Discounted cash flow: a theory of the valuation of firms
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester [u.a.]
Wiley
2006
|
| Edition: | Reprint. with corr. |
| Series: | Wiley finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Literaturangaben |
| Physical Description: | XX, 157 S. graph. Darst. |
| ISBN: | 9780470870440 0470870443 |
Staff View
MARC
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Record in the Search Index
| _version_ | 1804137158998491136 |
|---|---|
| adam_text | Contents
List of Figures
ix
List of Symbols
xi
List of Definitions, Theorems, etc.
xiii
Acknowledgments
xv
Introduction
xvii
1
Basic Elements
1
1.1
Fundamental terms
1
1.1.1
Cashflows
2
1.1.2
Taxes
3
1.1.3
Cost of capital
4
1.1.4
Time
6
Problems
9
1.2
Conditional expectation
9
1.2.1
Uncertainty and information
9
1.2.2
Rules
12
1.2.3
Example
13
Problems
17
1.3
A first glance at business values
19
1.3.1
Valuation concept
19
1.3.2
Cost of capital as conditional expected returns
22
1.3.3
A first valuation equation
25
1.3.4
Fundamental theorem of asset pricing
26
Problems
29
1.4
Further literature
29
References
30
Contents
Corporate Income Tax
31
2.1
Unlevered firms
31
2.1.1
Valuation equation
32
2.1.2
Weak
autoregressive
cash flows
33
2.1.3
Example (continued)
40
Problems
43
2.2
Basics about levered firms
46
2.2.1
Equity and debt
46
2.2.2
Earnings and taxes
47
2.2.3
Financing policies
49
2.2.4
Default
52
2.2.5
Example (finite case continued)
56
Problems
60
2.3
Autonomous financing
61
2.3.1
Adjusted present value
(APV)
61
2.3.2
Example (continued)
63
Problems
64
2.4
Financing based on market values
65
2.4.1
Flow to equity (FTE)
66
2.4.2
Total cash flow (TCF)
67
2.4.3
Weighted average cost of capital (WACC)
69
2.4.4
Miles-Ezzell and
Modigliani-Miller
adjustments
71
2.4.5
Example (continued)
75
Problems
78
2.5
Financing based on book values
79
2.5.1
Assumptions
79
2.5.2
Full distribution policy
82
2.5.3
Replacement investments
84
2.5.4
Investment policy based on cash flows
85
2.5.5
Example (continued)
88
Problems
89
2.6
Other financing policies
90
2.6.1
Financing based on cash flows
90
2.6.2
Financing based on dividends
92
2.6.3
Financing based on debt-cash flow ratio
95
2.7
Comparing alternative forms of financing
97
Problems
98
2.8
Further literature
99
References
100
Personal Income Tax
103
3.1
Unlevered and levered firms
103
3.1.1
Leverage interpreted anew
104
3.1.2
The unlevered firm
105
3.1.3
Income and taxes
106
3.1.4
Fundamental theorem
110
Contents
3.1.5
Tax shield and distribution policy
112
3.1.6
Example (continued)
113
Problems
114
3.2
Excursus: Cost of equity and tax rate
115
Problems
118
3.3
Retention policies
119
3.3.1
Autonomous retention
119
3.3.2
Retention based on cash flow
121
3.3.3
Retention based on dividends
122
3.3.4
Retention based on market value
124
Problems
127
3.4
Further literature
127
References
128
Corporate and Personal Income Tax
129
4.1
Assumptions
129
4.2
Identification and evaluation of tax advantages
130
4.3
Epilogue
133
Problem
134
References
134
Appendix: Proofs
135
A.I Proofs of theorems
2.2
and
2.3 135
A.2 Proof of theorem
2.17 136
A.3 Proof of theorem
2.18 141
A.4 Proofs of theorems
2.19
and
2.20 142
A.5 Proof of theorem
2.21 144
A.6 Proofs of theorems
2.22
and
2.23 147
A.7 Proof of theorem
3.2 148
A.8 Proof of theorem
3.9 152
References
153
Index
155
About the authors
LUTZ KRUSCHWITZ
(pictured left) is chair of
Banking and Finance at the
Freie Universität in
Berlin. He was born in
1943,
Germany, and is a
graduate in economics from the
Freie Universität
in Berlin. His research interests include investment
and valuation theory in particular. He has written
several bestselling German finance textbooks.
