Download or read book DCF Valuation and Imputed Interest on Equity Increase Implications of the Austrian Tax System in a Model with Stochastic Profitability written by Stefan Bogner and published by . This book was released on 2005 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: As early as the 1980s, several European countries implemented tax systems with imputed equity interest provisions. Since its tax reform in 2000, Austria has also allowed the deduction of (fictitious) imputed equity interest from the tax base. This paper integrates the resulting equity-related tax benefits into the valuation of corporations. Using the equity method with special attention to the deductibility of imputed equity interest, we calculate the value of a business in a multi-period model. We find that a market-to-book ratio endogenous to the model results. We then demonstrate how to apply the APV method in a model with imputed equity interest. For each business - and thus also for an unlevered company - an adjustment is necessary to account for the tax shield resulting from equity financing. Therefore, an unlevered company that does not use equity tax shields has to be chosen as a common denominator in the application of the APV method, in which a closed-form solution is presented for the value of this tax benefit. Finally, we derive a weighted average cost of capital that considers the deductibility of imputed equity interest. We show that an additional term correcting for equity tax shields is necessary.

Download or read book DCF Business Valuation with Imputed Interest on the Stock of Equity written by Manfred Frühwirth and published by . This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last two decades several European countries implemented tax systems allowing for the deduction of imputed equity interest from a company's tax base. This paper integrates the tax benefits resulting from imputed interest on the stock of equity into business valuation. Three discounted cash flow valuation methods are used to this end: the equity method, the APV method and the entity method. Intertemporal differences in risk require the use of various risk-adjusted term structures of interest rates in the equity method as well as the APV method. Using the equity method we show that the well-known market-to-book ratio of the constant growth dividend discount model holds in a risk-adjusted form. When applying the APV method with imputed equity interest an adjustment is necessary for each business, also for an unlevered company, to account for the tax shield resulting from equity financing. A closed-form solution is presented for the value of this tax benefit. We furthermore derive the WACC under imputed interest on the stock of equity and the adjustment of the cost of equity which is necessary to derive the WACC as a weighted average of cost of equity and debt.

Download or read book Bibliographie internationale de la litt rature p riodique dans les domaines des sciences humaines et sociales written by and published by . This book was released on 2005 with total page 886 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Equity Risk Premium written by William N. Goetzmann and published by Oxford University Press. This book was released on 2006-11-16 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the return to investing in the stock market? Can we predict future stock market returns? How have equities performed over the last two centuries? The authors in this volume are among the leading researchers in the study of these questions. This book draws upon their research on the stock market over the past two dozen years. It contains their major research articles on the equity risk premium and new contributions on measuring, forecasting, and timing stock market returns, together with new interpretive essays that explore critical issues and new research on the topic of stock market investing. This book is aimed at all readers interested in understanding the empirical basis for the equity risk premium. Through the analysis and interpretation of two scholars whose research contributions have been key factors in the modern debate over stock market perfomance, this volume engages the reader in many of the key issues of importance to investors. How large is the premium? Is history a reliable guide to predict future equity returns? Does the equity and cash flows of the market? Are global equity markets different from those in the United States? Do emerging markets offer higher or lower equity risk premia? The authors use the historical performance of the world's stock markets to address these issues.

Download or read book Proceedings of the 28th International Symposium on Mine Planning and Equipment Selection MPES 2019 written by Erkan Topal and published by Springer Nature. This book was released on 2019-11-29 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings presents the research papers in the field of mine planning and mining equipment including themes such as mine automation, rock mechanics, drilling, blasting, tunnelling and excavation engineering. The papers presents the recent advancement and the application of a range of technologies in the field of mining industry. It is of interest to the professionals who practice in mineral industry including but not limited to engineers, consultants, managers, academics, scientist, and government staff.

Download or read book Financial Modeling written by Simon Benninga and published by MIT Press. This book was released on 2000 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. "Financial Modeling" bridges this gap between theory and practice by providing a nuts-and-bolts guide to solving common financial problems with spreadsheets. The CD-ROM contains Excel* worksheets and solutions to end-of-chapter exercises. 634 illustrations.

Download or read book Insurance Economics written by Peter Zweifel and published by Springer Science & Business Media. This book was released on 2012-02-24 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting theoretical foundations and empirical research, this text introduces the reader to the core issues and analytical tools of insurance economics, examining in detail a host of key factors including supply and demand, regulation and social insurance.

Download or read book Routledge Dictionary of Economics written by Donald Rutherford and published by Routledge. This book was released on 2013-06-26 with total page 1505 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Dictionary of Economics, now in its third edition, provides the clearest, most authoritative definition of economic and financial terms available. The book is perfect for students and professionals interested in a broad range of disciplines including Business, Economics, Finance, and Accountancy and all additional subjects where a knowledge of these fields of essential. The dictionary has been updated to reflect the economic changes of the new Millennium including the emergence of experimental and behavioural economics, new political economy, the importance of institutions, globalization, environmental economics, financial crises and the economic emergence of China and India. It’s an international dictionary that includes succinctly explained A to Z entries and definitive explanations of the key terms, accompanied by a short bibliography and comprising supplementary online definitions. In a world where the reader is met with a barrage of conflicting and competing information, this book continues to provide a definitive guide to economics.

