Stochastic Discounted Cash Flow

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Stochastic Discounted Cash Flow

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Author : Lutz Kruschwitz
language : en
Publisher: Springer Nature
Release Date : 2020-02-28

Stochastic Discounted Cash Flow written by Lutz Kruschwitz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-28 with Business & Economics categories.

This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. There are, however, different coexistent versions, which seem to compete against each other, such as entity approaches and equity approaches. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), two concepts classified as entity approaches. This book explains why there are several procedures and whether they lead to the same result. It also examines the economic differences between the methods and indicates the various purposes they serve. Further it describes the limits of the procedures and the situations they are best applied to. The problems this book addresses are relevant to theoreticians and practitioners alike.

Stochastic Discounted Cash Flow

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Author : Lutz Kruschwitz
language : en
Publisher:
Release Date : 2020

Stochastic Discounted Cash Flow written by Lutz Kruschwitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business mathematics categories.

Discounted Cash Flow

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Author : Lutz Kruschwitz
language : en
Publisher: John Wiley & Sons
Release Date : 2006-02-03

Discounted Cash Flow written by Lutz Kruschwitz and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-03 with Business & Economics categories.

Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach. Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found? These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book ENDORSEMENTS FOR LÖFFLER: DISCOUNTED 0-470-87044-3 "Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Löffler bring together the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic." --Ian Cooper, London Business School "This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories. Using an entertaining style, Kruschwitz and Löffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives." --Darrell Duffie, Stanford University "Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications!" --Wolfgang Wagner, PricewaterhouseCoopers "It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level." --Martin Lally, University of Wellington

Handbook Of Solvency For Actuaries And Risk Managers

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Author : Arne Sandström
language : en
Publisher: CRC Press
Release Date : 2016-04-19

Handbook Of Solvency For Actuaries And Risk Managers written by Arne Sandström and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-19 with Business & Economics categories.

A one-stop shop for actuaries and risk managers, this handbook covers general solvency and risk management topics as well issues pertaining to the European Solvency II project. It focuses on the valuation of assets and liabilities, the calculation of capital requirement, and the calculation of the standard formula for the Solvency II project. The author describes valuation and investment approaches, explains how to develop models and measure various risks, and presents approaches for calculating minimum capital requirements based on CEIOPS final advice. Updates on solvency projects and issues are available at www.SolvencyII.nu

A Study Of Business Decisions Under Uncertainty

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Author : Andreas Stark
language : en
Publisher: Universal-Publishers
Release Date : 2010-07

A Study Of Business Decisions Under Uncertainty written by Andreas Stark and has been published by Universal-Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07 with Business & Economics categories.

This dissertation will discuss the uncertainty encountered in the daily operations of businesses. The concepts will be developed by first giving an overview of probability and statistics as used in our everyday activities, such as the basic principles of probability, univariate and multivariate statistics, data clustering and mapping, as well as time sequence and spectral analysis. The examples used will be from the oil and gas exploration industry because the risks taken in this industry are normally quite large and are ideal for showing the application of the various techniques for minimizing risk. Subsequently, the discussion will deal with basic risk analysis, spatial and time variations of risk, geotechnical risk analysis, risk aversion and how it is affected by personal biases, and how to use portfolios to hedge risk together with the application of real options. Next, fractal analysis and its application to economics and risk analysis will be examined, followed by some examples showing the change in the Value at Risk under Fractal Brownian Motions. Finally, a neural network application is shown whereby some of these risks and risk factors will be combined to forecast the best possible outcome given a certain knowledge base. The chapters will discuss: - Basic probability techniques and uncertainty principles - Analysis and diversification for exploration projects - The value and risk of information in the decision process - Simulation techniques and modeling of uncertainty - Project valuation and project risk return - Modeling risk propensity or preference analysis of exploration projects - Application of fractals to risk analysis - Simultaneous prediction of strategic risk and decision attributes using multivariate statistics and neural networks

Financial Econometrics

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Author : Oliver Linton
language : en
Publisher: Cambridge University Press
Release Date : 2019-02-21

Financial Econometrics written by Oliver Linton and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-21 with Business & Economics categories.

Presents an up-to-date treatment of the models and methodologies of financial econometrics by one of the world's leading financial econometricians.

An Empirical Discounted Cash Flow Model For Estimating Public Utility Cost Of Capital

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Author : Paul Raymond Lenz
language : en
Publisher:
Release Date : 1988

An Empirical Discounted Cash Flow Model For Estimating Public Utility Cost Of Capital written by Paul Raymond Lenz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.

Sustainable Aviation Fuels

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Author : Michael P. Wolcott
language : en
Publisher: Frontiers Media SA
Release Date : 2022-11-08

Sustainable Aviation Fuels written by Michael P. Wolcott and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-08 with Technology & Engineering categories.

Alternative Investments

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Author : CAIA Association
language : en
Publisher: John Wiley & Sons
Release Date : 2020-09-28

Alternative Investments written by CAIA Association and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-28 with Business & Economics categories.

Whether you are a seasoned professional looking to explore new areas within the alternative investment arena or a new industry participant seeking to establish a solid understanding of alternative investments, Alternative Investments: An Allocator's Approach, Fourth Edition (CAIA Level II curriculum official text) is the best way to achieve these goals. In recent years, capital formation has shifted dramatically away from public markets as issuers pursue better financial and value alignment with ownership, less onerous and expensive regulatory requirements, market and information dislocation, and liberation from the short-term challenges that undergird the public capital markets. The careful and informed use of alternative investments in a diversified portfolio can reduce risk, lower volatility, and improve returns over the long-term, enhancing investors' ability to meet their investment outcomes. Alternative Investments: An Allocator's Approach (CAIA Level II curriculum official text) is a key resource that can be used to improve the sophistication of asset owners and those who work with them. This text comprises the curriculum, when combined with supplemental materials available at caia.org, for the CAIA Level II exam. "Over the course of my long career one tenet has held true, 'Continuing Education'. Since CalSTRS is a teachers' pension plan, it is no surprise that continuing education is a core attribute of our Investment Office culture. Overseeing one of the largest institutional pools of capital in the world requires a cohesive knowledge and understanding of both public and private market investments and strategies. We must understand how these opportunities might contribute to delivering on investment outcomes for our beneficiaries. Alternative Investments: An Allocator's Approach is the definitive core instruction manual for an institutional investor, and it puts you in the captain's chair of the asset owner." —Christopher J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System "Given their diversified cash flow streams and returns, private markets continue to be a growing fixture of patient, long-term portfolios. As such, the need to have proficiency across these sophisticated strategies, asset classes, and instruments is critical for today's capital allocator. As a proud CAIA charterholder, I have seen the practical benefits in building a strong private markets foundation, allowing me to better assist my clients." —Jayne Bok, CAIA, CFA, Head of Investments, Asia, Willis Tower Watson

Handbook Of The Economics Of Finance

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Author : George M. Constantinides
language : en
Publisher: Elsevier
Release Date : 2003-11-04

Handbook Of The Economics Of Finance written by George M. Constantinides and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-04 with Business & Economics categories.

Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.