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The Business of Economics$
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John Kay

Print publication date: 1996

Print ISBN-13: 9780198292227

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292228.001.0001

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No Free Lunches

No Free Lunches

Chapter:
(p.64) 9 No Free Lunches
Source:
The Business of Economics
Author(s):

John Kay (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198292228.003.0009

Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying competitive advantage.

Keywords:   added value, CAPM, cash flow, competitive advantage, corporate finance, firm valuation, profitability, shareholder return

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