Stochastic Discounted Cash Flow - 7 Angebote vergleichen

Lieferung aus: Deutschland, Lagernd.
This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. There are, however, different coexistent versions, which seem to compete against each other, such as entity approaches and equity approaches. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), two concepts classified as entity approaches. This book explains why there are several procedures and whether they lead to the same result. It also examines the economic differences between the methods and indicates the various purposes they serve. Further it describes the limits of the procedures and the situations they are best applied to. The problems this book addresses are relevant to theoreticians and practitioners alike. Soft cover.

Lieferung aus: Deutschland, Versandfertig in 6-10 Tagen, Versandkostenfrei innerhalb von Deutschland.
This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. There are, however, different coexistent versions, which seem to compete against each other, such as entity approaches and equity approaches. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), two concepts classified as entity approaches. This book explains why there are several procedures and whether they lead to the same result. It also examines the economic differences between the methods and indicates the various purposes they serve. Further it describes the limits of the procedures and the situations they are best applied to. The problems this book addresses are relevant to theoreticians and practitioners alike.

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A Theory of the Valuation of Firms, Firm valuation is currently a very exciting topic. It isinteresting for those economists engaged in either practice ortheory, particularly for those in finance. The literature on firmvaluation recommends logical, quantitative methods, which deal withestablishing today´s value of future free cash flows. In thisrespect firm valuation is identical with the calculation of thediscounted cash flow, DCF. There are, however, different coexistentversions, which seem to compete against each other. Entity approachand equity approach are thus differentiated. Acronyms are oftenused, such as APV (adjusted present value) or WACC (weightedaverage cost of capital), whereby these two concepts are classifiedunder entity approach. Why are there several procedures and not just one? Do they all leadto the same result? If not, where do the economic differences lie?If so, for what purpose are different methods needed? And further:do the known procedures suffice? Or are there situations where noneof the concepts developed up to now delivers the correct value ofthe firm? If so, how is the appropriate valuation formula to befound? These questions are not just interesting for theoreticians;even the practitioner who is confronted with the task of marketinghis or her results has to deal with it. The authors systematicallyclarify the way in which these different variations of the DCFconcept are related throughout the book ENDORSEMENTS FOR LÖFFLER: DISCOUNTED0-470-87044-3 ´´Compared with the huge number of books on pragmatic approaches todiscounted cash flow valuation, there are remarkably few that layout the theoretical underpinnings of this technique. Kruschwitz andLöffler bring together the theory in this area in a consistentand rigorous way that should be useful for all serious students ofthe topic.´´ --Ian Cooper, London Business School ´´This treatise on the market valuation of corporate cash flowsoffers the first reconciliation of conventional cost-of-capitalvaluation models from the corporate finance literature withstate-pricing (or ´risk-neutral´ pricing) models subsequentlydeveloped on the basis of multi-period no-arbitrage theories. Usingan entertaining style, Kruschwitz and Löffler develop aprecise and theoretically consistent definition of ´cost ofcapital´, and provoke readers to drop vague or contradictoryalternatives.´´ --Darrell Duffie, Stanford University ´´Handling firm and personal income taxes properly in valuationinvolves complex considerations. This book offers a new, precise,clear and concise theoretical path that is pleasant to read. Now itis the practitioners task to translate this approach intoreal-world applications!´´ --Wolfgang Wagner, PricewaterhouseCoopers ´´It is an interesting book, which has some new results and it fillsa gap in the literature between the usual undergraduate materialand the very abstract PhD material in such books as that of Duffie(Dynamic Asset Pricing Theory). The style is very engaging, whichis rare in books pitched at this level.´´ --Martin Lally, University of Wellington, PDF, 03.02.2006.

