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Discounted Cash Flow: A Theory of the Valuation of Firms (Wiley Finance Series) (Englisch) Gebundene Ausgabe – 7. Oktober 2005

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Synopsis

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 '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 Loffler 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 Loffler 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.

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"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 Loffler 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 Loffler 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

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Format: Gebundene Ausgabe
Despite the existence of a great number of books covering asset pricing issues at all levels there are few books especially dedicated to the valuation of firms that are not necessarily traded on the capital market. The new book by Kruschwitz and Loeffler adds to the latter group. In broad terms, the book deals with the issue of valuing risky cash flows in a world with taxes. In particular, it addresses two interesting and new questions: First it deals with the notion of cost of capital, which has to be used to disount future cash flows. The authors notice that in the literature, several definitions of this important concept can be found: cost of capital as an expected return, as a yield, or as a discount rate. Kruschwitz and Loeffler discuss all of them and their particular advantages and disadvantages. In the end, they define cost of capital as a conditional expected return, since this is the only definition that is both suitable for the DCF framework in a multiperiod context and consistent with models used for emirical estimation, such as the CAPM.

The main part of the book is devoted to the question, why there are several different valuation approaches within the DCF framework, e.g. the Adjusted Present Value (APV), or the Weighted Average Cost of Capital (WACC). In order to answer the question, the authors start with the famous result, as shown by Modigliani and Miller, that in a world with taxes, a levered firm is more valuable than an unlevered company because of the tax advantage of debt. The authors derive a rather general equation for the value of those tax advantages, and show that different debt financing policies means tax advantages with different stochastic characteristics. And this leads, quite naturally, to different values of those tax advantages.
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