The valuation of companies or their assets is at the heart of most financing and investment
decisions. Over the last five decades, academics have developed several simple and …

This study investigates the effect of inflation and interest rate on firm efficiency while
exploring the role of policy uncertainty. Not a misnomer, macroeconomic conditions matter …

We extend risk-value models for valuing streams of risky cash flows by establishing the well-
known concept of terminal value in this context. For a constant growth assumption we are …

A team from McKinsey (Koller et al.) recommended the value driver formula for continuing
value. The idea is as follows: The company is almost in a steady state. However, the existing …

Zusammenfassung Der vorangegangene Abschnitt 2.3. 3 hat gezeigt, dass gegenwärtig der
gesamte Projektionszeitraum vorzugsweise in zwei Phasen unterteilt wird, was im Ergebnis …

Abstract In Teilen der Literatur zur Unternehmensbewertung wird vorgeschlagen, zwischen
thesaurierungsbedingtem und „organischem “(preissteigerungsbedingtem) Wachstum zu …

Das Buch liefert einen Überblick über alle gängigen Bewertungsverfahren, beleuchtet deren
Vor-und Nachteile und zeigt deren Einsatzgebiete in der Praxis auf. Besonders im Fokus …

In firm valuation the free-cash flows after the horizon are usually represented by a terminal
value. In this paper attention is centered on the terminal value expressed as the present …

Corporate valuation often relies on the assumption of a constant and homogenous growth
rate. However, large firms frequently (re) balance their activities by diverting cash flows from …

We formulate a generalized constant growth valuation model incorporating inflation and
capital maintenance. We find that in general there are two sources of growth: growth due to …