The value of an operating asset are the net present value of expected free cash flows discounted to infinity.

ECONOMIST: Robert Wade replies

The plan for the Asian assets would involve Alibaba creating a subsidiary into which it would put several billion dollars of cash, plus an operating asset that Yahoo wants to buy using additional cash from Alibaba, almost like giving Yahoo a prepaid card for an asset of its choice, the people said.

WSJ: Yahoo Weighs Plan to Cut Alibaba Stake

Mr Ferrand was European chief operating officer for international asset management firm Aegon.

BBC: Christophe Ferrand