Valoraciones de empresas. Qué son, para qué sirven, errores habituales, sensatez
Ciclo Dirección Financiera
Se mostrarán ejemplos reales de errores en valoraciones en distintos ámbitos: empresarial, escuelas de negocios, juicios y arbitrajes, etc.
La mayor parte de los errores proceden de olvidar "qué es" y "para qué sirve" una valoración.
Se terminará con sugerencias que mejoran sustancialmente una valoración y su utilidad como información financiera de la empresas para la alta dirección y la toma de decisiones.
Prof. Pablo Fernández, Dirección Financiera, IESE
Pablo Fernández's career at IESE started in 1985. Today he is professor in the Department of Financial Management and holder of IESE's PricewaterhouseCoopers Corporate Finance Chair. He is also visiting professor at the Piura (Peru), INALDE (Colombia), IAE (Argentina), IEEM (Uruguay) and IPADE (Mexico) Business Schools. In addition, he carries out extensive consultancy work for numerous firms and banks. <BR> <BR>Prof. Fernández was awarded his Ph.D. and M.A. in business economics from Harvard University. He also holds an M.B.A. from IESE and a degree in industrial engineering from the University of Navarra in San Sebastian.<BR> <BR>Before embarking on a career in academia, Prof. Fernández was the financial analyst and financial coordinator of Pepsi Cola for the south of Europe (Portugal, Spain, Italy, Libya and Malta) in Spain, a position he also held in Rome where he simultaneously took up the financial management for the Mediterranean Region (Egypt, Turkey, Lebanon and Jordan) and Sudan. <BR> <BR>Among other important appointments, Prof. Fernández was a member of the jury that awarded the sixth ACECA prize for outstanding articles on corporate accounts and administration (2000) and was also on the board of the McKinsey Best Internet Project Award (2000). In 2004, he received the IESE award for outstanding research. Earlier in his career he received the BARRA award for a project he undertook under the aegis of the Institute for Quantitative Investment Research (INQUIRE) titled "Convertible Bonds in Spain: a Different Security" (1991). <BR> <BR>Prof. Fernández is a widely published author with an impressive list of book chapters, working and research papers, case studies, technical notes and journal articles on his curriculum. Recent book chapters include "Valuation of Brands and Intellectual Capital" in <i>Brand Valuation -Concepts and Applications</i> (2005). Recent peer-reviewed articles include "The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields" in the <i>Journal of Financial Economics</i> (2004). In June 2006 he published the article "A New Formula for Value Creation" in the <i>Financial Times</i>.