Sanford School of Public Policy
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- Tham, J; Velez-Pareja, I. Principles of Cash Flow Valuation. Academic press, January, 2004. [abs]
Chapters in Books
- Pareja, IV; Tham, J. "Capital Budgeting and Inflation." Capital Budgeting Valuation: Financial Analysis for Today's Investment Projects. JOHN WILEY & SONS INC, May, 2013: 197-214. [doi]
Other Working Papers
- Velez-Pareja, I; Tham, J. "Do the Rim (Residual Income Model), Eva(R) and Dcf (Discounted Cash Flow) Really Match? (Coinciden Eva(R) Y Utilidad Economica (Ue) Con Los Metodos De Flujo De Caja Descontado En Valoracion De Empresas?) (Spanish Version)." (June, 2003). [abs]
- Velez-Pareja, I; Tham, J. "Consistency in Chocolate. A Fresh Look at Copeland's Hershey Foods & Co Case." (January, 2004). [abs]
- Velez-Pareja, I; Tham, J. "EVA(c) Made Simple: Is it Possible?." (February, 2004). [abs]
- Velez-Pareja, I; Tham, J. "Hershey Chocolate in Two Flavors: Kd and Ku." (February, 2004). [abs]
- Velez-Pareja, I; Tham, J. "Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation. The Treatment with Dcf and Eva(C) (in Spanish)." (March, 2004). [abs]
- Tham, J; Velez-Pareja, I. "For Finite Cash Flows, What is the Correct Formula for the Return to Levered Equity?." (May, 2004). [abs]
- Velez-Pareja, I; Tham, J. "Proper Solution of Circularity in the Interactions of Corporate Financing and Investment Decisions: A Reply to the Financing Present Value Approach." 28.10 (January, 2005): 65-92. [abs]
- Tham, J; Velez-Pareja, I. "The Correct Formula for the Return to Levered Equity (for Finite Cash Flows with Zero Growth) with Respect to the M&E WACC." (March, 2005). [abs]
- Tham, J; Velez-Pareja, I. "With Subsidized Debt How do we Adjust the WACC?." (March, 2005). [abs]
- Velez-Pareja, I; Tham, J. "Modeling Cash Flows with Constant Leverage: A Note (In Spanish)." (June, 2005). [abs]
- Velez-Pareja, I; Tham, J. "Modeling Cash Flows with Constant Leverage: A Note." (June, 2005). [abs]
- Velez-Pareja, I; Tham, J. "Valuation of Cash Flows with Constant Leverage: Further Insights." (May, 2006). [abs]
- Velez-Pareja, I; Tham, J. "Constant Leverage Modeling: A Reply to 'A Tutorial on the McKinsey Model for Valuation of Companies'." (June, 2006). [abs]
- Velez-Pareja, I; Tham, J. "The Mismatching of APV and the DCF in Brealey, Myers and Allen 8th Edition of Principles of Corporate Finance, 2006." (September, 2006). [abs]
- Velez-Pareja, I; Ibragimov, R; Tham, J; Toro González, D. "How the Regulator Overpays Investor? A Simple Exposition of the Principles of Tariff Setting." (August, 2007). [abs]
- Velez-Pareja, I; Tham, J. "Wacc, Value of Tax Savings and Terminal Value for Growing and Non Growing Perpetuities." (October, 2007). [abs]
- Velez-Pareja, I; Tham, J. "The Tyranny of Rounding Errors: The Mismatching of APV and the DCF in Perpetuities in Brealey and Myers 6th and 7th Edition of Principles of Corporate Finance." (December, 2008). [abs]
- Tham, J; Velez-Pareja, I. "Top 9 (Unnecessary and Avoidable) Mistakes in Cash Flow Valuation." (March, 2019). [abs]
Papers Published
- Tham, J. "Present Value of the Tax Shield in Project Appraisal." Harvard Institute for International Development (Hiid), Development Discussion Paper No. 695 (April, 1999). [abs]
- Tham, J. "Present Value of the Tax Shield: A Note." (April, 1999).
