Im Zuge des Klimawandels gewinnen standortangepasste Landnutzungsverfahren an Bedeutung, die zumindest die regional zunehmenden Wind- und Wassererosionen reduzieren und gleichzeitig die Biodiversität auf der Fläche erhöhen können. Ein solches Verfahren können Alley-Cropping-Systeme...

This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...

The paper proposes a combination of two methods: the Net Present Value Method and the Earned Value Method – to control the risk of not achieving the targeted value of long-term projects. The method is capable, like the Earned Value Method, to forecast future financial overruns ahead of time...

We present results of an analysis and comparison of 46 studies (54 economic surveys) on capital budgeting methods for investment projects evaluation with emphasis on trends in application from 70s till present. We focus on three methods: net present value method, internal rate of return and...

In der einfachen finanzmathematischen Welt herrscht ein konstanter Zinssatz. Wird die Modellwelt hinsichtlich einer nicht flachen Zinssatzstruktur abgeändert, so sollten die Barwertfaktoren um zwischenzeitliche Zinszahlungen (Zinseszinsen) neutralisiert werden. Die Berechnung der...

In der einfachen finanzmathematischen Welt herrscht ein konstanter Zinssatz. Wird die Modellwelt hinsichtlich einer nicht flachen Zinsstruktur abgeändert, so sollten die Barwertfaktoren um zwischenzeitliche Zinszahlungen (Zinseszinsen) neutralisiert werden. Die Berechnung der Barwertfaktoren...

We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an...

Practitioners and some academics use potential dividends rather than actual payments to shareholders for valuing a firm’s equity. We underline the differences between the two methods and present some arguments supporting the thesis that firm valuation with potential dividends overstate the...

Shareholder agreements are contracts that govern the relationship among different shareholders in a firm. This article uses a unique dataset to analyze shareholder agreements in listed companies and shows how they affect firm valuation. While shareholder agreements may be used to expropriate...

An expanding literature asserts that non-US firms achieve a unique valuation premium for listing on US equity markets. In this paper we test the uniqueness of the US foreign listing premium by examining the premium achieved by foreign listings across a global set of stock exchanges. We highlight...