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Necessarily untrue: on the use of the discounted cash flow formula in valuation of exploratory projects.

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Liliana Doganova

Résumé

This paper investigates the use of discounted cash flow (DCF) analysis for the valuation of exploratory projects. In order to account for the widespread use of a contested formula, while avoiding both over- and under-calculative explanations, it proposes to examine DCF as a valuation device, i.e. a material and discursive assemblage. The paper hence attempts to describe the worlds of DCF - the one sketched by its hypotheses and the one constructed through its use - by focusing on the valuation of joint research/licensing projects between pharmaceutical companies and biotechnology start-ups. Describing how the formula calculates sheds light on how it matters in practice. The paper shows that DCF acts as a coordination tool and plays a performative role, namely through nurturing market repertoires and through the effects that it induces in exploration activities.
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Dates et versions

hal-00652887 , version 1 (14-03-2013)

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  • HAL Id : hal-00652887 , version 1

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Liliana Doganova. Necessarily untrue: on the use of the discounted cash flow formula in valuation of exploratory projects.. 7th Critical Management Studies Conference (CMS7 2011), Jul 2011, Naples, Italy. ⟨hal-00652887⟩
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