- Tham, J. "Financial Discount Rates in Project Appraisal." (June, 1999). [abs]
- Tham, J. "Multiperiod Financial Discount Rates in Project Appraisal." (July, 1999). [abs]
- Tham, J; Thang, TV. "Multiperiod Financial Discount Rates in Project Appraisal: The No-Tax Case (Suat Chiet Khau Tai Chinh Nhieu Giai Doan trong Tham Dinh Du An: Truong hop Khong Co Thue)." (August, 1999).
- Tham, J. "Impact of Taxes on Multiperiod Financial Discount Rates." (December, 1999).
- Tham, J. "Return to Equity in Project Finance for Infrastructure." (February, 2000). [abs]
- Tham, J. "Consistent Valuation in the Two-Period Case: A Pedagogical Note." (June, 2000).
- Tham, J. "Practical Equity Valuation: A Simple Approach." (June, 2000).
- Tham, J. "Discrete Option Pricing: A Simplified Exposition (Part I)." (June, 2000).
- Tham, J. "Discrete Option Pricing: A Simplified Exposition (Part II)." (September, 2000).
- Tham, J. "Consistent Value Estimates from the Discounted Cash Flow (DCF) and Residual Income (RI) Models in M & M Worlds Without and With Taxes." (October, 2000).
- Tham, J. "Horsing Around with Clean Surplus Relations." (January, 2001).
- Tham, J; Sabin, L. "Conceptual Issues in Financial Risk Analysis: A Review for Practitioners." (February, 2001).
- Tham, J. "The Unbearable Lightness of EVA in Valuation." (April, 2001).
- Tham, J; Velez-Pareja, I. "The Correct Discount Rate for the Tax Shield: The N-period Case." (April, 2001).
- Tham, J; Wonder, NX. "Unconventional Wisdom on PSI, the Appropriate Discount Rate for the Tax Shield." (September, 2001).
- Tham, J. "Risk-neutral Valuation: A Gentle Introduction (1)." (November, 2001).
- Tham, J. "Risk-neutral Valuation: A Gentle Introduction (2)." (December, 2001).
- Tham, J; Wonder, NX. "The Non-Conventional WACC with Risky Debt and Risky Tax Shield." (December, 2001).
- Tham, J; Velez-Pareja, I. "Modeling the Impacts of Inflation in Investment Appraisal." (December, 2001).
- Velez-Pareja, I; Tham, J. "Brief Introduction to the Construction of Financial Statements I." (January, 2002).
- Tham, J; Loeffler, A. "The Miles & Ezzell (M & E) WACC Reconsidered." (January, 2002).
- Tham, J; Wonder, NX. "Equivalence Between the FCF Method, the CCF Method and the APV Approach." (February, 2002).
- Tham, J; Velez-Pareja, I. "Computer, Computer, on the Wall, Which Cost of Capital is Fairest, of Them All?." (March, 2002).
- Tham, J; Velez-Pareja, I. "Consistent Valuation of a Finite Stream of Cash Flows with a Terminal Value." (April, 2002).
- Tham, J; Wonder, NX. "Inter-temporal Resolution of Risk: the Case of the Tax Shield." (April, 2002).
- Tham, J. "Framework for Economic Appraisal: a Simple Exposition of Harberger's Approach." (May, 2002).
- Velez-Pareja, I; Tham, J. "Valuation in an Inflationary Environment." (May, 2002).
- Tham, J. "Reconciling the Two Definitions of the Present Value of the Tax Shield (PVTS)." (October, 2002).
- Tham, J. "Weighted Average Cost of Capital (WACC) with Risky Debt: A Simple Exposition (I)." (October, 2002).
- Tham, J; Velez-Pareja, I. "Much Ado about Nothing: A Non-technical Comment on the Present Value of the Tax Shield (PVTS)." (October, 2002).
