Stochastic Discounted Cash Flow : : A Theory of the Valuation of Firms.
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Superior document: | Springer Texts in Business and Economics Series |
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Place / Publishing House: | Cham : : Springer International Publishing AG,, 2020. ©2020. |
Year of Publication: | 2020 |
Edition: | 1st ed. |
Language: | English |
Series: | Springer Texts in Business and Economics Series
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Physical Description: | 1 online resource (256 pages) |
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Kruschwitz, Lutz. Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. 1st ed. Cham : Springer International Publishing AG, 2020. ©2020. 1 online resource (256 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Springer Texts in Business and Economics Series Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- List of Symbols -- List of Definitions -- List of Theorems -- List of Assumptions -- List of Rules -- 1 Introduction: A Stochastic Approach to Discounted Cash Flow -- Reference -- 2 Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- 2.1 Fundamental Terms -- 2.1.1 Cash Flows -- 2.1.2 Taxes -- 2.1.3 Cost of Capital -- 2.1.4 Time -- 2.1.5 Problems -- 2.2 Conditional Expectation -- 2.2.1 Uncertainty and Information -- 2.2.2 Rules -- 2.2.3 Example -- 2.2.4 Problems -- 2.3 A First Glance at Business Values -- 2.3.1 Valuation Concept -- 2.3.2 Cost of Capital as Conditional Expected Returns -- 2.3.3 A First Valuation Equation -- 2.3.4 Fundamental Theorem of Asset Pricing -- 2.3.5 Transversality and Infinite Life Span -- 2.3.6 Problems -- 2.4 Further Literature -- References -- 3 Corporate Income Tax: WACC, FTE, TCF, APV -- 3.1 Unlevered Firms -- 3.1.1 Valuation Equation -- 3.1.2 Weak Auto-Regressive Cash Flows -- 3.1.3 Example (Continued) -- 3.1.4 Problems -- 3.2 Basics About Levered Firms -- 3.2.1 Equity and Debt -- 3.2.2 Earnings and Taxes -- 3.2.3 Financing Policies -- 3.2.4 Debt and Transversality (Again) -- 3.2.5 Default -- 3.2.6 Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments. 3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 6.3 Adjusted Modigliani-Miller Formula (Theorem 3.22) -- 6.4 Valuation Formula with Financing Based on Cash Flows (Theorems 3.23 and 3.24) -- 6.5 Valuation with Financing Based on Dividends (Theorem 3.25) -- 6.6 Valuation with Debt-Cash Flow Ratio (Theorems 3.26 and 3.27) -- 6.7 Fundamental Theorem with Income Tax (Theorem 4.2) -- 6.8 Valuation Formula with Retention Based on Dividends (Theorem 4.9) -- References -- 7 Sketch of Solutions -- 7.1 Basic Elements -- 7.1.1 Fundamental Terms -- 7.1.2 Conditional Expectation -- 7.1.3 A First Glance at Business Values. 7.2 Corporate Income Tax -- 7.2.1 Unlevered Firms -- 7.2.1.1 Basics About Levered Firms -- 7.2.2 Autonomous Financing -- 7.2.3 Financing Based on Market Values -- 7.2.4 Financing Based on Book Values -- 7.2.5 Other Financing Policies -- 7.3 Personal Income Tax -- 7.3.1 Unlevered and Levered Firms -- 7.3.2 Excursus: Cost of Equity and Tax Rate -- 7.3.3 Retention Policies -- 7.4 Corporate and Personal Income Tax -- Index. Description based on publisher supplied metadata and other sources. Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries. Electronic books. Löffler, Andreas. Print version: Kruschwitz, Lutz Stochastic Discounted Cash Flow Cham : Springer International Publishing AG,c2020 9783030370800 ProQuest (Firm) https://ebookcentral.proquest.com/lib/oeawat/detail.action?docID=6126497 Click to View |
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English |
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Kruschwitz, Lutz. |
spellingShingle |
