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Campo DC | Valor | Lengua/Idioma |
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dc.creator | Tarzia, Domingo Alberto | - |
dc.date | 2018-09-26T17:35:43Z | - |
dc.date | 2018-09-26T17:35:43Z | - |
dc.date | 2016-05 | - |
dc.date | 2018-09-21T12:54:20Z | - |
dc.date.accessioned | 2019-04-29T15:45:29Z | - |
dc.date.available | 2019-04-29T15:45:29Z | - |
dc.date.issued | 2016-05 | - |
dc.identifier | Tarzia, Domingo Alberto; Properties of the Financial Break-Even Point in a Simple Investment Project As a Function of the Discount Rate; LAR Center Press; Journal of Economic & Financial Studies; 4; 2; 5-2016; 31-45 | - |
dc.identifier | 2379-9471 | - |
dc.identifier | http://hdl.handle.net/11336/60904 | - |
dc.identifier | CONICET Digital | - |
dc.identifier | CONICET | - |
dc.identifier.uri | http://rodna.bn.gov.ar:8080/jspui/handle/bnmm/301272 | - |
dc.description | We consider a simple investment project with the following parameters: I>0: Initial outlay which is amortizable in n years; n: Number of years the investment allows production with constant output per year; A>0: Annual amortization (A=I/n); Q>0: Quantity of products sold per year; Cv>0: Variable cost per unit; p>0; Price of the product with P>Cv; Cf>0: Annual fixed costs; te: Tax of earnings; : Annual discount rate. We also assume inflation is negligible. We derive a closed expression of the financial break-even point Qf (i.e. the value of Q for which the net present value (NPV) of the investment project is zero) as a function of the parameters I, n, Cv, Cf, te, r, p. We study the behavior of Qf as a function of the discount rate and we prove that: (i) For negligible Qf equals the accounting break-even point Qc (i.e. the earnings before taxes (EBT) is null); (ii) When is large the graph of the function Qf = Qf(r) has an asymptotic straight line with positive slope. Moreover, Qf (r) is an strictly increasing and convex function of the variable ; (iii) From a sensitivity analysis we conclude that, while the influence of p and Cv on Qf is strong, the influence of Cf on Qf is weak; (iv) Moreover, if we assume that the output grows at the annual rate g the previous results still hold, and, of course, the graph of the function Qf = Qf (r,g) vs r has, for all g>0 the same asymptotic straight line when r trends to infinite as in the particular case with g=0. From our point of view, a result of this type is the first time which is obtained by a simple investment project being the cornerstone of our proof the explicit expression of the net present value and the corresponding financial break-even point value. A policy implication of our findings is that the results can be taken into account for investment projects, especially in countries with very small or very large discount rates. | - |
dc.description | Fil: Tarzia, Domingo Alberto. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina | - |
dc.format | application/pdf | - |
dc.format | application/pdf | - |
dc.language | eng | - |
dc.publisher | LAR Center Press | - |
dc.relation | info:eu-repo/semantics/altIdentifier/url/https://www.journalofeconomics.org/index.php/site/article/view/226 | - |
dc.relation | info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.18533/jefs.v4i02.226 | - |
dc.rights | info:eu-repo/semantics/openAccess | - |
dc.rights | https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ | - |
dc.source | reponame:CONICET Digital (CONICET) | - |
dc.source | instname:Consejo Nacional de Investigaciones Científicas y Técnicas | - |
dc.source | instacron:CONICET | - |
dc.subject | Financial break-even point | - |
dc.subject | Net present value | - |
dc.subject | Discount rate | - |
dc.subject | Investment project | - |
dc.subject | Economía, Econometría | - |
dc.subject | Economía y Negocios | - |
dc.subject | CIENCIAS SOCIALES | - |
dc.title | Properties of the Financial Break-Even Point in a Simple Investment Project As a Function of the Discount Rate | - |
dc.type | info:eu-repo/semantics/article | - |
dc.type | info:eu-repo/semantics/publishedVersion | - |
dc.type | info:ar-repo/semantics/articulo | - |
Aparece en las colecciones: | CONICET |
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