Discounting the Future: a Political Technology
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A Century of Ideas
COLUMBIA BUSINESS SCHOOL A CENTURY OF IDEAS EDITED BY BRIAN THOMAS COLUMBIA BUSINESS SCHOOL Columbia University Press Publishers Since 1893 New York Chichester, West Sussex cup.columbia.edu Copyright © 2016 Columbia Business School All rights reserved Library of Congress Cataloging-in-Publication Data Names: Thomas, Brian, editor. | Columbia University. Graduate School of Business. Title: Columbia Business School : a century of ideas / edited by Brian Thomas. Description: New York City : Columbia University Press, 2016. | Includes bibliographical references and index. Identifiers: LCCN 2016014665| ISBN 9780231174022 (cloth : alk. paper) | ISBN 9780231540841 (ebook) Subjects: LCSH: Columbia University. Graduate School of Business—History. Classification: LCC HF1134.C759 C65 2016 | DDC 658.0071/17471—dc23 LC record available at https://lccn.loc.gov/2016014665 Columbia University Press books are printed on permanent and durable acid-free paper. Printed in the United States of America c 10 9 8 7 6 5 4 3 2 1 contents Foreword vii 1 Finance and Economics 1 2 Value Investing 29 3 Management 55 4 Marketing 81 5 Decision, Risk, and Operations 107 6 Accounting 143 7 Entrepreneurship 175 vi CONTENTS 8 International Business 197 9 Social Enterprise 224 Current Full-Time Faculty at Columbia Business School 243 Index 247 foreword Ideas with Impact Glenn Hubbard, Dean and Russell L. Carson Professor of Finance and Economics Columbia Business School’s first Centennial offers a chance for reflection about past success, current challenges, and future opportunities. Our hundred years in business education have been in a time of enormous growth in interest in university-based business education. Sixty-one students enrolled in 1916. -
The Development of Financial Management Literature (1895-1960)
This dissertation has been microfilmed exactly as received 66—1768 DANELLIS, Constantine, 1936- THE DEVELOPMENT OF FINANCIAL MANAGE MENT LITERATURE (1895-1960). The Ohio State University, Ph.D., 1965 University Microfilms, Inc., Ann Arbor, Michigan Copyright by Constantine Danellis 1966 THE DEVELOPMENT OF FINANCIAL MANAGEMENT LITERATURE (1895-1960) DISSERTATION Presented In Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Constantine Danellis, B.Sc., M.B.A. ****** The Ohio State University 1965 Approved by Adviser Department of Business Organization PREFACE AND ACKNOWLEDGMENTS I wish to express my deep appreciation and gratitude to Professors E. F. Donaldson and John K. Pfahl of The Ohio State University. Their brilliant teaching and guidance initially attracted me to .the fascinating field of business finance and made the writing of this dissertation possible. My heartfelt thanks are offered to Professor Frances W. Quantius of The Ohio State University and Professor William H. Pietsch of Sacramento State College for their liberal assistance and encouragement. One of the early writers in the field, E. E. Lincoln, once wrote: There are few really new things under the sun, though there may be new ways of interpreting apparently familiar facts. The most important discoveries are usually made in the best known fields and are merely the result of a patient and constructive examination of the data which have long been accessible to all, but the significance of which has not been fully appreciated. Though I make no claim of any "important discoveries" in this study, nevertheless, I believe that this dissertation contains material that may be useful to the student of the subject. -
Department of Economics Newsletter
DEPARTMENT OF ECONOMICS NEWSLETTER Department of Economics Newsletter June 2014 GENERAL DEPARTMENT NEWS The Economics Department at Johns semester, to new Chair Janet Yellen. Jon will Our annual Richard T. Ely lecture this year Hopkins has had another busy year with return full-time in September. Greg Duffee, was given by Charles Manski (below) from multiple events and many developments the Carl Christ Professor of Economics, Northwestern University, who gave three among the faculty and graduate students. returned from a one-year leave at the Office stimulating lectures on “Public Policy in an This Newsletter will cover many of them but of Financial Research, where he served as Uncertain World.” Professor Manski’s week feel free to keep track of all developments as Executive Fellow. Going in the other with us was filled with discussions of they happen on the department website, direction, Chris Carroll began a leave in economics and econometrics, meetings with http://www.econ.jhu.edu/. January to be the Assistant Director and faculty and students, and several lunches and Chief Economist of the Office of Research of dinners. We welcomed in January, 2014, two new the Consumer Financial Protection Bureau. Assistant Professors. Anton Korinek arrived from Maryland with a specialization in The Department was well represented at the International Monetary Economics. He AEA Meetings in January, 2014 in taught a graduate course in macro theory Philadelphia. Among the faculty, Jorge and an undergraduate course in Evolution Balat, Larry Ball, Chris Carroll, Greg and Economics in Spring, 2014. Yuya Duffee, Jon Faust, Olivier Jeanne, Anton Takahashi came from the University of Korinek, Robert Moffitt, Yuya Sasaki, and Mannheim with specializations in Industrial Jonathan Wright were on the program. -
Download 2016 Program