Kruschwitz, Lutz. Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. Springer Texts in Business and Economics Series Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- List of Symbols -- List of Definitions -- List of Theorems -- List of Assumptions -- List of Rules -- 1 Introduction: A Stochastic Approach to Discounted Cash Flow -- Reference -- 2 Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- 2.1 Fundamental Terms -- 2.1.1 Cash Flows -- 2.1.2 Taxes -- 2.1.3 Cost of Capital -- 2.1.4 Time -- 2.1.5 Problems -- 2.2 Conditional Expectation -- 2.2.1 Uncertainty and Information -- 2.2.2 Rules -- 2.2.3 Example -- 2.2.4 Problems -- 2.3 A First Glance at Business Values -- 2.3.1 Valuation Concept -- 2.3.2 Cost of Capital as Conditional Expected Returns -- 2.3.3 A First Valuation Equation -- 2.3.4 Fundamental Theorem of Asset Pricing -- 2.3.5 Transversality and Infinite Life Span -- 2.3.6 Problems -- 2.4 Further Literature -- References -- 3 Corporate Income Tax: WACC, FTE, TCF, APV -- 3.1 Unlevered Firms -- 3.1.1 Valuation Equation -- 3.1.2 Weak Auto-Regressive Cash Flows -- 3.1.3 Example (Continued) -- 3.1.4 Problems -- 3.2 Basics About Levered Firms -- 3.2.1 Equity and Debt -- 3.2.2 Earnings and Taxes -- 3.2.3 Financing Policies -- 3.2.4 Debt and Transversality (Again) -- 3.2.5 Default -- 3.2.6 Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments. 3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 6.3 Adjusted Modigliani-Miller Formula (Theorem 3.22) -- 6.4 Valuation Formula with Financing Based on Cash Flows (Theorems 3.23 and 3.24) -- 6.5 Valuation with Financing Based on Dividends (Theorem 3.25) -- 6.6 Valuation with Debt-Cash Flow Ratio (Theorems 3.26 and 3.27) -- 6.7 Fundamental Theorem with Income Tax (Theorem 4.2) -- 6.8 Valuation Formula with Retention Based on Dividends (Theorem 4.9) -- References -- 7 Sketch of Solutions -- 7.1 Basic Elements -- 7.1.1 Fundamental Terms -- 7.1.2 Conditional Expectation -- 7.1.3 A First Glance at Business Values. 7.2 Corporate Income Tax -- 7.2.1 Unlevered Firms -- 7.2.1.1 Basics About Levered Firms -- 7.2.2 Autonomous Financing -- 7.2.3 Financing Based on Market Values -- 7.2.4 Financing Based on Book Values -- 7.2.5 Other Financing Policies -- 7.3 Personal Income Tax -- 7.3.1 Unlevered and Levered Firms -- 7.3.2 Excursus: Cost of Equity and Tax Rate -- 7.3.3 Retention Policies -- 7.4 Corporate and Personal Income Tax -- Index. |
author_facet |
Kruschwitz, Lutz. Löffler, Andreas. |
author_variant |
l k lk |
author2 |
Löffler, Andreas. |
author2_variant |
a l al |
author2_role |
TeilnehmendeR |
author_sort |
Kruschwitz, Lutz. |
title |
Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. |
title_sub |
A Theory of the Valuation of Firms. |
title_full |
Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. |
title_fullStr |
Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. |
title_full_unstemmed |
Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. |
title_auth |
Stochastic Discounted Cash Flow : A Theory of the Valuation of Firms. |
title_new |
Stochastic Discounted Cash Flow : |
title_sort |
stochastic discounted cash flow : a theory of the valuation of firms. |
series |
Springer Texts in Business and Economics Series |
series2 |
Springer Texts in Business and Economics Series |
publisher |
Springer International Publishing AG, |
publishDate |
2020 |
physical |
1 online resource (256 pages) |
edition |
1st ed. |
contents |
Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- List of Symbols -- List of Definitions -- List of Theorems -- List of Assumptions -- List of Rules -- 1 Introduction: A Stochastic Approach to Discounted Cash Flow -- Reference -- 2 Basic Elements: Cash Flow, Tax, Expectation, Cost of Capital, Value -- 2.1 Fundamental Terms -- 2.1.1 Cash Flows -- 2.1.2 Taxes -- 2.1.3 Cost of Capital -- 2.1.4 Time -- 2.1.5 Problems -- 2.2 Conditional Expectation -- 2.2.1 Uncertainty and Information -- 2.2.2 Rules -- 2.2.3 Example -- 2.2.4 Problems -- 2.3 A First Glance at Business Values -- 2.3.1 Valuation Concept -- 2.3.2 Cost of Capital as Conditional Expected Returns -- 2.3.3 A First Valuation Equation -- 2.3.4 Fundamental Theorem of Asset Pricing -- 2.3.5 Transversality and Infinite Life Span -- 2.3.6 Problems -- 2.4 Further Literature -- References -- 3 Corporate Income Tax: WACC, FTE, TCF, APV -- 3.1 Unlevered Firms -- 3.1.1 Valuation Equation -- 3.1.2 Weak Auto-Regressive Cash Flows -- 3.1.3 Example (Continued) -- 3.1.4 Problems -- 3.2 Basics About Levered Firms -- 3.2.1 Equity and Debt -- 3.2.2 Earnings and Taxes -- 3.2.3 Financing Policies -- 3.2.4 Debt and Transversality (Again) -- 3.2.5 Default -- 3.2.6 Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments. 