Firm valuation: consistent financial planning and corporate diversification
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Hamburg
Kovač
2012
|
| Schriftenreihe: | Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis
309 |
| Schlagworte: | |
| Online-Zugang: | Ausfuehrliche Beschreibung Inhaltsverzeichnis |
| Beschreibung: | XXI, 140 S. graph. Darst. 21 cm, 216 g |
| ISBN: | 9783830061823 383006182X |
Internformat
MARC
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| 245 | 1 | 0 | |a Firm valuation |b consistent financial planning and corporate diversification |c Nicolas Heinrichs |
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| 300 | |a XXI, 140 S. |b graph. Darst. |c 21 cm, 216 g | ||
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| 490 | 1 | |a Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis |v 309 | |
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| 650 | 0 | 7 | |a Diversifikation |0 (DE-588)4012539-7 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
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|---|---|
| adam_text | IMAGE 1
CONTENTS
LIST OF FIGURES IX
LIST OF TABLES XI
LIST OF ABBREVIATIONS XIII
LIST OF SYMBOLS XVII
1 INTRODUCTION 1
1.1 MOTIVATION 1
1.2 RESEARCH OBJECTIVES AND STRUCTURE . . 3
2 RELATED LITERATURE 9
3 EXTENDED DIVIDEND, CASH FLOW, AND RESIDUAL INCOME VALUATION MODELS .
21 3.1 VALUATION METHODS 21
3.1.1 EXTENDED VALUATION METHODS UNDER NON-IDEAL CONDITIONS . .. 21
3.1.2 THE STANDARD MODELS AS SPECIAL CASES OF THE EXTENDED VALUA- TION
METHODS 30
3.1.3 THE IMPACT OF DEVIATIONS FROM IDEAL CONDITIONS 30
3.2 IMPLEMENTING THE MODELS BASED ON MECHANICAL PROJECTIONS VERSUS AN-
ALYST FORECASTS 34
3.2.1 MECHANICAL PROJECTIONS 34
3.2.2 ANALYST FORECAST DATA FROM VALUE LINE 36
3.2.3 RESEARCH DESIGN AND DATA DESCRIPTION 37
3.3 EMPIRICAL RESULTS 43
3.3.1 VALUATION ERRORS 43
3.3.2 ROBUSTNESS OF VALUATION RESULTS 47
3.3.3 ERROR DECOMPOSITION 51
3.3.4 REGRESSION ANALYSIS 53
3.4 SUMMARY AND CONCLUSION 56
4 CO-MOVEMENT OF REVENUE: STRUCTURAL CHANGES IN THE BUSINESS CYCLE . ..
57 4.1 SCHEMES OF INDUSTRY AND BUSINESS CYCLE CLASSIFICATION 57 4.1.1
INDUSTRY CLASSIFICATION 57
4.1.2 BUSINESS CYCLE INDICATORS 59
4.2 RESEARCH METHODOLOGY 60
4.2.1 SAMPLE DESCRIPTION 61
4.2.2 DATA PREPARATION 62
4.2.3 DEPENDENCE MEASURES 66
4.2.4 HYPOTHESES 68
4.2.5 METHODS OF STATISTICAL SIGNIFICANCE 70
BIBLIOGRAFISCHE INFORMATIONEN HTTP://D-NB.INFO/1017144869
DIGITALISIERT DURCH
IMAGE 2
VIII CONTENTS
4.3 EMPIRICAL RESULTS 71
4.3.1 AVERAGE CORRELATION COEFFICIENTS 71
4.3.2 HYPOTHESES TESTS 74
4.3.3 CORRELATIONS BETWEEN THE INDUSTRIES AND THE AGGREGATE MARKET . 76
4.3.4 CORRELATIONS OF EARNINGS 78
4.4 SUMMARY AND CONCLUSION 80
5 DIVERSIFICATION IN FIRM VALUATION: A MULTIVARIATE COPULA APPROACH . ..
81 5.1 VALUATION APPROACH 81
5.1.1 DISCOUNTED CASH FLOW MODEL 81
5.1.2 FREE CASH FLOW ESTIMATION 84
5.1.3 INTRODUCING DEPENDENCE WITH COPULAS 89
5.1.4 COST OF CAPITAL 95
5.1.5 PROBABILITY OF DEFAULT 97
5.2 ILLUSTRATIVE EXAMPLES 98
5.2.1 FIRMS AND BUSINESS SEGMENTS 99
5.2.2 PARAMETER ESTIMATION 100
5.2.3 SIMULATION DESIGN 105
5.2.4 SIMULATION RESULTS 106
5.3 SUMMARY AND CONCLUSION 108
6 CONCLUSION 109
6.1 SUMMARY AND IMPLICATIONS OF THE RESULTS 109
6.2 LIMITATIONS AND SUGGESTIONS FOR FUTURE RESEARCH I LL
APPENDIX 113
A VARIABLE DEFINITIONS AND DATA SOURCES 113
B DEMEANED REVENUE GROWTH RATES AND RESULTS OF PRELIMINARY TESTS . ..
116 C CORRELATION MATRICES 119
D BOOTSTRAP CONFIDENCE INTERVALS 122
