DCF without forecasts

Ae Singer

Omega, 1994, vol. 22, issue 3, 221-235

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.

Keywords: DCF; forecasting; rationality; strategy (search for similar items in EconPapers)
Date: 1994
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