Angebote zu "Valuation" (108 Treffer)

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The Choice of Tax Shields' Discount Rate on Fir...
56,50 € *
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The author observed that there is still no consensus regarding the tax shields' discount rates and found there a research topic. After reading in Luehrman (1997: 7) that "Academics agree that tax shields, (...), should be discounted at an "appropriate" risk-adjusted rate - that is, a rate that reflects riskiness. Unfortunately, they don't agree how risky tax shields are." Luehrman after stating that "A common expedient is to use the cost of debt as a discount rate", says that even if the company affords the interest payments, it might not realize the tax shields. Then claims that "This suggests that tax shields are a bit more uncertain and so deserve a somewhat higher discount rate." and in an ad hoc manner adds to the cost of debt 0.5% in order to obtain the rate that reflects the riskiness of tax shields. It was that controversy and this ad hoc solution of establishing the riskiness of tax shields that motivated her to search for a non-ad hoc solution for the computation of the tax shields' discount rate and the main reason for this research. To study this controversial topic it was necessary to study a problematic case: the valuation of Cruz Vermelha Portuguesa-SGH, S.A.

Anbieter: Dodax AT
Stand: 23.01.2020
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Currency swap valuation
41,10 € *
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This paper analyzes the valuation methods of currency swaps, studying the valuation technique applied in each, highlighting the differences and shortcomings. Swaps being one of the highly adaptable financial instruments and the fact that are traded OTC obliged the pricing method to be flexible, as no comparison of market and model prices is attainable. Considered valuation approaches are based on interest rate swap valuation and deeply covered the relations between discount curves, forward rates and zero-coupon bonds. Zero-coupon method, discount curve method, modified discount curve method and its combination are considered as a target group for the research. Results are interpreted according to the reviewed literature.

Anbieter: Dodax AT
Stand: 23.01.2020
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Currency swap valuation
39,90 € *
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This paper analyzes the valuation methods of currency swaps, studying the valuation technique applied in each, highlighting the differences and shortcomings. Swaps being one of the highly adaptable financial instruments and the fact that are traded OTC obliged the pricing method to be flexible, as no comparison of market and model prices is attainable. Considered valuation approaches are based on interest rate swap valuation and deeply covered the relations between discount curves, forward rates and zero-coupon bonds. Zero-coupon method, discount curve method, modified discount curve method and its combination are considered as a target group for the research. Results are interpreted according to the reviewed literature.

Anbieter: Dodax
Stand: 23.01.2020
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Real Options Analysis. An application to the St...
50,40 € *
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Over the years, the DCF approach has been the valuation choice of many practioners, academics and corporate finance managers. Such valuation techniques include the NPV, IRR and Payback. The former is widely employed due to its intuition and easy computation. Under this approach a project s worthiness is derived from its projected cashflows discounted at the appropriate discount rate (normally the WACC). Projects with positive NPVs are accepted whilst those with negative NPVs are rejected. However, this technique does not tell us what to do next after accepting or rejecting a project. Furthermore the choice of the discount rate is conceptually flawed. What is the most appropriate discount rate for each project? These shortcomings of DCF models are addressed by the Real Option Valuation. This research employed the BOPM to value a steel plant. Two embedded options were identified namely the abandonment and expansion options. The research concluded that apart from DCF valuation techniques being currently employed by the firm they can as well incorporate Real Options Analysis to decision making. Such actions if accurately valued and timely executed do add firm value.

Anbieter: Dodax AT
Stand: 23.01.2020
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Real Options Analysis. An application to the St...
49,00 € *
ggf. zzgl. Versand

Over the years, the DCF approach has been the valuation choice of many practioners, academics and corporate finance managers. Such valuation techniques include the NPV, IRR and Payback. The former is widely employed due to its intuition and easy computation. Under this approach a project s worthiness is derived from its projected cashflows discounted at the appropriate discount rate (normally the WACC). Projects with positive NPVs are accepted whilst those with negative NPVs are rejected. However, this technique does not tell us what to do next after accepting or rejecting a project. Furthermore the choice of the discount rate is conceptually flawed. What is the most appropriate discount rate for each project? These shortcomings of DCF models are addressed by the Real Option Valuation. This research employed the BOPM to value a steel plant. Two embedded options were identified namely the abandonment and expansion options. The research concluded that apart from DCF valuation techniques being currently employed by the firm they can as well incorporate Real Options Analysis to decision making. Such actions if accurately valued and timely executed do add firm value.

