Öz
Although the concept of Competitive Advantage Period (CAP) has been existing for almost 50 years, it has not been worked extensively in the academic world. It has the capacity to bring new perspectives to the valuation theory’s discounted cash flow method, as well as being a new tool for investors in their decision making processes. The concept which can be defined as the number of years a company can create value for its shareholders, actually lies in between industrial organization and finance (more specifically corporate finance).
Anahtar Kelimeler
Valuation Competetive Advantage Period Invested Capital Working Capital Weighted Cost of Capital Discounted Cash Flow Method
Kaynakça
- Copeland Thomas; Weston J. Fred, Financial Theory and Corporate Policy, Addison Wesley, 1992
- Çelik, Orhan, Şirket Birleşmeleri ve Birleşmelerde Şirket Değerlemesi, Turhan Kitapevi, 1999.
- Damodaran, Aswath, Investment Valuation, John Wiley&Sons, 2001.
- Damodaran, Aswath, Estimating Equity Risk Premiums, Stern Business School, 1999 http://www.stern.nyu.edu/fin/workpapers/papers99/wpa99021.pdf 10.08.2006
- Danbolt, Jo; Ian Hirst; Edward Johns, Measuring Growth Opportunities, Applied Financial Economics, Vol. 12 2002.
- Graham, Benjamin, The Intelligent Investor, Revised Edition, Harper Business Essentials, 2003
- Greenwald Bruce; Judd Kahn, Paul Sonkin, Michael Biema, Value Investing, Wiley, 2001
- Johnson Paul; Paul Silverstein, Networking Industry: Does Valuation Matter?, Robertson Stephens & Company Technology Research, June 1997.
- Koller, Tim; Goedhart Marc; Wessels David, McKinsey Co.,Valuation Measuring and Managing the Value of Companies, Fourth Edition, John Wiley &Sons, 2005
- Mauboussin, Michael. Thoughts on Valuation, Credit Suisse First Boston Equity Research, October 1997.
- Mauboussin, Michael; Johnson, Paul, Competitive Advantage Period: The Neglected Value Driver, Financial Management, Vol.26, No:2, Summer 1997
- Mauboussin,Michael; Bob Hiler, Frontiers of Finance; Cash Flow.com, Credit Suisse First Boston Equity Research, February 1999
- Mauboussin, Michael, Valuation: An Epistemological View, Strategic Investor Relations, Spring 2002.
- Miller Metron; Franco Modigliani, Dividend Policy, Growth and Valuation of Shares, Journal of Business, No.34, 1961.
- Mills Roger; Jürgen Dahlhoff,, Competitive Advantage Period (CAP) Analysis Looking at Share Price and Firm Value from a Different Perspective, Henley Discussion Paper Series, July 2003.
- Palepu Krishna; Healy Paul; Bernard Victor, Business Analysis&Valuation Using Financial Statements, Second Edition, South-Western College Publishing, 2000, s.11/16
- Porter, Michael, Competitve Advantage: Creating and Sustaining Superior Performance, New York Free Press, 1985.
- Rappaport, Alfred, CFOs and Strategists: Forging, Harvard Business Review, May-June 1992.
- The Boston Consulting Group, New Perspectives on Value Creation, www.bcg.com/publications/files/value_creators_summary.pdf26.07.2006
- Vernimmen Pierre; Pascal Quiry; Yann Le Fur; Maurizio Dallocchio; Antonio Salvi, Corporate Finance Theory And Practice, John Wiley & Sons, 2005
- Hazine Müsteşarlığı, Kamu Borç Yönetimi Raporu, No:13, Ağustos 2006
- www.securities.com 10.08.2006 www.stern.nyu.edu/~adamodar/pc/ratings.xls05.09.2006 http://www.imkb.gov.tr/veri.htm 12.08.2006 www.izocam.com.tr 19.08.2006
Öz
Rekabetçi Avantaj Dönemi (Competitive Advantage Period-CAP) kavramı, neredeyse 50 yıllık bir geçmişi olmasına rağmen ayrıntılı şekilde incelenmemiş bir kavramdır. Değerleme teorisi bünyesinde indirgenmiş nakit akımları yöntemine farklı boyutlar getirebilecek nitelikte olan söz konusu kavram, aynı zamanda yatırımcıların karar alma süreçlerine de bir nebze daha ışık tutabilecek bir yapıdadır. Şirketlerin, ortakları için değer yaratma dönemi olarak basitçe tarif edilebilecek olan bu kavram, bir anlamda endüstri iktisadı ve finansın daha özelinde ise işletme finansının kesişim bölgelerinden birisini oluşturmaktadır.
