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Collectif CSI

Assumptions of the Discount Rate

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Yes, where is the math? Should not our inquiry progress now further into the moral and political subconscious of the technicalities of finance? Capitalization means financial formulas. And formulaic configuration means an intellectual orchestration that has been collapsed into a sort of contraption, an operating apparatus, a rule that can function in perfect unawareness, or repression (Maurer 2002) of its determinants and incongruities. The preceding pages already put us onto the path of the financial formula, with a close look at one episode in the origins of discounted cash flow (DCF), but perhaps not sufficiently. Yet, in the manuals of financial analysis, capitalization is recurrently tackled in the terms of mathematical formulation—terms that hundreds of thousands of financial analysts must familiarize themselves with (see Ortiz 2013a, 2013c, 2014a, 2014b). Arid as these formalisms may be, we are now ready to confront them. And the idea here is not to learn how to use them. The...

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