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  • 1
    Online Resource
    Online Resource
    Stochastic discounted cash flow : a theory of the valuation of firms (2020)
    Cham, Switzerland :Springer,
    Details
    UID:
    almafu_BV046452040
    Format: 1 Online-Ressource (xxiii, 241 Seiten).
    ISBN: 978-3-030-37081-7
    Series Statement: Springer texts in business and economics
    Additional Edition: Erscheint auch als Druck-Ausgabe, Hardcover ISBN 978-3-030-37080-0
    Additional Edition: Erscheint auch als Druck-Ausgabe, Paperback ISBN 978-3-030-37083-1
    Former: Vorangegangen ist Discounted cash flow
    Language: English
    Subjects: Economics
    RVK:
    QP 770
    RVK:
    QP 827
    Keywords: Firmenwert ; Cashflow ; Unternehmensbewertung ; Discounted-Cash-Flow-Methode
    DOI: 10.1007/978-3-030-37081-7
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: lizenzpflichtig
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kruschwitz, Lutz 1943-
    Author information: Löffler, Andreas 1964-
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Fulltext
    Fulltext
    Fulltext
    Fulltext
    Fulltext
    Fulltext
    HU Berlin
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    FH Potsdam
    Charité
    BTU Cottbus
    TU Berlin
  • 2
    Online Resource
    Online Resource
    Stochastic discounted cash flow : a theory of the valuation of firms (2020)
    Cham, Switzerland :Springer,
    Details
    UID:
    edoccha_BV046452040
    Format: 1 Online-Ressource (xxiii, 241 Seiten).
    ISBN: 978-3-030-37081-7
    Series Statement: Springer texts in business and economics
    Additional Edition: Erscheint auch als Druck-Ausgabe, Hardcover ISBN 978-3-030-37080-0
    Additional Edition: Erscheint auch als Druck-Ausgabe, Paperback ISBN 978-3-030-37083-1
    Former: Vorangegangen ist Discounted cash flow
    Language: English
    Subjects: Economics
    RVK:
    QP 770
    RVK:
    QP 827
    Keywords: Firmenwert ; Cashflow ; Unternehmensbewertung ; Discounted-Cash-Flow-Methode
    DOI: 10.1007/978-3-030-37081-7
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kruschwitz, Lutz 1943-
    Author information: Löffler, Andreas 1964-
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Fulltext
    HU Berlin
    FU Berlin
    EUV Frankfurt
    HTW Berlin
    FH Potsdam
    Charité
    BTU Cottbus
    TU Berlin
  • 3
    Online Resource
    Online Resource
    Stochastic discounted cash flow : a theory of the valuation of firms (2020)
    Cham, Switzerland :Springer,
    Details
    UID:
    edocfu_BV046452040
    Format: 1 Online-Ressource (xxiii, 241 Seiten).
    ISBN: 978-3-030-37081-7
    Series Statement: Springer texts in business and economics
    Additional Edition: Erscheint auch als Druck-Ausgabe, Hardcover ISBN 978-3-030-37080-0
    Additional Edition: Erscheint auch als Druck-Ausgabe, Paperback ISBN 978-3-030-37083-1
    Former: Vorangegangen ist Discounted cash flow
    Language: English
    Subjects: Economics
    RVK:
    QP 770
    RVK:
    QP 827
    Keywords: Firmenwert ; Cashflow ; Unternehmensbewertung ; Discounted-Cash-Flow-Methode
    DOI: 10.1007/978-3-030-37081-7
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kruschwitz, Lutz 1943-
    Author information: Löffler, Andreas 1964-
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Fulltext
    HU Berlin
    FU Berlin
    EUV Frankfurt
    HTW Berlin
    FH Potsdam
    BTU Cottbus
    TU Berlin
  • 4
    Online Resource
    Online Resource
    Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms (2020)
    Cham : Springer Nature | Cham :Springer International Publishing :
    Details
    UID:
    almafu_9959283953002883
    Format: 1 online resource (XXIII, 241 p.)
    Edition: 1st ed. 2020.
    ISBN: 3-030-37081-X
    Series Statement: Springer Texts in Business and Economics,
    Content: 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.
