REFERENCIAS

• Anson, J. A. [1995]: «La valoración de empresas en la práctica: Opinión de los auditores», Revista Técnica del IACJCE, 3.a Época, n.° 6, pp. 24–37.
   Google Scholar
• Bernard, V., y Stover, T. [1989]: «The nature and amount of information in cash flow and accrual», The Accounting Review, october, pp. 624–652.
   Google Scholar
• Bretten, J., y Wyatt, P. [2001]: «Variance in commercial property valuations for lending purposes: An empirical study», Journal of Property Investment & Finance, Vol. 19, 3, pp. 267 a 282. BRUNER, R. F.; EADES, K. M.; HARRIS, R. S., y HIGGINS, R.C. [1998]: «Best Practices in Estimating the Cost of Capital: Survey and Syntesis», Financial Practice and Education, Spring/Summer, pp. 14–28.
   Google Scholar
• Cea garcía, J. L. [1979]: Modelos de comportamiento de la gran empresa capitalista, Instituto de Planificación Contable, Madrid.
   Google Scholar
• Courteau, L.; Kao, J. L., y Richardson, G. D. [2001]: «Equity Valuation Employing the Ideal versus Ad hoc Terminal Value Expression», Contemporary Accounting Research, Vol. 18, n.° 4, pp. 625–661.
   Web of Science ®Google Scholar
• Critcher, C., y Gladstone, B. [1998]: «Utilizing the Delphi Technique in Policy Discussion: A Case Study of a Privatized Utility in Britain», Public Administration, Vol. 76, pp. 431–449.
   Web of Science ®Google Scholar
• Chan, A. P. C.; Yung, E. H. K.; Lam, C. M. T., y Cheung, S.O. [2001]: «Application of Delphi method in selection of procurement systems for construction projects», Construction Management and Economics, 19, pp. 699–718.
   Google Scholar
• Chen, N.; Roll, R., y Ross, S. A. [1986]: «Economic forces and the stockmarket», Journal of Business, n.° 59, pp. 383–404.
   Google Scholar
• Damodaran, A. [2002]: Investment Valuation, 2d Edition, John Willey & Sons. New York.
   Google Scholar
• Dukes, W. P.; Bowling, O. D., y Ma, C. K. [1996]: «Valuation of closely-held firms: a survey», Journal of Business Finance & Acounting, 23(3), April, pp. 419–438.
   Google Scholar
• Fama, E. F., y French, K. R. [1992]: «The cross-section of expected return», Journal of Finance, n.° 47, pp. 427–466.
   Google Scholar
• Feltham, G., y Ohlson, J. A. [1995]: «Valuation and clean surplus accounting for operating and financial activities», Contemprary Accounting Resarch, n.° 11, pp. 289–731.
   Google Scholar
• FMI [2004]: Mergers and acquisitions [m&as], Issues paper 4, IMF committee on balance of payments statistics and OECD workshop on international investment statistics. Direct investment technical expert group (DITEG). http://www.imf.org/external/np/sta/bop/pdl/diteg4a.pdf.
   Google Scholar
• Gabás, F., y Apellaniz, P. [1994]: «Capacidad predictiva de los componentes del beneficio: flujos de tesorería y ajustes corto-largo plazo», Revista Española de Financiación y Contabilidad, Vol. XXIII, n.° 78, pp. 107–142.
   Google Scholar
• García-Ayuso, M., y Monterrey, J. [1998]: «El modelo de valoración Edwards-Bell-Ohlson (EBO): aspectos teóricos y evidencia empírica», Revista Española de Financiación y Contabilidad, Vol. XXVII, n.° 96, pp. 751–785.
   Google Scholar
• Giner, B., y Sancho, A. [1996]: «Análisis dinámico de la capacidad de los flujos de fondos para determinar los futuros flujos de caja», Revista Española de Financiación y Contabilidad, Vol. XXV, n.° 86, pp. 9–35.
