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Risk premia in multi-national enterprises
Lutz, Stefan - International Centre for Economic Research (ICER) - 2012
The CAPM implies that investors require equity risk premia when choosing risky investments and therefore demand higher … returns to equity invested if higher risk is present. This should apply to investments in independent enterprises and multi … income is set in relation to invested capital, risk measured by earnings volatility emerges as the most important stable …
Persistent link: https://www.econbiz.de/10010941794
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Risk premia in multi-national enterprises
Lutz, Stefan - In: The North American Journal of Economics and Finance 25 (2013) C, pp. 293-305
The CAPM implies that investors require equity risk premia when choosing risky investments and therefore demand higher … returns to equity invested if higher risk is present. This should apply to investments in independent enterprises and multi … income is set in relation to invested capital, risk measured by earnings volatility emerges as the most important stable …
Persistent link: https://www.econbiz.de/10010679164
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Simultaneous determination of market value and risk premium in the valuation of firms
Lutz, Stefan - International Centre for Economic Research (ICER) - 2011
Valuing a firm using the discounted cash flow method (DCF) requires the joint determination of the market value of its … equity (MVE) together with the equity risk premium (ERP) the firm should earn, since the latter is part of the discount rate … risk-free rate of interest and a parameter indicating the required market risk premium per return volatility. …
Persistent link: https://www.econbiz.de/10009319260
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Simultaneous determination of market value and risk premium in the valuation of firms
Lutz, Stefan - Facultad de Ciencias Económicas y Empresariales, … - 2012
Valuing a firm using the discounted cash flow method (DCF) requires the joint determination of the market value of its … equity (MVE) together with the equity risk premium (ERP) the firm should earn, since the latter is part of the discount rate … risk-free rate of interest and a parameter indicating the required market risk premium per return volatility. …
Persistent link: https://www.econbiz.de/10010778721
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Effects of taxation on European multi-nationals’ financing and profits
Lutz, Stefan - Facultad de Ciencias Económicas y Empresariales, … - 2013
Important determinants of multinational firms’ choice of location include, besides resource cost and infrastructure, the taxation regime through its effects on international pricing and profits. This paper investigates the effects of tax rates on firms’ profits and financing decisions by...
Persistent link: https://www.econbiz.de/10010778717
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Risk as determinant of income and cross-border pricing of multi-national enterprises
Lutz, Stefan; Kleinfeldt, Daniel - International Centre for Economic Research (ICER) - 2010
independent international firms for the purpose of taxation. These rules also prescribe that risk should be accounted for in … pricing and income. Since current practice of price comparisons does not yet fully allow accounting for risk, prices and in … retail trade firms for the years 1992 to 2007 in order to establish to what extent earnings do take risk into account. Risk …
Persistent link: https://www.econbiz.de/10008472292
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Risk as Determinant of Income and Cross-border Pricing of Multinational Enterprises*
Lutz, Stefan; Kleinfeldt, Daniel - In: Studies in Microeconomics 1 (2013) 2, pp. 185-212
independent international firms for the purpose of taxation. These rules also prescribe that risk should be accounted for in … pricing and income. Since current practice of price comparisons does not yet fully allow accounting for risk, prices and in … retail trade firms for the years 1992 to 2007 in order to establish to what extent earnings do take risk into account. Risk …
Persistent link: https://www.econbiz.de/10010781191
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Does R&D increase the profit contribution of intangible assets? An exploration of European and American automotive supplierss
Lutz, Stefan - Facultad de Ciencias Económicas y Empresariales, … - 2014
Economic theory implies that research and development (R&D) efforts increase firm productivity and ultimately profits. In particular, R&D expenses lead to the development of intangible assets in the form of intellectual property (IP) and these assets command a return that increases overall...
Persistent link: https://www.econbiz.de/10010862574
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Quantifying Risk When Using the Income Approach
Weaver, William; Michelson, Stuart - In: Journal of Business Valuation and Economic Loss Analysis 3 (2008) 1, pp. 4-4
Risk, in a financial sense, is defined as variance about some forecasted value. Any time a business appraiser forecasts … developing an actual risk measure (standard deviation) that may be used with discounted cash flow valuation models. …
Persistent link: https://www.econbiz.de/10005579824
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Evaluation of Growing Business: Which Method, What Risks?
Lantz, Jean-Sebastien; Hikkerova, Lubica; Mili, Mehdi; … - Institut de Préparation à l'Administration et à la … - 2014
Evaluate a growing company is always a difficult exercise because the valuation depends on the appreciation of many factors that vary depending on the person performing the evaluation: manager, shareholder, venture capitalist, etc. This article aims to present the methods used to evaluate this...
Persistent link: https://www.econbiz.de/10010891118