Chapter

No Free Lunches

John Kay

in The Business of Economics

Published in print October 1996 | ISBN: 9780198292227
Published online November 2003 | e-ISBN: 9780191596520 | DOI: http://dx.doi.org/10.1093/0198292228.003.0009
 No Free Lunches

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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

Chapter.  1981 words. 

Subjects: Microeconomics

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