ANDREAS
LÖFFLER
is chair of Banking and
Finance at the
Universität
of Hannover. He was
born in
1964
in Szeged, Hungary, and is a graduate
in mathematics and economics from
Universität
Leipzig and
Freie Universität
Berlin. His research
interests include decision theory and valuation
theory. He has published in a number of academic
journals.
|
| adam_txt |
Contents
List of Figures
ix
List of Symbols
xi
List of Definitions, Theorems, etc.
xiii
Acknowledgments
xv
Introduction
xvii
1
Basic Elements
1
1.1
Fundamental terms
1
1.1.1
Cashflows
2
1.1.2
Taxes
3
1.1.3
Cost of capital
4
1.1.4
Time
6
Problems
9
1.2
Conditional expectation
9
1.2.1
Uncertainty and information
9
1.2.2
Rules
12
1.2.3
Example
13
Problems
17
1.3
A first glance at business values
19
1.3.1
Valuation concept
19
1.3.2
Cost of capital as conditional expected returns
22
1.3.3
A first valuation equation
25
1.3.4
Fundamental theorem of asset pricing
26
Problems
29
1.4
Further literature
29
References
30
Contents
Corporate Income Tax
31
2.1
Unlevered firms
31
2.1.1
Valuation equation
32
2.1.2
Weak
autoregressive
cash flows
33
2.1.3
Example (continued)
40
Problems
43
2.2
Basics about levered firms
46
2.2.1
Equity and debt
46
2.2.2
Earnings and taxes
47
2.2.3
Financing policies
49
2.2.4
Default
52
2.2.5
Example (finite case continued)
56
Problems
60
2.3
Autonomous financing
61
2.3.1
Adjusted present value
(APV)
61
2.3.2
Example (continued)
63
Problems
64
2.4
Financing based on market values
65
2.4.1
Flow to equity (FTE)
66
2.4.2
Total cash flow (TCF)
67
2.4.3
Weighted average cost of capital (WACC)
69
2.4.4
Miles-Ezzell and
Modigliani-Miller
adjustments
71
2.4.5
Example (continued)
75
Problems
78
2.5
Financing based on book values
79
2.5.1
Assumptions
79
2.5.2
Full distribution policy
82
2.5.3
Replacement investments
84
2.5.4
Investment policy based on cash flows
85
2.5.5
Example (continued)
88
Problems
89
2.6
Other financing policies
90
2.6.1
Financing based on cash flows
90
2.6.2
Financing based on dividends
92
2.6.3
Financing based on debt-cash flow ratio
95
2.7
Comparing alternative forms of financing
97
Problems
98
2.8
Further literature
99
References
100
Personal Income Tax
103
3.1
Unlevered and levered firms
103
3.1.1
'Leverage'interpreted anew
104
3.1.2
The unlevered firm
105
3.1.3
Income and taxes
106
3.1.4
Fundamental theorem
110
Contents
3.1.5
Tax shield and distribution policy
112
3.1.6
Example (continued)
113
Problems
114
3.2
Excursus: Cost of equity and tax rate
115
Problems
118
3.3
Retention policies
119
3.3.1
Autonomous retention
119
3.3.2
Retention based on cash flow
121
3.3.3
Retention based on dividends
122
3.3.4
Retention based on market value
124
Problems
127
3.4
Further literature
127
References
128
Corporate and Personal Income Tax
129
4.1
Assumptions
129
4.2
Identification and evaluation of tax advantages
130
4.3
Epilogue
133
Problem
134
References
134
Appendix: Proofs
135
A.I Proofs of theorems
2.2
and
2.3 135
A.2 Proof of theorem
2.17 136
A.3 Proof of theorem
2.18 141
A.4 Proofs of theorems
2.19
and
2.20 142
A.5 Proof of theorem
2.21 144
A.6 Proofs of theorems
2.22
and
2.23 147
A.7 Proof of theorem
3.2 148
A.8 Proof of theorem
3.9 152
References
153
Index
155
About the authors
LUTZ KRUSCHWITZ
(pictured left) is chair of
Banking and Finance at the
Freie Universität in
Berlin. He was born in
1943,
Germany, and is a
graduate in economics from the
Freie Universität
in Berlin. His research interests include investment
and valuation theory in particular. He has written
several bestselling German finance textbooks.
