Abstract
The value of a firm cannot be totally independent of the financial context in which the firm operates. In this paper we propose a set of axioms in order to characterize appropriate measures of the (random) value of a company which provides a (sublinear) valuation functional consistent with the existence of a financial market. It allows to give an upper and a lower bound to the value of a firm.
Finally, in a random context, we consider some classical valuation methods and test them with respect to the axioms.
Keywords
This work was partially supported by miur.
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Modesti, P. (2010). Measures for Firms Value in Random Scenarios. In: Greco, S., Marques Pereira, R.A., Squillante, M., Yager, R.R., Kacprzyk, J. (eds) Preferences and Decisions. Studies in Fuzziness and Soft Computing, vol 257. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-15976-3_18
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DOI: https://doi.org/10.1007/978-3-642-15976-3_18
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