THE JOHNS HOPKINS UNIVERSITY COMMENCEMENT 2016 Conferring of degrees at the close of the 140th academic year MAY 18, 2016 Stage Peabody Conservatory Zanvyl Krieger School of Arts & Sciences BM BA G.W.C. Whiting School of Engineering BS G.W.C. Whiting School of Engineering BA Zanvyl Krieger School of Arts & Sciences BS Doctoral: School of Education EDD Peabody Conservatory DMA/AD School of Nursing PHD/DNP Bloomberg School of Public Health Masters/Certificates: DS/DPH/PHD Carey Business School Paul H. Nitze School of Advanced International Studies School of Education PHD Peabody Conservatory School of Medicine School of Nursing MD/PHD Bloomberg School of Public Health Paul H. Nitze School of G.W.C. Whiting School of Engineering Advanced International Studies PHD School of Medicine Zanvyl Krieger School of Arts & Sciences G.W.C. Whiting School of Engineering PHD Zanvyl Krieger School of Arts & Sciences Entrance CONTENTS Order of Candidate Procession .......................................................... 1 Order of Procession ............................................................................ 2 Order of Events .................................................................................. 3 Conferring of Degrees ......................................................................... 4 Johns Hopkins Society of Scholars ..................................................... 7 Honorary Degrees ............................................................................. 13 Academic Garb ................................................................................. -
A History of the Theory of Investments
ffirs.qxd 1/24/06 1:42 PM Page iii A History of the Theory of Investments My Annotated Bibliography MARK RUBINSTEIN John Wiley & Sons, Inc. ffirs.qxd 1/24/06 1:42 PM Page vi ffirs.qxd 1/24/06 1:42 PM Page i A History of the Theory of Investments ffirs.qxd 1/24/06 1:42 PM Page ii Founded in 1807, John Wiley & Sons is the oldest independent publishing com- pany in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and in- vestment professionals as well as sophisticated individual investors and their finan- cial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, please visit our Web site at www.WileyFinance.com. ffirs.qxd 1/24/06 1:42 PM Page iii A History of the Theory of Investments My Annotated Bibliography MARK RUBINSTEIN John Wiley & Sons, Inc. ffirs.qxd 1/24/06 1:42 PM Page iv Copyright © 2006 by Mark Rubinstein. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. -
The Discounted Cash Flow (Dcf) Method Applied to Valuation: Too Many Uncomfortable Truths”
2014 – Nº1 “THE DISCOUNTED CASH FLOW (DCF) METHOD APPLIED TO VALUATION: TOO MANY UNCOMFORTABLE TRUTHS” ARTURO CIFUENTES The Discounted Cash Flow (DCF) Method Applied to Valuation: Too Many Uncomfortable Truths Arturo Cifuentes, Ph.D. Financial Regulation Center (CREM) Faculty of Economics and Business, University of Chile Diagonal Paraguay 257, Floor 22, Santiago, CHILE e-mail: [email protected] http://www.crem.uchile.cl/arturo-cifuentes/ The subprime crisis was an important wake up call for the financial discipline and the academic community. Several fundamental tenets of the field were called into question as the empirical evidence showed that they were less solid than previously believed. Currently, the list of issues under examination is long and challenging. It goes from basic ideas (are markets stable? are investors rational and homogeneous?) to more specialized topics (does the Value-at-Risk metric work? are credit ratings reliable?) The conventional Discounted Cash Flow (DCF) method--since it did not play any role in the crisis-- has gone so far unexamined. Yet, with or without subprime crisis, it remains one of the weakest and most difficult to defend elements of the financial canon. Introduction What is the value of an asset? That is, arguably, the ultimate financial question, the equivalent of Hamlet’s To be or not to be. Of course, we all know the answer: the present value of the future cash flows. That much is clear. And if we push any expert for a clarification, the response is always the same: "…take the future cash flows and discount them with the appropriate rate.” Unfortunately, behind this seemingly innocuous statement there are two ill-defined concepts ("future cash flows” and “appropriate rate”), a faulty analogy, and a repudiation of statistics as a useful tool to analyze uncertainty. -
Cronología Fotográfica De Las Finanzas
CRONOLOGÍA FOTOGRÁFICA DE LAS FINANZAS Los instrumentos, los conceptos, las herramientas Volumen 3. De 1951 a 1969 Ricardo A. Fornero Universidad Nacional de Cuyo 2007 Para comentarios: [email protected] Ricardo A. Fornero Cronología fotográfica de las finanzas Los instrumentos, los conceptos, las herramientas 1951 Criterios y métodos para el aná- lisis económico de las decisiones de inversión En los años 1950 se producen los principales desarrollos del análisis económico de las inversiones de la empresa. En 1951 los economistas Friedrich Lutz (1901–1975) y Vera Smith Lutz (1912–1976) publican el libro The Theory of Investment of the Firm; y Joel Dean (1906–1980) el suyo Capital Budgeting: Top-Management Policy on Plant. Ezra Solomon, en The arithmetic of capital budgeting decisions (Journal of Business, 1956) resume así la cuestión: “Para tomar decisiones correctas de inversiones de capital la dirección de la empresa necesita al menos tres conjuntos de información. Deben hacerse es- timaciones de los requerimientos de fondos para la inversión y del flujo de fondos que pro- mete cada proyecto propuesto. Este es un problema de ingeniería y pronóstico de mercado. Deben hacerse estimaciones de la disponibilidad y el costo de capital de la empresa. Este es un problema de análisis financiero. Finalmente, la gerencia necesita un conjunto correcto de estándares con los cuales seleccionar los proyectos que se ejecutarán, de modo que se maxi- mice el valor actual de las ganancias económicas de los propietarios”. Tanto Friedrich y Vera Lutz como Joel Dean consideran estos problemas de modo inte- grado, aplicando la teoría económica a las decisiones de inversión y de financiamiento.