haku: @indexterm VALUATION / yhteensä: 677
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| Tekijä: | Epstein, D. |
| Otsikko: | The valuation of a firm advertising optimally |
| Lehti: | Quarterly Review of Economics and Finance
1998 : VOL. 38:2, p. 149-166 |
| Asiasana: | COMPANIES ADVERTISING VALUATION |
| Kieli: | eng |
| Tiivistelmä: | In the paper the authors model the value of a firm based on its current earnings and cash balance. The value is modelled on the assumption that earnings follow a mean-reverting process. The effect of advertising on earnings is modelled, and the condition for optimal advertising derived. The value of the firm is derived as the solution to a partial differential equation. The way in which this value depends on the legal structure and banking arrangements of the firm is discussed. |
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