Especially with the evaluation of non-listed (medium-sized) companies, the following problems and significant restrictions pertaining to the applicability of the CAPM must be taken into account when determining cost of capital. 1. Homogeneity of expectations and planning consistency. Given the...

In the capital market and financing theory, we are currently observing major upheavals. For decades, the neoclassical paradigm has dominated in science and practice. Triggered by economic and political crises, transformations, the COVID-19 pandemic, and political instabilities, a paradigm shift...

Today, the determination of a company's value is mostly based on the discounted cash flow method (DCF method). In doing so, planned values of the cash flows (or income/flow-to-equity) provided by the company are usually discounted to the present with a calculated a discount rate based on the...