Stochastic Discounted Cash Flow
A Theory of the Valuation of Firms
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Beschreibung
This open-access textbook is the second, updated and extended edition of a comprehensive treatment of firm valuation based on discounted cash flow (DCF) analysis. While DCF is the standard framework for valuing firms, it encompasses several approaches, including the entity and equity approaches, as well as concepts such as adjusted present value (APV) and the weighted average cost of capital (WACC). This book develops these methods within a unified asset-pricing framework and explains their underlying assumptions, relationships, and fields of application.
The book combines the practitioner-oriented concept of the cost of capital with modern no-arbitrage asset pricing. It presents the theoretical foundations of DCF valuation, analyzes the effects of financing and taxation, and discusses the circumstances under which alternative valuation methods are equivalent and when they are not. Throughout, the emphasis is on developing a rigorous yet accessible understanding of firm valuation.
The book is intended for undergraduate and graduate students of economics, particularly those specializing in finance, as well as researchers, professionals, and practitioners working in corporate finance, valuation, and related fields.
This open-access textbook is the second, updated and extended edition of a comprehensive treatment of firm valuation based on discounted cash flow (DCF) analysis. While DCF is the standard framework for valuing firms, it encompasses several approaches, including the entity and equity approaches, as well as concepts such as adjusted present value (APV) and the weighted average cost of capital (WACC). This book develops these methods within a unified asset-pricing framework and explains their underlying assumptions, relationships, and fields of application.
The book combines the practitioner-oriented concept of the cost of capital with modern no-arbitrage asset pricing. It presents the theoretical foundations of DCF valuation, analyzes the effects of financing and taxation, and discusses the circumstances under which alternative valuation methods are equivalent and when they are not. Throughout, the emphasis is on developing a rigorous yet accessible understanding of firm valuation.
The book is intended for undergraduate and graduate students of economics, particularly those specializing in finance, as well as researchers, professionals, and practitioners working in corporate finance, valuation, and related fields.
This book is open access, which means that you have free and unlimited access Presents a clear and concise review of firm valuation techniques Includes an overview of the current methods (WACC, APV, TCF, FTE) Offers an up-to-date introduction to the theory of discounted cash flow
Autor*in
Lutz Kruschwitz
Themen in »Stochastic Discounted Cash Flow«
Open Access Firm valuation Cost of capital Weighted average cost of capital Insolvency and valuation Adjusted present value Accounting Taxation Audit Discounted cash flow Cash flows Asset pricing Equity and debt Flow to equity Total cash flow