- Tham, J. "The Present Value of the Tax Shield (PVTS) for FCF in Perpetuity With Growth." (December, 2002).
- Tham, J. "Constructing the Free Cash Flow (FCF) with Retention of Surplus Funds: The No Tax Case." (February, 2003).
- Tham, J; Thang, TV. "Equivalence between Discounted Cash Flow (DCF) and Residual Income (RI) (Su Tuong Duong Giua Dong Tien Chiet khau va Thu Nhap Rong)." (February, 2003).
- Tham, J; Velez-Pareja, I. "The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories)." (March, 2003).
- Velez-Pareja, I; Tham, J. "The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories) (CHEN THANH TRONG TIM KIEM GIA TRI (theo cac Mo hinh Alpha va ly thuyet Omega)." (March, 2003).
- Tham, J. "Estimating the Cost of Capital with Debt Financing in a Foreign Currency." (May, 2003).
- Tham, J; Velez-Pareja, I; Wonder, NX. "Comment on 'The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields'." 45.1 (May, 2003): 184-187. [abs]
- Velez-Pareja, I; Tham, J. "Do the RIM (Residual Income Model), EVA(R) and DCF (Discounted Cash Flow) Really Match?." (June, 2003).
- Thang, TV; Tham, J; Wonder, NX. "The Non-Conventional WACC With Risky Debt and Risky Tax Shield (WACC Dac Biet Doi Voi No Co Rui Ro va La Chan Thue Co Rui Ro) (Vietnamese version)." (June, 2003).
- Thang, TV; Tham, J. "Estimating The Cost of Capital with Debt Financing in a Foreign Currency (Uoc Luong Chi Phi Von Dau Tu Co No Vay Ngoai Te) (Vietnamese version)." (July, 2003).
- Tham, J; Thang, TV. "Financial Discount Rates in Project Appraisal (Suat Chiet Khau Tai Chinh trong Tham Dinh Du An) (Vietnamese version)." (August, 2003).
- Tham, J; Thang, TV. "Consistent Valuation in the Two-Period Case: A Pedagogical Note (Dinh Gia Thong Nhat trong Truong Hop Hai Giai Doan: Bai Viet Giang Day) (Vietnamese version)." (August, 2003).
- Wonder, NX; Velez-Pareja, I; Tham, J; Loeffler, A; Fieten, P. "Revised Comment on 'The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields'." (November, 2003).
- Tham, J; Thang, TV. "Practical Equity Valuation: A Simple Approach - Dinh Gia Von Chu So Huu Tren Thuc te:Mot Phuong Phap Don Gian (Vietnamese version)." (December, 2003).
- Wonder, NX; Fieten, P; Kruschwitz, L; Laitenberger, J; Loeffler, A; Tham, J; Velez-Pareja, I. "Comment on 'the Value of Tax Shields is Not Equal to the Present Value of Tax Shields', Including an Arbitrage Opportunity." The Quarterly Review of Economics and Finance 45.1 (December, 2003): 188-192.
- Tham, J; Thang, TV. "Risk-Neutral Valuation: A Gentle Introduction (1) Dinh Gia Theo Rui Ro-Trung Hoa: Phan Gioi Thieu (1) (Vietnamese version)." (January, 2004).
- Tham, J. "Coinciden EVA© y flujo de Caja Descondado?." Poliantea (May, 2004).
- Velez-Pareja, I; Tham, J. "Eva© Made Simple: Is it Possible? (Una Forma Sencilla De Calcular El Eva© )." (May, 2004).