3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 6.3 Adjusted Modigliani-Miller Formula (Theorem 3.22) -- 6.4 Valuation Formula with Financing Based on Cash Flows (Theorems 3.23 and 3.24) -- 6.5 Valuation with Financing Based on Dividends (Theorem 3.25) -- 6.6 Valuation with Debt-Cash Flow Ratio (Theorems 3.26 and 3.27) -- 6.7 Fundamental Theorem with Income Tax (Theorem 4.2) -- 6.8 Valuation Formula with Retention Based on Dividends (Theorem 4.9) -- References -- 7 Sketch of Solutions -- 7.1 Basic Elements -- 7.1.1 Fundamental Terms -- 7.1.2 Conditional Expectation -- 7.1.3 A First Glance at Business Values. 7.2 Corporate Income Tax -- 7.2.1 Unlevered Firms -- 7.2.1.1 Basics About Levered Firms -- 7.2.2 Autonomous Financing -- 7.2.3 Financing Based on Market Values -- 7.2.4 Financing Based on Book Values -- 7.2.5 Other Financing Policies -- 7.3 Personal Income Tax -- 7.3.1 Unlevered and Levered Firms -- 7.3.2 Excursus: Cost of Equity and Tax Rate -- 7.3.3 Retention Policies -- 7.4 Corporate and Personal Income Tax -- Index. |
isbn |
9783030370817 9783030370800 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB172 |
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HB 3172.5 |
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Electronic books. |
genre_facet |
Electronic books. |
url |
https://ebookcentral.proquest.com/lib/oeawat/detail.action?docID=6126497 |
illustrated |
Not Illustrated |
oclc_num |
1143475385 |
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Example (Finite Case Continued) -- 3.2.7 Problems -- 3.3 Autonomous Financing -- 3.3.1 Adjusted Present Value (APV) -- 3.3.2 Example (Continued) -- 3.3.3 Problems -- 3.4 Financing Based on Market Values -- 3.4.1 Flow to Equity (FTE) -- 3.4.2 Total Cash Flow (TCF) -- 3.4.3 Weighted Average Cost of Capital (WACC) -- 3.4.4 Miles-Ezzell- and Modigliani-Miller Adjustments -- 3.4.5 Over-Indebtedness and Illiquidity with Financing Based on Market Values -- 3.4.6 Example (Continued) -- 3.4.7 Problems -- 3.5 Financing Based on Book Values -- 3.5.1 Assumptions -- 3.5.2 Full Distribution Policy -- 3.5.3 Replacement Investments.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.5.4 Investment Policy Based on Cash Flows -- 3.5.5 Example (Continued) -- 3.5.6 Problems -- 3.6 Other Financing Policies -- 3.6.1 Financing Based on Cash Flows -- 3.6.2 Financing Based on Dividends -- 3.6.3 Financing Based on Debt-Cash Flow Ratio -- 3.6.4 Comparing Alternative Forms of Financing -- 3.6.5 Problems -- 3.7 Further Literature -- References -- 4 Personal Income Tax -- 4.1 Unlevered and Levered Firms -- 4.1.1 ``Leverage'' Interpreted Anew -- 4.1.2 The Unlevered Firm -- 4.1.3 Income and Taxes -- 4.1.4 Fundamental Theorem -- 4.1.5 Tax Shield and Distribution Policy -- 4.1.6 Example (Continued) -- 4.1.7 Problems -- 4.2 Excursus: Cost of Equity and Tax Rate -- 4.2.1 Problems -- 4.3 Retention Policies -- 4.3.1 Autonomous Retention -- 4.3.2 Retention Based on Cash Flow -- 4.3.3 Retention Based on Dividends -- 4.3.4 Retention Based on Market Value -- 4.3.5 Problems -- 4.4 Further Literature -- References -- 5 Corporate and Personal Income Tax -- 5.1 Assumptions -- 5.2 Identification and Evaluation of Tax Advantages -- 5.3 Conclusion -- 5.4 Problem(s) -- References -- 6 Proofs -- 6.1 Williams/Gordon-Shapiro Formula (Theorem 3.2) and Equivalence of Valuation Concepts (Theorem 3.3) -- 6.2 Valuation Formula with Investment Policy Based on Cash Flows (Theorem 3.21) -- 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