    Note: Introduction: A Stochastic Approach to Discounted Cash Flow -- Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- Corporate Income Tax: WACC, FTE, TCF, APV -- Personal Income Tax -- Corporate and Personal Income Tax -- Proofs -- Sketch of Solutions. , English
    Additional Edition: ISBN 3-030-37080-1
    Language: English
    DOI: 10.1007/978-3-030-37081-7
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    FU Berlin
    Charité
  • 5
    Online Resource
    Online Resource
    Stochastic discounted cash flow : a theory of the valuation of firms (2020)
    Cham :Springer,
    Details
    UID:
    kobvindex_HPB1143475385
    Format: 1 online resource
    ISBN: 9783030370817 , 303037081X
    Series Statement: Springer Texts in Business and Economics,
    Content: 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.--
    Note: Introduction: A Stochastic Approach to Discounted Cash Flow -- Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- Corporate Income Tax: WACC, FTE, TCF, APV -- Personal Income Tax -- Corporate and Personal Income Tax -- Proofs -- Sketch of Solutions.
    Additional Edition: Print version: Kruschwitz, Lutz. Stochastic discounted cash flow. Cham : Springer, 2020 ISBN 3030370801
    Additional Edition: ISBN 9783030370800
    Language: English
    URL: ProQuest Ebook Central
    URL: SpringerLink
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    HPol Brandenburg
  • 6
    Online Resource
    Online Resource
    Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. (2020)
    Cham :Springer International Publishing AG,
    Details
    UID:
    almahu_9949602156902882
    Format: 1 online resource (256 pages)
    Edition: 1st ed.
    ISBN: 9783030370817
    Series Statement: Springer Texts in Business and Economics Series
    Note: Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- List of Symbols -- List of Definitions -- List of Theorems -- List of Assumptions -- List of Rules -- 1 Introduction: A Stochastic Approach to Discounted Cash Flow -- Reference -- 2 Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- 2.1 Fundamental Terms -- 2.1.1 Cash Flows -- 2.1.2 Taxes -- 2.1.3 Cost of Capital -- 2.1.4 Time -- 2.1.5 Problems -- 2.2 Conditional Expectation -- 2.2.1 Uncertainty and Information -- 2.2.2 Rules -- 2.2.3 Example -- 2.2.4 Problems -- 2.3 A First Glance at Business Values -- 2.3.1 Valuation Concept -- 2.3.2 Cost of Capital as Conditional Expected Returns -- 2.3.3 A First Valuation Equation -- 2.3.4 Fundamental Theorem of Asset Pricing -- 2.3.5 Transversality and Infinite Life Span -- 2.3.6 Problems -- 2.4 Further Literature -- References -- 3 Corporate Income Tax: WACC, FTE, TCF, APV -- 3.1 Unlevered Firms -- 3.1.1 Valuation Equation -- 3.1.2 Weak Auto-Regressive Cash Flows -- 3.1.3 Example (Continued) -- 3.1.4 Problems -- 3.2 Basics About Levered Firms -- 3.2.1 Equity and Debt -- 3.2.2 Earnings and Taxes -- 3.2.3 Financing Policies -- 3.2.4 Debt and Transversality (Again) -- 3.2.5 Default -- 3.2.6 Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments. , 3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 6.3 Adjusted Modigliani-Miller Formula (Theorem 3.22) -- 6.4 Valuation Formula with Financing Based on Cash Flows (Theorems 3.23 and 3.24) -- 6.5 Valuation with Financing Based on Dividends (Theorem 3.25) -- 6.6 Valuation with Debt-Cash Flow Ratio (Theorems 3.26 and 3.27) -- 6.7 Fundamental Theorem with Income Tax (Theorem 4.2) -- 6.8 Valuation Formula with Retention Based on Dividends (Theorem 4.9) -- References -- 7 Sketch of Solutions -- 7.1 Basic Elements -- 7.1.1 Fundamental Terms -- 7.1.2 Conditional Expectation -- 7.1.3 A First Glance at Business Values. , 7.2 Corporate Income Tax -- 7.2.1 Unlevered Firms -- 7.2.1.1 Basics About Levered Firms -- 7.2.2 Autonomous Financing -- 7.2.3 Financing Based on Market Values -- 7.2.4 Financing Based on Book Values -- 7.2.5 Other Financing Policies -- 7.3 Personal Income Tax -- 7.3.1 Unlevered and Levered Firms -- 7.3.2 Excursus: Cost of Equity and Tax Rate -- 7.3.3 Retention Policies -- 7.4 Corporate and Personal Income Tax -- Index.
    Additional Edition: Print version: Kruschwitz, Lutz Stochastic Discounted Cash Flow Cham : Springer International Publishing AG,c2020 ISBN 9783030370800
    Language: English
    Keywords: Electronic books.
