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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 01 December 2020

No Free Lunches

No Free Lunches

(p.64) 9 No Free Lunches
The Business of Economics

John Kay (Contributor Webpage)

Oxford University Press

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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