nivoix. Valorisation par les flux : l'apport des liquidités disponibles. Gestion et management. Université Nancy 2, 1996. Français. ⟨NNT : 1996NAN22009⟩. ⟨tel-01776679⟩



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