- Tham, J; Velez-Pareja, I. "An Integrated, Consistent Market-Based Framework for Valuing Finite Cash Flows." Management Research News 28.10 (January, 2005): 65-92. [abs]
- Fieten, P; Kruschwitz, L; Laitenberger, J; Löffler, A; Tham, J; Vélez-Pareja, I; Wonder, N. "Comment on "The value of tax shields is NOT equal to the present value of tax shields"." The Quarterly Review of Economics and Finance 45.1 (February, 2005): 184-187. [doi] [abs]
- Velez-Pareja, I; Tham, J; Fernandez, V. "Adjustment of the Wacc with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case." Estudios De Administración 12.2 (March, 2005): 45-66. [abs]
- Velez-Pareja, I; Tham, J. "Market Value Calculation and the Solution of Circularity Between Value and the Weighted Average Cost of Capital WACC (A Note on the Weighted Average Cost of Capital WACC)." Revista De Administração Mackenzie (Ram) 10.6 (August, 2005).
- Vélez-Pareja, I; Tham, J; Fernández, V. "Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case." 4 (October, 2005): 1-19. [abs]
- Velez-Pareja, I; Tham, J. "The Mismatching of Apv and the Dcf in Brealey, Myers and Allen 8th Edition of Principles of Corporate Finance, 2006 (La Discrepancia Entre El Apv Y El Dcf En La 8va EdicióN De Brealey, Myers Y Allen, Principles of Corporate Finance, 2006)." (September, 2006).
- Velez-Pareja, I; Ibragimov, R; Tham, J. "Constant Leverage and Constant Cost of Capital: A Common Knowledge Half-Truth." Estudios Gerenciales 24.107 (April, 2008): 13-34. [abs]
- Velez-Pareja, I; Tham, J. "A Note on the Weighted Average Cost of Capital WACC (Nota Sobre El Costo Promedio De Capital)." Monografías 62 (September, 2008).
- Glenday, G; Shukla, GP; Tham, J; Kapoor, D; Maitra, A; Voetsch, R. "USAID/India Reform Project Compendium with Practitioners' Guide, Volume V State Fiscal Management Reform." (December, 2009).
- Tham, J. "Project Appraisal Simplified." (December, 2009).
- Velez-Pareja, I; Tham, J. "Estimating Cash Flows for Project Appraisal and Firm Valuation." (February, 2010).
- Velez-Pareja, I; Tham, J. "An Introduction to the Cost of Capital." (March, 2010).
- Tham, J; Velez-Pareja, I. "Will the Deflated WACC Please Stand Up? And the Real WACC Should Sit Down." Cuadernos Latinoamericanos De Administración, Vol. Vi 12 (May, 2010).
- Velez-Pareja, I; Tham, J. "Timanco S.A.: Unpaid Taxes, Losses Carried Forward, Foreign Debt, Presumptive Income and Adjustment for Inflation: Matching DCF and EVA©." (July, 2010).
- Tham, J; Velez-Pareja, I; Kolari, JW. "Costo de Capital con Costo del Patrimonio Apalancado Como el Riesgo de los Escudos Fiscales (Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields)." Revista Emprendedorismo Y Estrategia Organizacional 1.2 (September, 2010): 15-19.
- Velez-Pareja, I; Tham, J. "Company Valuation in an Emerging Economy - Caldonia: A Case Study." The Valuation Journal 5.2 (October, 2010): 4-45.
- Tham, J; Velez-Pareja, I; Kolari, JW. "Analytical Solution for Optimal Capital Structure in Perpetuities." (December, 2010).
- Tham, J; Velez-Pareja, I; Kolari, JW. "Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields." Mays Business School Research Paper 2011 (December, 2010).
- Velez-Pareja, I; Tham, J. "Mas Alla de Las Proyecciones: El valor Terminal. (Beyond Forecasting Peridod: The Terminal Value)." (January, 2012).
- Velez-Pareja, I; Tham, J. "Estimación Flujos de Caja Para Evaluación de Proyectos y Valoración de Empresas (Estimating Cash Flows for Project Assessment and Firm Valuation)." (January, 2012).
- Velez-Pareja, I; Tham, J. "Una Introducción Al Costo De Capital (An Introduction to the Cost of Capital)." (February, 2012).
- Ibragimov, R; Velez-Pareja, I; Tham, J. "VAIC: New Financial Performance Metric and Valuation Tool." (May, 2012).
