This article describes the scientific and theoretical basis for forecasting discounted cash flows of Joint-Stock Companies. In this case, theories existing foreign Economist scientists on were analyzed views schools studied. Based results study, a procedure Companies has been developed.

In capital budgeting problems future cash–flows are discounted using the expected one period returns of the investment. In this paper we establish a theory that relates this approach to the assumption that markets are free of arbitrage. Our goal is to uncover implicit assumptions on the set of cash–flow distributions that are suitable for the capital budgeting method. As results we obtain that ...