E CORRELATIONS BETWEEN THE INDUSTRIES AND THE MARKET 124
REFERENCES 125
|
| any_adam_object | 1 |
| author | Heinrichs, Nicolas |
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| author_facet | Heinrichs, Nicolas |
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| building | Verbundindex |
| bvnumber | BV039889395 |
| classification_rvk | QP 770 |
| ctrlnum | (OCoLC)780118273 (DE-599)DNB1017144869 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| id | DE-604.BV039889395 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:13:29Z |
| institution | BVB |
| isbn | 9783830061823 383006182X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024748458 |
| oclc_num | 780118273 |
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| physical | XXI, 140 S. graph. Darst. 21 cm, 216 g |
| publishDate | 2012 |
| publishDateSearch | 2012 |
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| publisher | Kovač |
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| series | Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis |
| series2 | Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis |
| spelling | Heinrichs, Nicolas Verfasser (DE-588)136588964 aut Firm valuation consistent financial planning and corporate diversification Nicolas Heinrichs Hamburg Kovač 2012 XXI, 140 S. graph. Darst. 21 cm, 216 g txt rdacontent n rdamedia nc rdacarrier Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis 309 Zugl.: Köln, Univ., Diss., 2011 Finanzierung (DE-588)4017182-6 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Diversifikation (DE-588)4012539-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Unternehmensbewertung (DE-588)4078594-4 s Finanzierung (DE-588)4017182-6 s Diversifikation (DE-588)4012539-7 s b DE-604 Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis 309 (DE-604)BV012213500 309 X:MVB text/html http://www.verlagdrkovac.de/978-3-8300-6182-3.htm Ausfuehrliche Beschreibung DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024748458&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Heinrichs, Nicolas Firm valuation consistent financial planning and corporate diversification Schriftenreihe innovative betriebswirtschaftliche Forschung und Praxis Finanzierung (DE-588)4017182-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Diversifikation (DE-588)4012539-7 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4078594-4 (DE-588)4012539-7 (DE-588)4113937-9 |
| title | Firm valuation consistent financial planning and corporate diversification |
| title_auth | Firm valuation consistent financial planning and corporate diversification |
| title_exact_search | Firm valuation consistent financial planning and corporate diversification |
| title_full | Firm valuation consistent financial planning and corporate diversification Nicolas Heinrichs |
| title_fullStr | Firm valuation consistent financial planning and corporate diversification Nicolas Heinrichs |
| title_full_unstemmed | Firm valuation consistent financial planning and corporate diversification Nicolas Heinrichs |
| title_short | Firm valuation |
| title_sort | firm valuation consistent financial planning and corporate diversification |
| title_sub | consistent financial planning and corporate diversification |
| topic | Finanzierung (DE-588)4017182-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Diversifikation (DE-588)4012539-7 gnd |
| topic_facet | Finanzierung Unternehmensbewertung Diversifikation Hochschulschrift |
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