Anbieter: Dodax
Stand: 23.01.2020
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Raising Equity Capitals
81,30 € *
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In many emerging countries, IPOs are not quickly listed after fixing the offer price. When an offer price is fixed well before listing, the initial underpricing will not necessarily reflect the intended discount on the offer price. A high discount may not be able to mitigate the error in offer pricing, because additional information revealing during the listing time lag affects IPO valuation before listing. However, high discount provides net return to investors after the cost of funds for issue subscriptions. Malaysian evidence shows that initial underpricing is significantly affected by IPO listing time lag, indicating that IPO valuation changes after the offer price is fixed when more information about its quality and market conditions is revealed.

Anbieter: Dodax AT
Stand: 23.01.2020
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Raising Equity Capitals
79,00 € *
ggf. zzgl. Versand

In many emerging countries, IPOs are not quickly listed after fixing the offer price. When an offer price is fixed well before listing, the initial underpricing will not necessarily reflect the intended discount on the offer price. A high discount may not be able to mitigate the error in offer pricing, because additional information revealing during the listing time lag affects IPO valuation before listing. However, high discount provides net return to investors after the cost of funds for issue subscriptions. Malaysian evidence shows that initial underpricing is significantly affected by IPO listing time lag, indicating that IPO valuation changes after the offer price is fixed when more information about its quality and market conditions is revealed.

Anbieter: Dodax
Stand: 23.01.2020
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Squeeze-Out Business Valuation in Germany
50,40 € *
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In Germany, the legal term Squeeze-out is defined as the exclusion of minority shareholders from a corporation against an appropriate settlement. There are three main Squeeze-out legislations: Corporate Squeeze-out (Aktienrechtlich), Upstream Merger Squeeze-out (Verschmelzungsrechtlich), and Takeover Squeeze-out (Übernahmerechtlich). They demand the business valuation to reflect the full real value of the investment. This thesis aims to compare the legal practice to the theory of valuing companies during such a Squeeze-out. It focuses on business valuation theory and valuation approaches. Topics such as cash flows, forecasting phases, discount rates, stock prices, and the issues of forecast uncertainty will be explored. The thesis concludes evidence for that the theory of valuing companies during Squeeze-outs in Germany corresponds to the researched legal practice. Mistakes are improved with higher court instances because courts are interested in fostering optimal valuation methodologies. There is no ideal valuation because the underlying forecasts are always subject to uncertainty. What courts can focus on in order to improve the valuation quality over time is cultivating objectivity and innovation of valuation methodologies.

Anbieter: Dodax AT
Stand: 23.01.2020
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Squeeze-Out Business Valuation in Germany
49,00 € *
ggf. zzgl. Versand

In Germany, the legal term Squeeze-out is defined as the exclusion of minority shareholders from a corporation against an appropriate settlement. There are three main Squeeze-out legislations: Corporate Squeeze-out (Aktienrechtlich), Upstream Merger Squeeze-out (Verschmelzungsrechtlich), and Takeover Squeeze-out (Übernahmerechtlich). They demand the business valuation to reflect the full real value of the investment. This thesis aims to compare the legal practice to the theory of valuing companies during such a Squeeze-out. It focuses on business valuation theory and valuation approaches. Topics such as cash flows, forecasting phases, discount rates, stock prices, and the issues of forecast uncertainty will be explored. The thesis concludes evidence for that the theory of valuing companies during Squeeze-outs in Germany corresponds to the researched legal practice. Mistakes are improved with higher court instances because courts are interested in fostering optimal valuation methodologies. There is no ideal valuation because the underlying forecasts are always subject to uncertainty. What courts can focus on in order to improve the valuation quality over time is cultivating objectivity and innovation of valuation methodologies.

Anbieter: Dodax
Stand: 23.01.2020
Zum Angebot