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Inflation and valuation practice : German evidence
Schüler, Andreas; Wünsche, Sebastian - In: Schmalenbach journal of business research : SBUR 75 (2023) 2, pp. 239-266
The objective of our paper is to analyze, how valuation practice deals with inflation especially for the terminal value … companies could be regarding struggles to pass on inflationary effects to their customers. We analyze the inflation rates … assumed for the steady-state (terminal value) by comparing them to different estimators for the inflation rate expected at the …
Persistent link: https://www.econbiz.de/10014325874
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A Tool Kit for Discounted Cash Flow Valuation : Consistent and Inconsistent Ways to Value Risky Cash Flows
Schueler, Andreas - 2018
The DCF method or multiples are used to value companies in practice. Starting with the value additivity principle, the paper presents a general framework for DCF valuation. This framework allows defining stepwise and aggregated approaches to value risky cash flows and identifying inconsistent...
Persistent link: https://www.econbiz.de/10012926265
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Distressed Firm Valuation : A Scenario Discounted Cash Flow Approach
Buttignon, Fabio - 2020
Valuation of a distressed company is a very tricky issue, for which many approaches and methods have been provided by the literature. Unfortunately, many of the more suitable proposals from a theoretical point of view (i.e., those based on option pricing theory, and even integrated with game...
Persistent link: https://www.econbiz.de/10012842928
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How to Value Private Companies using Multiples and Discounted Cash Flow Analysis
Burgess, Nicholas - 2021
In this paper we outline how to value private companies and work through a real case study. The corporate finance and valuation techniques on display can be used to value any private company or project that is illiquid with little or no market data. Together with this paper we provide the full...
Persistent link: https://www.econbiz.de/10013226021
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Mergers and Acquisitions Valuation : Cash vs Stock Payment
Feito-Ruiz, Isabel - 2013
The aim of this paper is to study the influence of the Merger and Acquisition (M&A) payment method decision on the acquiring shareholders' M&A valuation, considering the relevance of the acquiring ownership structure and the legal and institutional environment, and the possibility that the...
Persistent link: https://www.econbiz.de/10013079367
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Consistent Treatment of Inflation in Discounted Cash Flow Valuation
Cornell, Bradford - 2019
Since the mid-1960s inflation has been a consistent aspect of the U.S. economy. Even at the relatively low rates of … approximately 2% that prevail today, inflation can have an important impact on property tax appraisal and must be treated … consistently. In this paper, we derive the proper formulas for taking account of inflation in the context of the constant growth …
Persistent link: https://www.econbiz.de/10012864842
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10010297463
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10005097834
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Qual e' l'impatto degli investimenti di Private Equity sulle performance economiche e sulla crescita delle imprese in un'economia locale?
Chesini, Giusy; Giaretta, Elisa - In: Rivista Bancaria - Minerva Bancaria (2013) 3
This paper analyzes and measures company performance due to private equity investments in a local economy. Our research aim was to explore in detail whether private equity investments impact profitability variables, and enable businesses to grow and become more efficient. For this purpose, a...
Persistent link: https://www.econbiz.de/10010896841
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Exposure-based cash-flow-at-risk for value-creating risk management under macroeconomic uncertainty
Andrén, Niclas; Jankensgård, Håkan; Oxelheim, Lars - 2010
A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and...
Persistent link: https://www.econbiz.de/10003976023