REIJO RUUHELA -
TIMO SALMI -
MARTTI LUOMA -
ARTO LAAKKONEN
This paper is reproduced at the University of Vaasa in the electronic format with the permission of The Finnish Journal of Business Economics. Copyright (c) 1982 by The Finnish Journal of Business Economics and the authors.
CONTENTS
1
Introduction and Review of the Problem
2
Profitability Estimation
2.1 Case with Unique Life-Spans
2.2 Case with Varying Life-Spans
3
Equivalence of Depreciation Methods
4
Long-Run Financing Policy
5
Estimation and Empirical Results
5.1 The Estimation Procedure
5.2 Long-Run Profitability, Growth, and Financing Behavior of Eight
Major Finnish Pulp and Paper Firms
References
Appendix A
Appendix B
Appendix C
Please use the following reference to this publication: Ruuhela, R., Salmi, T., Luoma, M. and Laakkonen, A. "Direct Estimation of the Internal Rate of Return from Published Financial Statements; with results on the long-run growth, profitability, and financing behavior of major Finnish pulp and paper firms", The Finnish Journal of Business Economics 31:4, 329-345. Also available from World Wide Web: <URL:http://www.uwasa.fi/~ts/dire/dire.html>.
* Presented at Louvain-la-Neuve at the tenth anniversary conference of the European Institute for Advanced Studies in Management