This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...

Die vorliegende Arbeit setzt sich mit der Frage auseinander, ob und auf welcher Weise für Unternehmen mit Pensionsrückstellungen, Verbindlichkeiten aus Lieferungen und Leistungen und anderen Passivpositionen eine Bewertungstheorie in der Tradition des Discounted Cashflow angewendet werden...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...

Die EZB hat ein neues Bilanzziel. Um eine Billion Euro möchte sie ihre Bilanz ausweiten - auf den Stand vom März 2012 - um Deflationsgefahren vorzubeugen. Dies wirft jedoch neue Fragen auf: Wie bilanziert eigentlich die EZB? Welchen Zielen dient diese Bilanz? Und wie informativ ist die...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...

In this paper we consider firms having pension and other non-tradeable liabilities and we ask whether the methods of discounted cash flow (DCF) can be used for evaluation of the company. This question was so far not discussed in the literature systematically. We show how balance sheet are to be...