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Discounting in agro-industrial complex. A methodological proposal for risk premium

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Discounting in agro-industrial complex. A methodological proposal for risk premium

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dc.contributor.author Marqués Pérez, Inmaculada es_ES
dc.contributor.author Guaita Pradas, Inmaculada es_ES
dc.contributor.author Pérez-Salas Sagreras, Jose Luis es_ES
dc.date.accessioned 2018-07-16T06:42:31Z
dc.date.available 2018-07-16T06:42:31Z
dc.date.issued 2017 es_ES
dc.identifier.uri http://hdl.handle.net/10251/105806
dc.description.abstract [EN] The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels. es_ES
dc.language Inglés es_ES
dc.publisher Instituto Nacional de Investigacion y Tecnologia Agraria y Alimentaria es_ES
dc.relation.ispartof Spanish Journal of Agricultural Research (Online) es_ES
dc.rights Reserva de todos los derechos es_ES
dc.subject Discount rate es_ES
dc.subject Cash flow discount es_ES
dc.subject Capital asset pricing model agro-industry es_ES
dc.subject.classification ECONOMIA, SOCIOLOGIA Y POLITICA AGRARIA es_ES
dc.subject.classification ECONOMIA FINANCIERA Y CONTABILIDAD es_ES
dc.title Discounting in agro-industrial complex. A methodological proposal for risk premium es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.5424/sjar/2017151-10225 es_ES
dc.rights.accessRights Abierto es_ES
dc.contributor.affiliation Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials es_ES
dc.description.bibliographicCitation Marqués Pérez, I.; Guaita Pradas, I.; Pérez-Salas Sagreras, JL. (2017). Discounting in agro-industrial complex. A methodological proposal for risk premium. Spanish Journal of Agricultural Research (Online). 15(1):1-14. doi:10.5424/sjar/2017151-10225 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion https://doi.org/10.5424/sjar/2017151-10225 es_ES
dc.description.upvformatpinicio 1 es_ES
dc.description.upvformatpfin 14 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 15 es_ES
dc.description.issue 1 es_ES
dc.identifier.eissn 2171-9292 es_ES
dc.relation.pasarela 339325 es_ES


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