Anahtar Kelimeler
Değerleme Rekabetçi Avantaj Dönemi Yatırılmış Sermaye İşletme Sermayesi Ağırlıklı Ortalama Sermaye Maliyeti İndirgenmiş Nakit Akımları Yöntemi
Kaynakça
- Copeland Thomas; Weston J. Fred, Financial Theory and Corporate Policy, Addison Wesley, 1992
- Çelik, Orhan, Şirket Birleşmeleri ve Birleşmelerde Şirket Değerlemesi, Turhan Kitapevi, 1999.
- Damodaran, Aswath, Investment Valuation, John Wiley&Sons, 2001.
- Damodaran, Aswath, Estimating Equity Risk Premiums, Stern Business School, 1999 http://www.stern.nyu.edu/fin/workpapers/papers99/wpa99021.pdf 10.08.2006
- Danbolt, Jo; Ian Hirst; Edward Johns, Measuring Growth Opportunities, Applied Financial Economics, Vol. 12 2002.
- Graham, Benjamin, The Intelligent Investor, Revised Edition, Harper Business Essentials, 2003
- Greenwald Bruce; Judd Kahn, Paul Sonkin, Michael Biema, Value Investing, Wiley, 2001
- Johnson Paul; Paul Silverstein, Networking Industry: Does Valuation Matter?, Robertson Stephens & Company Technology Research, June 1997.
- Koller, Tim; Goedhart Marc; Wessels David, McKinsey Co.,Valuation Measuring and Managing the Value of Companies, Fourth Edition, John Wiley &Sons, 2005
- Mauboussin, Michael. Thoughts on Valuation, Credit Suisse First Boston Equity Research, October 1997.
- Mauboussin, Michael; Johnson, Paul, Competitive Advantage Period: The Neglected Value Driver, Financial Management, Vol.26, No:2, Summer 1997
- Mauboussin,Michael; Bob Hiler, Frontiers of Finance; Cash Flow.com, Credit Suisse First Boston Equity Research, February 1999
- Mauboussin, Michael, Valuation: An Epistemological View, Strategic Investor Relations, Spring 2002.
- Miller Metron; Franco Modigliani, Dividend Policy, Growth and Valuation of Shares, Journal of Business, No.34, 1961.
- Mills Roger; Jürgen Dahlhoff,, Competitive Advantage Period (CAP) Analysis Looking at Share Price and Firm Value from a Different Perspective, Henley Discussion Paper Series, July 2003.
- Palepu Krishna; Healy Paul; Bernard Victor, Business Analysis&Valuation Using Financial Statements, Second Edition, South-Western College Publishing, 2000, s.11/16
- Porter, Michael, Competitve Advantage: Creating and Sustaining Superior Performance, New York Free Press, 1985.
- Rappaport, Alfred, CFOs and Strategists: Forging, Harvard Business Review, May-June 1992.
- The Boston Consulting Group, New Perspectives on Value Creation, www.bcg.com/publications/files/value_creators_summary.pdf26.07.2006
- Vernimmen Pierre; Pascal Quiry; Yann Le Fur; Maurizio Dallocchio; Antonio Salvi, Corporate Finance Theory And Practice, John Wiley & Sons, 2005
- Hazine Müsteşarlığı, Kamu Borç Yönetimi Raporu, No:13, Ağustos 2006
- www.securities.com 10.08.2006 www.stern.nyu.edu/~adamodar/pc/ratings.xls05.09.2006 http://www.imkb.gov.tr/veri.htm 12.08.2006 www.izocam.com.tr 19.08.2006
Ayrıntılar
| Diğer ID | JA38DD33KT |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 25 Temmuz 2016 |
| Yayımlandığı Sayı | Yıl 2010 Cilt: 25 Sayı: 2 - Cilt: 25 Sayı: 2 |