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dc.contributor.authorKrishnan, Shiv
dc.date.accessioned2017-12-01T23:03:50Z
dc.date.available2017-12-01T23:03:50Z
dc.date.issued2016-11
dc.identifier.urihttp://jhir.library.jhu.edu/handle/1774.2/44591
dc.descriptionThe Studies in Applied Finance series is under the general direction of Prof. Steve H. Hanke, Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise (hanke@jhu.edu) and Dr. Hesam Motlagh (hesamnmotlagh@gmail.com), a Fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise. This working paper is one in a series on applied financial economics, which focuses on company valuations. The authors are mainly students at the Johns Hopkins University in Baltimore who have conducted their work at the Institute as undergraduate researchers.en_US
dc.description.abstractThe working paper is an in-depth financial analysis of International Business Machines (IBM). Our analysis examines the change in IBM’s business from a traditional hardware and software services provider to a cognitive services and cloud platform company. This analysis is combined with our proprietary Discounted Cash Flow (P-DCF) model and a Monte-Carlo simulation. This results in distributions of probable free cash flows. In addition to these quantitative factors, we also examine compensation plans of IBM executives to assess the degree to which the executives’ compensation incentives are aligned with the objective of creating shareholder value.en_US
dc.language.isoen_USen_US
dc.publisherInstitute for Applied Economics, Global Health, and the Study of Business Enterpriseen_US
dc.relation.ispartofseriesStudies in Applied Finance;12
dc.subjectfinanceen_US
dc.subjectinvestment thesisen_US
dc.subjectIBMen_US
dc.subjectInternational Business Machinesen_US
dc.subjectWatsonen_US
dc.subjectdiscounted cash flowen_US
dc.subjectfree cash flowen_US
dc.subjectMonte-Carlo simulationsen_US
dc.subjectcomparable companies analysisen_US
dc.subjectmanagement compensationen_US
dc.titleInvestment Thesis for International Business Machines Corp.en_US
dc.typeWorking Paperen_US


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