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oapen-20.500.12657-573182022-07-14T03:00:31Z Stochastic Discounted Cash Flow Kruschwitz, Lutz Löffler, Andreas Firm valuation Cost of capital Weighted average cost of capital Insolvency and valuation Adjusted present value Accounting Taxation Finance Audit Discounted cash flow Cash flows Asset pricing Equity and debt Flow to equity Total cash flow Financing Investment Leverage investments and securities bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCB Macroeconomics bic Book Industry Communication::K Economics, finance, business & management::KF Finance & accounting::KFF Finance::KFFM Investment & securities bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJQ Business mathematics & systems 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. 2022-07-13T12:27:00Z 2022-07-13T12:27:00Z 2020 book ONIX_20220713_9783030370817_15 9783030370817 https://library.oapen.org/handle/20.500.12657/57318 eng Springer Texts in Business and Economics application/pdf n/a 978-3-030-37081-7.pdf https://link.springer.com/978-3-030-37081-7 Springer Nature Springer International Publishing 10.1007/978-3-030-37081-7 10.1007/978-3-030-37081-7 6c6992af-b843-4f46-859c-f6e9998e40d5 a6adce6b-3f26-4535-92d8-598288bff431 9783030370817 Springer International Publishing 241 Cham [...] Freie Universität Berlin Free University of Berlin open access
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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.
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