   Google Scholar
• Godfrey, S., y Espinosa, R. [1996]: «A practical approach to calculating cost of equity for investment in emerging markets», Journal of Applied Corporate Finance, Vol. 9, n.° 3, pp. 80–89.
   Google Scholar
• Kaplan, S. N., y Ruback, R. S. [1995]: «The Valuation of Cash Flow Forecast: an Empirical Analisys», Journal of Finance, n.° 50, pp. 1.054–1.091.
   Google Scholar
• KPMG [2004]: El volumen de fusiones y adquisiciones en España, http://www.kpmg.es/principal.asp. HALL, S. C. [2003]: «Comparable-companies Business Valuation in the Current Financial Markets Environment», Journal of Financial Service Professionals, Vol. 57, n.° 1, pp. 9–10. LANDETA, J. [1999]: El método Delphi. Una técnica de previsión de futuro, Ariel. Barcelona. LINSTONE, H. A., y TUROFF, M. [1975]: The Delphi method. Techniques and applications, Addison-Wesley. London.
   Google Scholar
• Lintner, J. [1965]: «The valuation of risk assets and the selection of risky investment in stock portofolios and capital budgets», Review of Economics and Statistics, Vol. 8, n.° 1, pp. 53–58.
   Google Scholar
• Mossin, J. [1966]: «Equilibrium in a Capital Asset Market», Econométrica, October. NIETO, B., y RUBIO, G. [2002]: «El modelo de valoración con cartera de Mercado: una nueva especificación del coeficiente beta», Revista Española de financiación y Contabilidad, Vol. XXXI, n.° 113, Julio- septiembre, pp. 697–723.
   Google Scholar
• O'hanlon y Steele [2000]: «Estimating de equity risk premium using accounting fundamental», Journal of Business, Finance and Accounting, pp. 1.051–1.084.
   Google Scholar
• Ohlson, J. A. [1995]: «Earning, Book Values and Dividens in Equity Valuation», Contemporary Accounting Research, Vol. II, n.° 2, pp. 661–687.
   Google Scholar
• Penman, S. [1997]: «A synthesis of equity valuation techniques and the terminal value calculation for the dividend discount model», Review of Accounting Studies, Vol. 2, n.° 4, pp. 303–323.
   Google Scholar
• Pereiro, L.E. [2001]: «Valuing Companies in Latin America: What are the Key Issues for Practicioners», Working Paper, wwwdarden.virginia.edubatten/ven/PDFs/PereiroPaperFinaLpdf.
   Google Scholar
• Porteba, J. M., y Summers, L. H. [1995]: «A CEO Survey of U.S. Companies' Time Horizons and Hurdle Rates», Sloan Management Review, Fall, pp. 43–53.
   Google Scholar
• Rojo, A. A., y García pérez DE Lema, D. [2003]: «La valoración de pequeñas y medianas empresas (PYMEs)», Simposio sobre análisis y valoración de Pymes, AECA, Madrid.
   Google Scholar
• Rosenberg, B., y Guy, J. [1976]: «Prediction of beta from investment fundamental», Financial Analysts Journal, May/Jun and July/August, pp. 60 a 75 y 62 a 70.
   Google Scholar
• Ross, S. A. [1976]: «The arbitrage theory of capital asset pricing», Journal of Economic Theory, Vol. 3, n.° 3, pp. 341–360.
   Google Scholar
• Dos santos, V. M.; Downie, M. L.; Fisher, P., y Fernandes, A. [2002]: «The practice of real estate valuation in Portugal», Journal of Property Investment & Finance, Vol. 20(2), pp. 181–203.
   Google Scholar
• Solnik, B. [1974]: «An equilibrium model of the internacional capital market», Journal of Economic Theory, July-August, pp. 500–525.
   Google Scholar
• Wilson, P. [1986]: «The relative information content of accrual and cash flows: combined evidence at the earning announcement and annual report release date», Journal of Accounting Research, Supplement, pp. 165–200.
   Google Scholar