    URL: Click to View
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    HU Berlin
  • 7
    Online Resource
    Online Resource
    Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms (2020)
    Cham : Springer International Publishing AG
    Details
    UID:
    kobvindex_INTEBC6126497
    Format: 1 online resource (256 pages)
    Edition: 1st ed.
    ISBN: 9783030370817
    Series Statement: Springer Texts in Business and Economics Series
    Note: Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- List of Symbols -- List of Definitions -- List of Theorems -- List of Assumptions -- List of Rules -- 1 Introduction: A Stochastic Approach to Discounted Cash Flow -- Reference -- 2 Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- 2.1 Fundamental Terms -- 2.1.1 Cash Flows -- 2.1.2 Taxes -- 2.1.3 Cost of Capital -- 2.1.4 Time -- 2.1.5 Problems -- 2.2 Conditional Expectation -- 2.2.1 Uncertainty and Information -- 2.2.2 Rules -- 2.2.3 Example -- 2.2.4 Problems -- 2.3 A First Glance at Business Values -- 2.3.1 Valuation Concept -- 2.3.2 Cost of Capital as Conditional Expected Returns -- 2.3.3 A First Valuation Equation -- 2.3.4 Fundamental Theorem of Asset Pricing -- 2.3.5 Transversality and Infinite Life Span -- 2.3.6 Problems -- 2.4 Further Literature -- References -- 3 Corporate Income Tax: WACC, FTE, TCF, APV -- 3.1 Unlevered Firms -- 3.1.1 Valuation Equation -- 3.1.2 Weak Auto-Regressive Cash Flows -- 3.1.3 Example (Continued) -- 3.1.4 Problems -- 3.2 Basics About Levered Firms -- 3.2.1 Equity and Debt -- 3.2.2 Earnings and Taxes -- 3.2.3 Financing Policies -- 3.2.4 Debt and Transversality (Again) -- 3.2.5 Default -- 3.2.6 Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments , 3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 6.3 Adjusted Modigliani-Miller Formula (Theorem 3.22) -- 6.4 Valuation Formula with Financing Based on Cash Flows (Theorems 3.23 and 3.24) -- 6.5 Valuation with Financing Based on Dividends (Theorem 3.25) -- 6.6 Valuation with Debt-Cash Flow Ratio (Theorems 3.26 and 3.27) -- 6.7 Fundamental Theorem with Income Tax (Theorem 4.2) -- 6.8 Valuation Formula with Retention Based on Dividends (Theorem 4.9) -- References -- 7 Sketch of Solutions -- 7.1 Basic Elements -- 7.1.1 Fundamental Terms -- 7.1.2 Conditional Expectation -- 7.1.3 A First Glance at Business Values , 7.2 Corporate Income Tax -- 7.2.1 Unlevered Firms -- 7.2.1.1 Basics About Levered Firms -- 7.2.2 Autonomous Financing -- 7.2.3 Financing Based on Market Values -- 7.2.4 Financing Based on Book Values -- 7.2.5 Other Financing Policies -- 7.3 Personal Income Tax -- 7.3.1 Unlevered and Levered Firms -- 7.3.2 Excursus: Cost of Equity and Tax Rate -- 7.3.3 Retention Policies -- 7.4 Corporate and Personal Income Tax -- Index
    Additional Edition: Print version Kruschwitz, Lutz Stochastic Discounted Cash Flow Cham : Springer International Publishing AG,c2020 ISBN 9783030370800
    Language: English
    Keywords: Electronic books
    URL: Full-text  ((OIS Credentials Required))
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    Berlin International
  • 8
    Online Resource
    Online Resource
    Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms (2020)
    Cham : Springer Nature | Cham :Springer International Publishing :
    Details
    UID:
    edoccha_9959283953002883
    Format: 1 online resource (XXIII, 241 p.)
    Edition: 1st ed. 2020.
    ISBN: 3-030-37081-X
    Series Statement: Springer Texts in Business and Economics,
    Content: 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.
    Note: Introduction: A Stochastic Approach to Discounted Cash Flow -- Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- Corporate Income Tax: WACC, FTE, TCF, APV -- Personal Income Tax -- Corporate and Personal Income Tax -- Proofs -- Sketch of Solutions. , English
    Additional Edition: ISBN 3-030-37080-1
    Language: English
    DOI: 10.1007/978-3-030-37081-7
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Charité
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