ANDREAS
LÖFFLER
is chair of Banking and
Finance at the
Universität
of Hannover. He was
born in
1964
in Szeged, Hungary, and is a graduate
in mathematics and economics from
Universität
Leipzig and
Freie Universität
Berlin. His research
interests include decision theory and valuation
theory. He has published in a number of academic
journals. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Kruschwitz, Lutz 1943- Löffler, Andreas 1964- |
| author_GND | (DE-588)120168456 (DE-588)132421828 |
| author_facet | Kruschwitz, Lutz 1943- Löffler, Andreas 1964- |
| author_role | aut aut |
| author_sort | Kruschwitz, Lutz 1943- |
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| callnumber-subject | HG - Finance |
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| ctrlnum | (OCoLC)61179520 (DE-599)BVBBV022890727 |
| dewey-full | 658.15 332.63221 |
| dewey-hundreds | 600 - Technology (Applied sciences) 300 - Social sciences |
| dewey-ones | 658 - General management 332 - Financial economics |
| dewey-raw | 658.15 332.63221 |
| dewey-search | 658.15 332.63221 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Reprint. with corr. |
| format | Book |
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| id | DE-604.BV022890727 |
| illustrated | Illustrated |
| index_date | 2024-07-02T18:53:35Z |
| indexdate | 2024-07-09T21:07:51Z |
| institution | BVB |
| isbn | 9780470870440 0470870443 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016095576 |
| oclc_num | 61179520 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-20 |
| owner_facet | DE-355 DE-BY-UBR DE-20 |
| physical | XX, 157 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley finance |
| spelling | Kruschwitz, Lutz 1943- Verfasser (DE-588)120168456 aut Discounted cash flow a theory of the valuation of firms Lutz Kruschwitz and Andreas Löffler Reprint. with corr. Chichester [u.a.] Wiley 2006 XX, 157 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance Literaturangaben Bedrijfswaarde gtt Cash-flow gtt Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd rswk-swf Firmenwert (DE-588)4156968-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Cashflow (DE-588)4136230-5 gnd rswk-swf Firmenwert (DE-588)4156968-4 s Cashflow (DE-588)4136230-5 s DE-604 Unternehmensbewertung (DE-588)4078594-4 s Discounted-Cash-Flow-Methode (DE-588)4406568-1 s 1\p DE-604 Löffler, Andreas 1964- Verfasser (DE-588)132421828 aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095576&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095576&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Kruschwitz, Lutz 1943- Löffler, Andreas 1964- Discounted cash flow a theory of the valuation of firms Bedrijfswaarde gtt Cash-flow gtt Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd Firmenwert (DE-588)4156968-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd |
| subject_GND | (DE-588)4406568-1 (DE-588)4156968-4 (DE-588)4078594-4 (DE-588)4136230-5 |
| title | Discounted cash flow a theory of the valuation of firms |
| title_auth | Discounted cash flow a theory of the valuation of firms |
| title_exact_search | Discounted cash flow a theory of the valuation of firms |
| title_exact_search_txtP | Discounted cash flow a theory of the valuation of firms |
| title_full | Discounted cash flow a theory of the valuation of firms Lutz Kruschwitz and Andreas Löffler |
| title_fullStr | Discounted cash flow a theory of the valuation of firms Lutz Kruschwitz and Andreas Löffler |
| title_full_unstemmed | Discounted cash flow a theory of the valuation of firms Lutz Kruschwitz and Andreas Löffler |
| title_short | Discounted cash flow |
| title_sort | discounted cash flow a theory of the valuation of firms |
| title_sub | a theory of the valuation of firms |
| topic | Bedrijfswaarde gtt Cash-flow gtt Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd Firmenwert (DE-588)4156968-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd |
| topic_facet | Bedrijfswaarde Cash-flow Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode Firmenwert Unternehmensbewertung Cashflow |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095576&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095576&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT kruschwitzlutz discountedcashflowatheoryofthevaluationoffirms AT lofflerandreas discountedcashflowatheoryofthevaluationoffirms |