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Payback Period

2019
S Kant Vajpayee, MD Sarder
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Payback period and accounting rate of return

2017
Jill Collis, Andrew Holt, Roger Hussey
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Risk-Adjusted Payback Period Valuation for Startup Investment: A Stage-Calibrated Framework with Risk-Monotone Payback Horizons

Startup valuation remains among the most contested problems in finance, owing to absent or negative near-term earnings, extreme uncertainty, and the circularity embedded in the dominant practitioner heuristic: peer-group multiples used to set entry price, followed by DCF reverseengineering to produce post-hoc justification.
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