Discounted cash flow: a theory of the valuation of firms
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester [u.a.]
Wiley
2007
|
| Ausgabe: | Reprint. |
| Schriftenreihe: | Wiley finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XX, 157 S. graph. Darst. |
| ISBN: | 9780470870440 0470870443 |
Internformat
MARC
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| 245 | 1 | 0 | |a Discounted cash flow |b a theory of the valuation of firms |c Lutz Kruschwitz and Andreas Löffler |
| 250 | |a Reprint. | ||
| 264 | 1 | |a Chichester [u.a.] |b Wiley |c 2007 | |
| 300 | |a XX, 157 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance | |
| 500 | |a Includes bibliographical references and index | ||
| 505 | 8 | |a Basic elements -- Corporate income tax -- Personal income tax -- Corporate and personal income tax. | |
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| 650 | 4 | |a Business enterprises |x Valuation | |
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| 650 | 0 | 7 | |a Cashflow |0 (DE-588)4136230-5 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Firmenwert |0 (DE-588)4156968-4 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1804138061911556096 |
|---|---|
| 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
Lvitz
Kruschwitz and Andreas
Löffler
Firm valuation is currently a very exciting topic. It is interesting for those
economists engaged in either practice or theory, particularly for those in
finance. The literature on firm valuation recommends logical, quantitative
methods, which deal with establishing today s value of future free cash flows. In
this respect firm valuation is identical with the calculation of the discounted
cash flow, DCF. There are, however, different coexistent versions, which seem to
compete against each other. Entity approach and equity approach are thus
differentiated. Acronyms are often used, such as
APV
(adjusted present value)
or WACC (weighted average cost of capital), whereby these two concepts are
classified under entity approach.
Why are there several procedures and not just one? Do they all lead to 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 none of the concepts developed up to now delivers
the correct value of the firm? If so, how is the appropriate valuation formula to
be found? These questions are not just interesting for theoreticians; the
practitioner confronted with the task of marketing his or her results has to deal
with it. The authors systematically clarify the way in which these different
variations of the DCF concept are related throughout the book
|
| 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
Lvitz
Kruschwitz and Andreas
Löffler
Firm valuation is currently a very exciting topic. It is interesting for those
economists engaged in either practice or theory, particularly for those in
finance. The literature on firm valuation recommends logical, quantitative
methods, which deal with establishing today's value of future free cash flows. In
this respect firm valuation is identical with the calculation of the discounted
cash flow, DCF. There are, however, different coexistent versions, which seem to
compete against each other. Entity approach and equity approach are thus
differentiated. Acronyms are often used, such as
APV
(adjusted present value)
or WACC (weighted average cost of capital), whereby these two concepts are
classified under entity approach.
Why are there several procedures and not just one? Do they all lead to 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 none of the concepts developed up to now delivers
the correct value of the firm? If so, how is the appropriate valuation formula to
be found? These questions are not just interesting for theoreticians; the
practitioner confronted with the task of marketing his or her results has to deal
with it. The authors systematically clarify the way in which these different
variations of the DCF concept are related throughout the book |
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| contents | Basic elements -- Corporate income tax -- Personal income tax -- Corporate and personal income tax. |
| ctrlnum | (OCoLC)254557931 (DE-599)BVBBV035100178 |
| dewey-full | 332.63221 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV035100178 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:13:56Z |
| indexdate | 2024-07-09T21:22:12Z |
| institution | BVB |
| isbn | 9780470870440 0470870443 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016768162 |
| oclc_num | 254557931 |
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| owner_facet | DE-945 DE-92 DE-384 DE-83 DE-M347 DE-188 DE-739 DE-355 DE-BY-UBR |
| physical | XX, 157 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| 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. Chichester [u.a.] Wiley 2007 XX, 157 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance Includes bibliographical references and index Basic elements -- Corporate income tax -- Personal income tax -- Corporate and personal income tax. Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Cashflow (DE-588)4136230-5 gnd rswk-swf Firmenwert (DE-588)4156968-4 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 DE-188 Löffler, Andreas 1964- Verfasser (DE-588)132421828 aut Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016768162&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016768162&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Kruschwitz, Lutz 1943- Löffler, Andreas 1964- Discounted cash flow a theory of the valuation of firms Basic elements -- Corporate income tax -- Personal income tax -- Corporate and personal income tax. Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd Firmenwert (DE-588)4156968-4 gnd |
| subject_GND | (DE-588)4406568-1 (DE-588)4078594-4 (DE-588)4136230-5 (DE-588)4156968-4 |
| 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 | Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode (DE-588)4406568-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd Firmenwert (DE-588)4156968-4 gnd |
| topic_facet | Unternehmen Business enterprises Valuation Discounted-Cash-Flow-Methode Unternehmensbewertung Cashflow Firmenwert |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016768162&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=016768162&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT kruschwitzlutz discountedcashflowatheoryofthevaluationoffirms AT lofflerandreas discountedcashflowatheoryofthevaluationoffirms |