International business valuation:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Konstanz
UVK-Verl.-Ges.
2014
München UVK Lucius |
| Schriftenreihe: | UTB
4176 |
| Schlagworte: | |
| Online-Zugang: | Inhaltstext Inhaltsverzeichnis |
| Beschreibung: | Literaturangaben |
| Beschreibung: | 250 S. graph. Darst. 19 cm |
| ISBN: | 9783825241766 3825241769 |
Internformat
MARC
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| 264 | 1 | |a München |b UVK Lucius | |
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Datensatz im Suchindex
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|---|---|
| adam_text |
TABLE OF CONTENT
PREFACE 5
TABLE OF CONTENT 9
1 INTRODUCTION TO INTERNATIONAL BUSINESS VALUATION 13
1.1 THE TERM INTERNATIONAL BUSINESS VALUATION 13
1.2 REASONS FOR INTERNATIONAL BUSINESS VALUATIONS 15
1.3 SPECIFICS OF INTERNATIONAL BUSINESS VALUATIONS 16
1.3.1 DIFFERENCES IN ACCOUNTING STANDARDS AND TAXATION 17
1.3.2 DIFFERENT CURRENCIES 18
1.3.3 EXCHANGE RATE FLUCTUATIONS AND (HYPER-) INFLATION 19
1.3.4 COUNTRY RISKS 19
1.3.5 TRANSFER RISKS 20
1.3.6 AVAILABILITY AND RELIABILITY OF INFORMATION AND FINANCIAL
DATA 20
1.3.7 INTERPRETATION OF KEY FIGURES DERIVED FROM LOCAL
MARKET DATA 21
1.3.8 APPLICABILITY OF TRADITIONAL VALUATION METHODS 22
1.3.9 LEGALLY REQUIRED VALUATION METHODS 23
1.4 METHODS OF INTERNATIONAL BUSINESS VALUATION 25
1.4.1 SINGLE VALUATION METHODS 26
1.4.2 MIXED APPROACHES 31
1.4.3 TOTAL VALUATION METHODS 32
1.5 APPROACHES IN INTERNATIONAL BUSINESS VALUATION 41
HTTP://D-NB.INFO/1050613732
10 TABLE OF CONTENT
1.5.1 PRESENTATION OF A 5-STEP MODEL FOR INTERNATIONAL VALU
ATION 41
1.5.2 BUSINESS ANALYSIS AND BUSINESS PLANNING 43
1.5.3 ESTABLISHING THE FRAMEWORK CONDITIONS FOR THE VALU
ATION AND CHOICE OF ONE OR SEVERAL VALUATION METHODS. 51
1.6 LITERATURE ON INTERNATIONAL BUSINESS VALUATION 54
2 INITIAL THOUGHTS ON INTERNATIONAL BUSINESS VALU
ATION IN EMERGING MARKETS/ HIGH GROWTH MARKETS .59
2.1 EMERGING MARKETS/HIGH GROWTH MARKETS 60
2.2 CONSIDERATION OF DIFFERENT CURRENCIES IN INTERNATIONAL
BUSINESS VALUATION 62
2.2.1 INTERNATIONAL BUSINESS VALUATION IN LOCAL CURRENCY OF
THE EMERGING MARKETS/HIGH GROWTH MARKETS 63
2.2.2 INTERNATIONAL BUSINESS VALUATION IN THE HARD CURRENCY
OF THE REFERENCE MARKET 69
2.3 APPLICABILITY OF CAPM IN EMERGING MARKETS/ HIGH
GROWTH MARKETS 73
2.3.1 CRITICAL ASSESSMENT OF CAPM 73
2.3.2 CAN THE CAPM BE USED IN EMERGING MARKETS/ HIGH
GROWTH MARKETS? 77
3 A CLOSER LOOK AT IMPORTANT MODEL PARAMETERS IN
INTERNATIONAL BUSINESS VALUATION WITH THE CAPM 87
3.1 THE MARKET RISK PREMIUM - DEFINITION, INFLUENCING
FACTORS AND DETERMINATION 88
3.1.1 WHAT IS THE MARKET RISK PREMIUM? 88
3.1.2 DETERMINATION OF THE MARKET RISK PREMIUM 89
3.1.3 THOUGHTS ON THE RISK PREMIUM IN EMERGING MARKETS/
HIGH GROWTH MARKETS 94
TABLE OF CONTENT 11
3.2 COUNTRY RISK - AN ADDITIONAL RISK FACTOR IN EMERGING
MARKETS/HIGH GROWTH MARKETS 95
3.2.1 THE NEED FOR A COUNTRY RISK PREMIUM 95
3.2.2 HOW IS THE COUNTRY RISK PREMIUM CALCULATED OR
ESTIMATED? 100
3.2.3 ATTRIBUTION OF THE COUNTRY RISK PREMIUM TO THE INDIVID
UAL COMPANIES 110
3.3 THE BETA FACTOR 118
3.3.1 METHODOLOGICAL QUESTIONS ABOUT THE DETERMINATION OF
THE BETA FACTOR 118
3.3.2 DETERMINATION OF BETA FACTORS IN VOLATILE MARKETS IF
FINANCIAL DATA IS NOT AVAILABLE 120
4 INTERNATIONAL BUSINESS VALUATION IN SOUTH AFRICA 131
4.1 EXPANDED MODEL FOR INTERNATIONAL VALUATION IN VOLATILE
MARKETS 133
4.2 ADAPTATION OF BUSINESS PLANNING AND CASH FLOWS 136
4.2.1 ADJUSTMENT OF CASH FLOWS TO CORRECT FOR COUNTRY-
SPECIFIC ACCOUNTING REGULATIONS 137
4.2.2 ADJUSTMENT OF CASH FLOWS TO CORRECT FOR EXCESSIVE
MANAGEMENT REMUNERATION 142
4.2.3 ADJUSTMENT OF CASH FLOWS TO CORRECT FOR EXCESSIVE
EXPENSING 143
4.2.4 ADJUSTMENT OF CASH FLOWS TO CORRECT FOR INFLATION 145
4.3 ADJUSTMENT OF THE COST OF CAPITAL (DISCOUNT RATES) 151