Lieferung aus: Deutschland, zzgl. Versandkosten, Sofort per Download lieferbar.
A Theory of the Valuation of Firms, Firm valuation is currently a very exciting topic. It isinteresting for those economists engaged in either practice ortheory, particularly for those in finance. The literature on firmvaluation recommends logical, quantitative methods, which deal withestablishing today's value of future free cash flows. In thisrespect firm valuation is identical with the calculation of thediscounted cash flow, DCF. There are, however, different coexistentversions, which seem to compete against each other. Entity approachand equity approach are thus differentiated. Acronyms are oftenused, such as APV (adjusted present value) or WACC (weightedaverage cost of capital), whereby these two concepts are classifiedunder entity approach. Why are there several procedures and not just one? Do they all leadto the same result? If not, where do the economic differences lie?If so, for what purpose are different methods needed? And further:do the known procedures suffice? Or are there situations where noneof the concepts developed up to now delivers the correct value ofthe firm? If so, how is the appropriate valuation formula to befound? These questions are not just interesting for theoreticians;even the practitioner who is confronted with the task of marketinghis or her results has to deal with it. The authors systematicallyclarify the way in which these different variations of the DCFconcept are related throughout the book ENDORSEMENTS FOR LÖFFLER: DISCOUNTED0-470-87044-3 "Compared with the huge number of books on pragmatic approaches todiscounted cash flow valuation, there are remarkably few that layout the theoretical underpinnings of this technique. Kruschwitz andLöffler bring together the theory in this area in a consistentand rigorous way that should be useful for all serious students ofthe topic." --Ian Cooper, London Business School "This treatise on the market valuation of corporate cash flowsoffers the first reconciliation of conventional cost-of-capitalvaluation models from the corporate finance literature withstate-pricing (or 'risk-neutral' pricing) models subsequentlydeveloped on the basis of multi-period no-arbitrage theories. Usingan entertaining style, Kruschwitz and Löffler develop aprecise and theoretically consistent definition of 'cost ofcapital', and provoke readers to drop vague or contradictoryalternatives." --Darrell Duffie, Stanford University "Handling firm and personal income taxes properly in valuationinvolves complex considerations. This book offers a new, precise,clear and concise theoretical path that is pleasant to read. Now itis the practitioners task to translate this approach intoreal-world applications!" --Wolfgang Wagner, PricewaterhouseCoopers "It is an interesting book, which has some new results and it fillsa gap in the literature between the usual undergraduate materialand the very abstract PhD material in such books as that of Duffie(Dynamic Asset Pricing Theory). The style is very engaging, whichis rare in books pitched at this level." --Martin Lally, University of Wellington.

Lieferung aus: Deutschland, zzgl. Versandkosten, Sofort per Download lieferbar.
A Theory of the Valuation of Firms, Firm valuation is currently a very exciting topic. It isinteresting for those economists engaged in either practice ortheory, particularly for those in finance. The literature on firmvaluation recommends logical, quantitative methods, which deal withestablishing today's value of future free cash flows. In thisrespect firm valuation is identical with the calculation of thediscounted cash flow, DCF. There are, however, different coexistentversions, which seem to compete against each other. Entity approachand equity approach are thus differentiated. Acronyms are oftenused, such as APV (adjusted present value) or WACC (weightedaverage cost of capital), whereby these two concepts are classifiedunder entity approach.Why are there several procedures and not just one? Do they all leadto the same result? If not, where do the economic differences lie?If so, for what purpose are different methods needed? And further:do the known procedures suffice? Or are there situations where noneof the concepts developed up to now delivers the correct value ofthe firm? If so, how is the appropriate valuation formula to befound? These questions are not just interesting for theoreticians;even the practitioner who is confronted with the task of marketinghis or her results has to deal with it. The authors systematicallyclarify the way in which these different variations of the DCFconcept are related throughout the bookENDORSEMENTS FOR LÖFFLER: DISCOUNTED0-470-87044-3"Compared with the huge number of books on pragmatic approaches todiscounted cash flow valuation, there are remarkably few that layout the theoretical underpinnings of this technique. Kruschwitz andLöffler bring together the theory in this area in a consistentand rigorous way that should be useful for all serious students ofthe topic."--Ian Cooper, London Business School"This treatise on the market valuation of corporate cash flowsoffers the first reconciliation of conventional cost-of-capitalvaluation models from the corporate finance literature withstate-pricing (or 'risk-neutral' pricing) models subsequentlydeveloped on the basis of multi-period no-arbitrage theories. Usingan entertaining style, Kruschwitz and Löffler develop aprecise and theoretically consistent definition of 'cost ofcapital', and provoke readers to drop vague or contradictoryalternatives."--Darrell Duffie, Stanford University"Handling firm and personal income taxes properly in valuationinvolves complex considerations. This book offers a new, precise,clear and concise theoretical path that is pleasant to read. Now itis the practitioners task to translate this approach intoreal-world applications!"--Wolfgang Wagner, PricewaterhouseCoopers"It is an interesting book, which has some new results and it fillsa gap in the literature between the usual undergraduate materialand the very abstract PhD material in such books as that of Duffie(Dynamic Asset Pricing Theory). The style is very engaging, whichis rare in books pitched at this level."--Martin Lally, University of Wellington.

Lieferung aus: Deutschland, zzgl. Versandkosten.
A Theory of the Valuation of Firms, A Theory of the Valuation of Firms.