A Note on the Cash-Flow Approach to Valuation and Depreciation of Productive Assets

Amir Barnea

Journal of Financial and Quantitative Analysis, 1972, vol. 7, issue 3, 1841-1846

Abstract: In his famous 1964 article, Paul A. Samuelson [1] presents what he calls “the only sensible definition of depreciation,” namely, the period change in the present value of future cash flows expected to be generated by an asset.

Date: 1972
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