Terminal Value Calculation in DCF Valuation Models: An Empirical Verification

Amit, R., Shoemaker, P. (1993). Strategic Assets and Organizational Rent. Strategic Management Journal, 14, 33–46.10.1002/smj.4250140105Search in Google Scholar

Baele, L., Londono, J. (2013). Understanding Industry Betas. Journal of Empirical Finance, 22, 30–51.10.1016/j.jempfin.2013.02.003Search in Google Scholar

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.10.1177/014920639101700108Search in Google Scholar

Blanc, S., Setzer, T. (2015). Analytical Debiasing of Corporate Cash Flow Forecasts. European Journal of Operational Research, 243(3), 1004–1015.10.1016/j.ejor.2014.12.035Search in Google Scholar

Copeland, T., Koller, T., Murrin, J. (2010). Valuation, Measuring and Managing the Value of Companies. New York: John Wiley & Sons.Search in Google Scholar

Damodaran, A. (2010). Applied Corporate Finance. Wiley.Search in Google Scholar

Damodaran, A. (1994). Damodaran on Valuation: Security Analysis for Investment and Corporate Finance. New York: John Wiley & Sons.Search in Google Scholar

Estridge, J., Lougee, B. (2007). Measuring Free Cash Flows for Equity Valuation: Pitfalls and Possible Solutions. Journal of Applied Corporate Finance, 19(2), 60–71.10.1111/j.1745-6622.2007.00136.xSearch in Google Scholar

Fabry, J., van Grembergen, W. (1978). Further Evidence on the Stationarity of Betas and Errors in their Estimates. Journal of Banking & Finance, 2(3), 189–204.10.1016/0378-4266(78)90011-0Search in Google Scholar

Gollier, C., Weitzman, M. (2010). How Should the Distant Future be Discounted when Discount Rates are Uncertain? Economics Letters, 107(3), 350–353.10.1016/j.econlet.2010.03.001Search in Google Scholar

Gordon, M. (1959). Dividends, Earnings and Stock Prices. Review of Economics and Statistics, 41(2), 99–105.10.2307/1927792Search in Google Scholar

Graham, J., Harvey, C. (2001). The Theory and Practice of Corporate Finance: Evidence from the Field. Journal of Financial Economics, 60, 187–243.10.1016/S0304-405X(01)00044-7Search in Google Scholar

Grant, R. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114–135.10.2307/41166664Search in Google Scholar

IASB (2011). International Financial Reporting Standard 13 (Amended 2013).Search in Google Scholar

International Valuation Standards Council IVSC (2017). The International Valuation Standards 2017 (www.ivsc.org).Search in Google Scholar

Jackowicz, K., Mielcarz, P., Wnuczak, P. (2017). Fair Value, Equity Cash Flow and Project Finance Valuation: Ambiguities and a Solution. Managerial Finance, 8, 914–927.10.1108/MF-08-2016-0235Search in Google Scholar

Jennergren, P. (2008). Continuing Value in Firm Valuation by the Discounted Cash Flow Model. European Journal of Operational Research, 185(3), 1548–1563.10.1016/j.ejor.2006.08.012Search in Google Scholar

Koutmos, G., Lee, U., Theodossiu, P. (1994). Time-varying Betas and Volatility Persistence in International Stock Markets. Journal of Economics and Business, 46(2), 101–112.10.1016/0148-6195(94)90004-3Search in Google Scholar

Learned, E., Christensen, K., Andrews, K., Guth, W. (1969). Business Policy: Text and Cases. Homewood: Irwin.Search in Google Scholar

Lemmon, M., Roberts, M., Zender, J. (2008). Back to the Beginning: Persistence and the Cross-section of Corporate Capital Structures. The Journal of Finance, 68(4), 1575–1608.10.1111/j.1540-6261.2008.01369.xSearch in Google Scholar

Lundholm, R., O’Keefe, T. (2001). Reconciling Value Estimates from the Discounted Cash Flow Model and the Residual Income Model. Contemporary Accounting Research, 18(2), 311–335.10.1506/W13B-K4BT-455N-TTR2Search in Google Scholar

Mielcarz, P., Mlinarič, F. (2014). The Superiority of FCFF over EVA and FCFE in Capital Budgeting. Economic Research-Ekonomska Istraživanja, 27(1), 559–572.10.1080/1331677X.2014.974916Search in Google Scholar

Mielcarz, P., Osiichuk, D. (2017). What is Behind the Figures? Conceptual Mistakes in the Equity Valuations Prepared by Research Analysts in Poland. Finanse, Rynki Finansowe, Ubezpieczenia, 1/2017(85), 375–387.10.18276/frfu.2017.1.85-30Search in Google Scholar

Mielcarz, P, Wnuczak, P. (2011). DCF Fair Value Valuation, Excessive Assets and Hidden Inefficiencies. Contemporary Economics, 4, 44–57.10.5709/ce.1897-9254.27Search in Google Scholar

O’Brien, T. (2003). A simple and flexible DCF valuation formula. Journal of Applied Finance, 13(2), 54–62.Search in Google Scholar

Pisano, G. (2015). A Normative Theory of Dynamic Capabilities: Connecting Strategy, Know-How, and Competition, Working Paper (No. 16-036).10.2139/ssrn.2667018Search in Google Scholar

Porter, M. (1980). Competitive Strategy. New York: Free Press.Search in Google Scholar

Shapiro, C. (1989). The Theory of Business Strategy. RAND Journal of Economics, 20(1), 135–137.10.2307/2555656Search in Google Scholar

Teece, D., Pisano, G., Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7), 509–533.10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-ZSearch in Google Scholar

Yezegel, A. (2015). Why do Analysts Revise their Stock Recommendations after Earnings Announcements? Journal of Accounting and Economics, 59(2-3), 163–181.10.1016/j.jacceco.2015.01.001Search in Google Scholar