Stochastic discounted cash flow : a theory of the valuation of firms / Lutz Kruschwitz, Andreas Löffler.
2020
HG4028.C4
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Details
Title
Stochastic discounted cash flow : a theory of the valuation of firms / Lutz Kruschwitz, Andreas Löffler.
Author
Kruschwitz, Lutz.
ISBN
9783030370817 (electronic book)
303037081X (electronic book)
9783030370800
303037081X (electronic book)
9783030370800
Published
Cham : Springer, 2020.
Language
English
Description
1 online resource.
Call Number
HG4028.C4
Dewey Decimal Classification
658.15/244
339
339
Summary
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.-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references and index.
Access Note
Access limited to authorized users.
Added Author
Löffler, Andreas, author.
Series
Springer texts in business and economics.
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Online Access
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Table of Contents
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.
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.