- Ibragimov, R; Velez-Pareja, I; Tham, J. "EVA Performance Measurement is Faulty: So You May Be Persuaded to Switch to a Robust OEVA-TEVA Alternative." (February, 2013).
- Ibragimov, R; Velez-Pareja, I; Tham, J. "Sharpening Performance Measurement with the Operating and Total EVA." (March, 2013).
- Ibragimov, R; Velez-Pareja, I; Tham, J. "Mejora de la Medición del Desempeño con el vea (EVA) Operativo Y Total (Sharpening Performance Measurement with the Operating and Total EVA)." (March, 2013).
- Velez-Pareja, I; Tham, J. "Do Personal Taxes Destroy Tax Shields?." (February, 2016).
- Tham, J. "Evidence-Based Policy Making (EBPM) Is Wicked: A Critical Assessment From the Periphery." (December, 2018).
- Tham, J. "Critical Factors for Creating a Successful Digital Public Administration." (December, 2018).
- Tham, J. "The Unbearable Enlightenment (and Lightness) of Rigorous Research Evidence in Policy Making." (December, 2018).
- Tham, J. "Transferability of Research Findings: Lessons From the BCURE (Building Capacity for the Use of Research Evidence) Program for Implementing EBPM (Evidence-Based Policy Making) in Non-Western Countries." (December, 2018).
- Tham, J. "Relevance of Evidence-Based Policy Making (EBPM) for Governance (Public Administration) in Non-Western Countries: Lessons From the BCURE (Building Capacity to Use Research Evidence) Program." (December, 2018).
- Tham, J. "Digital Technologies and the Future of Employment." (December, 2018).
- Tham, J. "Promoting Evidence-Based Policy Making (EBPM) in Non-Western Countries: From the Periphery, a Practitioner’s Perspective on the Challenges." (December, 2018).
- Tham, J; Velez-Pareja, I; Ibragimov, R. "A Defense of the Classic FCF WACC: A Rejoinder to the Retrospection." (March, 2019).
- Tham, J; Velez-Pareja, I. "An Embarrassment of Riches: Winning Ways to Value with the WACC." 5 (April, 2019): 1-23. [abs]
Other
- Tham, J. "Human and Physical Resources for Junior Secondary Education (JSE), 1986-1994." Report on Indonesian Education (Unpublished) (1996).
- Tham, J. "Enrollment Trends in Junior Secondary Education (JSE), 1986-1994." Reports on Indonesian Education (Unpublished) (1996).
- Tham, J. "Parents’ Expenditures on Junior Secondary Education (JSE)." Report on Indonesian Education (Unpublished) (1996).
- Tham, J. "Measures of Efficiency in Junior Secondary Education (JSE), 1986-1994: dropouts, repeaters and graduates." Reports on Indonesian Education (Unpublished) (1996).
- Tham, J. "Estimate of the cost for expansion of Junior Secondary Education (JSE)." Report on Indonesian Education (Unpublished) (1996).
- Tham, J. "Analysis of Development and Routine Expenditures for Junior Secondary Education (JSE)." Report on Indonesian Education (Unpublished) (1996).
- Sabin, L; Tham, J. "Conceptual Issues in Financial Risk Analysis: a Review for Practitioners. manuscript." (2001).
- Tham, J. "Equivalence between Discounted Cash Flow (DCF) and Residual Income (RI)." (February, 2001). [abs]
- Glenday, G; Tham, J. "What weights in the WACC?." Sanford Institute Working Paper Series, paper No. SAN03-01. (2003).
- Velez-Pareja, I; Tham, J. "Prospective Analysis: Guidelines for Forecasting Financial Statements." Investment Management (May, 2008). [abs]
- Velez-Pareja, I; Tham, J. "Prospective Analysis: Guidelines for Forecasting Financial Statements." Investment Management: A Modern Guide to Security Analysis and Stock Selection SPRINGER. (2009): 155-225. [abs]