TY  - CONF
AU  - Andor, György
AU  - Dülk, Marcell
ED  - Khalid, Hammes
ED  - Igor, Klopotan
ED  - Milica, Nestorovic
TI  - ESTIMATION OF THE VARIANCE OF PROJECT RETURNS THROUGH A CASH FLOW BETA APPROACH
T2  - Economic and Social Development
C1  - Belgrád
PY  - 2018
SP  - 219
EP  - 227
PG  - 9
UR  - https://m2.mtmt.hu/api/publication/3380808
ID  - 3380808
LA  - English
DB  - MTMT
ER  - 

TY  - JOUR
AU  - Dülk, Marcell
TI  - The sign of cash flows: A source of error in present value approximations
JF  - ENGINEERING ECONOMIST
J2  - ENG ECONOMIST
VL  - 61
PY  - 2016
IS  - 2
SP  - 79
EP  - 94
PG  - 16
SN  - 0013-791X
DO  - 10.1080/0013791X.2016.1149262
UR  - https://m2.mtmt.hu/api/publication/3070384
ID  - 3070384
LA  - English
DB  - MTMT
ER  - 

TY  - JOUR
AU  - Andor, György
AU  - Dülk, Marcell
TI  - Cost of capital estimation for energy efficiency projects through a cash flow beta approach
JF  - ENERGY EFFICIENCY
J2  - ENERG EFFIC
VL  - 8
PY  - 2015
IS  - 2
SP  - 365
EP  - 384
PG  - 20
SN  - 1570-646X
DO  - 10.1007/s12053-014-9298-y
UR  - https://m2.mtmt.hu/api/publication/2738966
ID  - 2738966
AB  - This paper presents a methodological framework for project beta estimation according to the Capital Asset Pricing Model (CAPM) when relevant stock price data are not available but cash flow data are. The methodology suggests estimating a cash flow beta first, which can then be converted into the traditional stock beta of a project. Estimation of the cash flow beta requires a series of past expectations regarding the project's cash flows. We generate these expectations from time-series models describing the cash flow process. In the case of energy efficiency projects, we argue that it is sufficient to consider only the energy price uncertainty in the cash flows. Analyzing monthly residential retail price data for electricity, natural gas, and heating oil in the USA, we find that the use of price changes, as applied by related studies, is inappropriate for beta estimation and that it may lead to errors in magnitude, incorrect signs, and wider confidence intervals for beta estimates because none of these prices are martingales. After adjusting for this issue, we find very small betas. Moreover, considering their possible range, we conclude that the risk-free rate is generally a good approximation for energy efficiency projects.
LA  - English
DB  - MTMT
ER  - 

TY  - CHAP
AU  - Dülk, Marcell
ED  - Bóta, Gábor
ED  - Ormos, Mihály
TI  - Cost of capital of energy efficiency projects: The case of electricity
T2  - SSEM EuroConference 2014
PB  - Budapest University of Technology and Economics
CY  - Budapest
SN  - 9789633131145
T3  - SSEM EuroConference
PY  - 2014
UR  - https://m2.mtmt.hu/api/publication/2740139
ID  - 2740139
LA  - English
DB  - MTMT
ER  - 

TY  - THES
AU  - Dülk, Marcell
TI  - Methodological improvements in financial analyses
PY  - 2013
UR  - https://m2.mtmt.hu/api/publication/2944092
ID  - 2944092
LA  - English
DB  - MTMT
ER  - 

TY  - CHAP
AU  - Andor, György
AU  - Dülk, Marcell
ED  - Meyer, Dietmar Klaus
ED  - Kósi, Kálmán
ED  - Valkó, László
ED  - Tóth, Zsuzsanna Eszter
ED  - Hevér, Boglárka
ED  - Horváth, György Ádám
TI  - Közelítő módszerek perióduson belüli pénzáramok diszkontálásához
T2  - Tehetséggondozás a BME GTK Gazdálkodás- és Szervezéstudományi Doktori Iskolában
PB  - Budapesti Műszaki és Gazdaságtudományi Egyetem
CY  - Budapest
SN  - 9789633130872
PY  - 2013
SP  - 1
EP  - 11
PG  - 11
UR  - https://m2.mtmt.hu/api/publication/2694502
ID  - 2694502
LA  - Hungarian
DB  - MTMT
ER  - 

TY  - JOUR
AU  - Andor, György
AU  - Dülk, Marcell
TI  - Present value under uncertain asset life: an evaluation of relative error
JF  - PERIODICA POLYTECHNICA SOCIAL AND MANAGEMENT SCIENCES
J2  - PERIOD POLYTECH SOC MANAG SCI
VL  - 21
PY  - 2013
IS  - 2
SP  - 71
EP  - 82
PG  - 12
SN  - 1416-3837
DO  - 10.3311/PPso.7086
UR  - https://m2.mtmt.hu/api/publication/2692962
ID  - 2692962
LA  - English
DB  - MTMT
ER  - 

TY  - JOUR
AU  - Andor, György
AU  - Dülk, Marcell
TI  - Harmonic mean as an approximation for discounting intraperiod cash flows
JF  - ENGINEERING ECONOMIST
J2  - ENG ECONOMIST
VL  - 58
PY  - 2013
IS  - 1
SP  - 3
EP  - 18
PG  - 16
SN  - 0013-791X
DO  - 10.1080/0013791X.2012.742607
UR  - https://m2.mtmt.hu/api/publication/2688754
ID  - 2688754
LA  - English
DB  - MTMT
ER  - 

TY  - CHAP
AU  - Andor, György
AU  - Dülk, Marcell
ED  - Levendovszky, János
ED  - Péceli, Gábor
TI  - Approximations for discounting intraperiod cash flows
T2  - Proceedings of the PhD Conferences - organised by the Doctoral Schools of the BME, in the framework of TÁMOP-4.2.2/B-10/1-2010-0009
PB  - Budapest University of Technology and Economics
CY  - Budapest
SN  - 9789633130735
PY  - 2012
SP  - 246
EP  - 249
PG  - 4
UR  - https://m2.mtmt.hu/api/publication/2686665
ID  - 2686665
LA  - English
DB  - MTMT
ER  - 

TY  - JOUR
AU  - Dülk, Marcell
TI  - Cost of capital of energy efficiency projects: The case of space heating and cooling
JF  - PERIODICA POLYTECHNICA SOCIAL AND MANAGEMENT SCIENCES
J2  - PERIOD POLYTECH SOC MANAG SCI
VL  - 20
PY  - 2012
IS  - 1
SP  - 3
EP  - 10
PG  - 8
SN  - 1416-3837
DO  - 10.3311/pp.so.2012-1.01
UR  - https://m2.mtmt.hu/api/publication/2686389
ID  - 2686389
LA  - English
DB  - MTMT
ER  -