4.3.1 DETERMINATION OF THE COST OF EQUITY WITH THE HELP OF
CAPM-BASED MODELS 151
4.3.2 DETERMINATION OF THE COST OF EQUITY WITH THE HELP OF
MODELS THAT ARE NOT BASED ON THE CAPM 182
12 TABLE OF CONTENT
4.3.3 OVERVIEW OF THE CALCULATIONS NEEDED FOR THE MODELS
OF INTERNATIONAL BUSINESS VALUATION 191
4.3.4 COMPARISON OF THE MODELS 192
4.4 MODEL SELECTION 195
4.4.1 AN OVERVIEW OF THE COST OF EQUITY OF THE VARIOUS
MODELS ! 198
4.4.2 DETERMINATION OF THE COST OF DEBT 199
4.5 ADDITIONAL ADJUSTMENTS FOR THE INCORPORATION OF
UNSYSTEMATIC RISK 201
4.5.1 COMPANY SIZE (SIZE EFFECTS) 203
4.5.2 BLOCK PREMIUM (MAJORITY DISCOUNT) 204
4.5.3 MOBILITY PREMIUM (LIQUIDITY, FUNGIBILITY PREMIUM) 205
4.6 CALCULATION OF THE BUSINESS VALUE 207
4.6.1 CALCULATION OF THE BUSINESS VALUE WITH THE WACC
APPROACH 207
4.6.2 CALCULATION OF THE BUSINESS VALUE WITH THE EQUITY
APPROACH 221
SUMMARY OF THIS BOOK 237
BIBLIOGRAPHY 239
INDEX 245 |
| any_adam_object | 1 |
| author | Erasmus, Pierre Ernst, Dietmar 1968- |
| author_GND | (DE-588)139400567 (DE-588)131883011 |
| author_facet | Erasmus, Pierre Ernst, Dietmar 1968- |
| author_role | aut aut |
| author_sort | Erasmus, Pierre |
| author_variant | p e pe d e de |
| building | Verbundindex |
| bvnumber | BV041858743 |
| classification_rvk | QP 770 |
| ctrlnum | (OCoLC)879870197 (DE-599)DNB1050613732 |
| 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 | Book |
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| id | DE-604.BV041858743 |
| illustrated | Illustrated |
| indexdate | 2024-09-10T01:15:06Z |
| institution | BVB |
| isbn | 9783825241766 3825241769 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027303023 |
| oclc_num | 879870197 |
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| physical | 250 S. graph. Darst. 19 cm |
| publishDate | 2014 |
| publishDateSearch | 2014 |
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| publisher | UVK-Verl.-Ges. UVK Lucius |
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| spelling | Erasmus, Pierre Verfasser (DE-588)139400567 aut International business valuation Pierre Erasmus ; Dietmar Ernst Konstanz UVK-Verl.-Ges. 2014 München UVK Lucius 250 S. graph. Darst. 19 cm txt rdacontent n rdamedia nc rdacarrier UTB 4176 Literaturangaben Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf Internationales Management (DE-588)4114040-0 gnd rswk-swf Internationales Management (DE-588)4114040-0 s Auslandsinvestition (DE-588)4003772-1 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 Ernst, Dietmar 1968- Verfasser (DE-588)131883011 aut X:MVB text/html http://deposit.dnb.de/cgi-bin/dokserv?id=4654200&prov=M&dok_var=1&dok_ext=htm Inhaltstext DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027303023&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Erasmus, Pierre Ernst, Dietmar 1968- International business valuation Unternehmensbewertung (DE-588)4078594-4 gnd Auslandsinvestition (DE-588)4003772-1 gnd Internationales Management (DE-588)4114040-0 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4003772-1 (DE-588)4114040-0 |
| title | International business valuation |
| title_auth | International business valuation |
| title_exact_search | International business valuation |
| title_full | International business valuation Pierre Erasmus ; Dietmar Ernst |
| title_fullStr | International business valuation Pierre Erasmus ; Dietmar Ernst |
| title_full_unstemmed | International business valuation Pierre Erasmus ; Dietmar Ernst |
| title_short | International business valuation |
| title_sort | international business valuation |
| topic | Unternehmensbewertung (DE-588)4078594-4 gnd Auslandsinvestition (DE-588)4003772-1 gnd Internationales Management (DE-588)4114040-0 gnd |
| topic_facet | Unternehmensbewertung Auslandsinvestition Internationales Management |
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