haku: @author Watson, I. D. / yhteensä: 1
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| Tekijä: | Stark, A. W. Thomas, H. M. Watson, I. D. |
| Otsikko: | On the practical importance of systematic error in conditional IRRs. |
| Lehti: | Journal of Business Finance and Accounting
1992 : APR, VOL. 19:3. p. 407-424 |
| Asiasana: | FINANCIAL MODELS RATE OF RETURN CASH FLOW FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | The paper is concerned with the effects of error in conditional internal rate of return (CIRRs) induced by the incorrect identification of the 'true' cash flow shape(s) for a sample of firms. It is argued that this incorrect identification causes the CIRR to be a function of both the 'true' IRR and the rate of growth in investment expenditure. The main point of the paper is to investigate the question of whether such systematic error has any practical implications. In particular, the use of CIRRs to investigate the properties of systematic error in the ARR is investigated. |
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