We derive a consistent valuation approach that integrates the interdependent effects of cash dividends, share repurchases and active debt management while considering personal taxes. The valuation approach is based on the assumption that a predetermined proportion of the flow to equity is used...

We derive a consistent valuation approach integrating the interdependent effects of cash dividends, share repurchases, and active debt management while considering personal taxes. Additionally, we identify effects of share repurchases on the cost of equity by deriving appropriate adjustment...

Due to the possible deferral of capital gains taxes, retaining earnings provide a tax advantage compared to distributing them. Because of this, the calculation of the terminal value is often based on the assumption of an exogenously determined payout ratio. The present study considers this...

Die Bewertung von Unternehmen mit Hilfe von Discounted Cashflow Verfahren hat in der betriebswirtschaftlichen Praxis in den letzten Jahren deutlich an Bedeutung gewonnen. Ursächlich hierfür waren vor allem die Hinwendung zur wertorientierten Unternehmensführung, ein gestiegener Bedarf an...