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| Author: | Singer, A. |
| Title: | DCF without forecasts |
| Journal: | Omega
1994 : VOL. 22:3, p. 221-235 |
| Index terms: | STRATEGY RATIONALITY FORECASTING DISCOUNTED CASH FLOW |
| Language: | eng |
| Abstract: | DCF models are very widely used despite the impossibility of forecasting cashflows. However, the traditional DCF methodology could be adapted, so that it becomes nothing more than a device for evoking knowledge and improving conceptual models, leading to the formulation of investment intentions. In secondary asset-selection contexts, DCF calculations could facilitate sub-optimization. These adaptations find theoretical support in pragmatism and meta-theory. |
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