Download or read book Computational Methods and Data Engineering written by Vijendra Singh and published by Springer Nature. This book was released on 2020-11-04 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers selected high-quality research papers from the International Conference on Computational Methods and Data Engineering (ICMDE 2020), held at SRM University, Sonipat, Delhi-NCR, India. Focusing on cutting-edge technologies and the most dynamic areas of computational intelligence and data engineering, the respective contributions address topics including collective intelligence, intelligent transportation systems, fuzzy systems, data privacy and security, data mining, data warehousing, big data analytics, cloud computing, natural language processing, swarm intelligence, and speech processing.

Download or read book Dictionary of Pharmaceutical Medicine written by Gerhard Nahler and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dictionary is aimed primarily at the beginners entering the new discipline of Pharmaceutical Medicine, an area comprising aspects of toxicology, pharmacology, pharmaceutics, epidemiology, statistics, drug regulatory and legal affairs, medicine and marketing. But also more experienced colleagues in departments engaged in clinical development as well as researchers and marketing experts in the pharmaceutical industry will find concise and up-to-date information. The book is completed by a list of a about 1000 abbreviations encountered in pharmaceutical medicine and a compilation of important addresses of national and international health authorities.

Download or read book The Blackwell Encyclopedia of Management 12 Volume Set written by Chris Argyris and published by Wiley-Blackwell. This book was released on 2005-02-14 with total page 4224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this flagship business and management reference work is divided into 12 individual subject volumes and an index and includes a brand new volume on Entrepreneurship: Comprises over 6500 specially commissioned and carefully edited entries Written and edited by international teams of over 1500 of the world's best scholars and teachers Features extended bibliographies of relevant, wider, international literature and the foremost global scholarship in each field Flexible, multi-level use, maintained and further extended by sophisticated cross-referencing both among individual encyclopedia entries and between volumes and external sources Available online, for the first time, via the EBSCO database and linked to wider literature and to an associated Blackwell Library Online, consisting of a selection of Blackwell Handbooks and Journals in the field. Register with us to receive updates on this landmark project at www.managementencyclopedia.com where you will find further details, a special pre-publication offer and, coming soon, contributor browsing features.

Download or read book Valuation Methods and Shareholder Value Creation written by Pablo Fernandez and published by Elsevier. This book was released on 2002-09-11 with total page 661 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. It highlights quantitative analyses of firm value; emphasizes qualitative management assessments; and integrates data from international companies. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, the book offers thorough, accessible coverage of corporate valuation. The book provides well-structured guidance for practitioners and MBA students with a background in finance. Highlights quantitative analyses of firm value Emphasizes qualitative management assessments Integrates data from international companies

Download or read book Investment Philosophies written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

Download or read book American Exceptionalism written by Lall Ramrattan and published by Springer. This book was released on 2019-01-31 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication of Alexis de Tocqueville’s Democracy in America has kindled interest across disciplines to appraise the exceptional nature of U.S. activities. In general, however, all the published works have not focused their analyses from an economic point of view. While economics was for some a “dismal science” following Thomas Carlyle’s characterization of Malthus’ demographic model, it has increasingly become the “queen of the social sciences” for more practitioners. The book fills a gap in the literature by describing the American contributors as precursors and genuinely exceptional economists. We present their works within the state of the nation in which they advance their discipline. One is treated to both qualitative and quantitative theories in the opening chapter. Budding theories that became established theories of Economics and Finance are investigated in Chapters II and III. When President John Adams was confronted with M. Turgot’s criticisms of the American government, he resorted to a historic survey of types of government from ancient Greece to the Middle Ages. Similarly, we have included a final chapter, Chapter IV, to present the argument for American Exceptionalism in the domain of Political Economy and Economic Law over the ages.

Download or read book Numbers Guide written by Richard Stutely and published by Bloomberg Press. This book was released on 2003-04-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed as a companion to The Economist Style Guide, the best-selling guide to writing style, The Economist Numbers Guide is invaluable to anyone who wants to be competent and able to communicate effectively with numbers. In addition to general advice on basic numeracy, the guide points out common errors and explains the recognized techniques for solving financial problems, analysing information of any kind, and effective decision making. Over one hundred charts, graphs, tables, and feature boxes highlight key points. Also included is an A–Z dictionary of terms covering everything from amortization to zero-sum game. Whatever your business, The Economist Numbers Guide will prove invaluable.

Download or read book Entrepreneurship and Openness written by David B. Audretsch and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurship is critical to economic growth, but it cannot flourish without open markets. Entrepreneurs can only be expected to take risks in 'open settings' where individuals and firms are free to contract with one another. In this important book, leading economists explain and document the role of open markets, within and across national boundaries, in facilitating entrepreneurship, innovation, and economic growth. The main message of this book is especially timely given growing concerns in developed countries about off-shoring and openness to trade. The book includes discussions of 'star' scientists-entrepreneurs and their positive impacts on local growth, the globalization of venture capital, information technology, entrepreneurship and cities, culture, off-shoring, trade competition and the expansion of world trade. This book will be welcomed by policy makers at all levels of government, university leaders and academic scholars in entrepreneurship, business and management, innovation, economics, sociology and urban economics.

Download or read book The MIT Dictionary of Modern Economics written by David William Pearce and published by MIT Press (MA). This book was released on 1992 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: an up-to-date authoritative reference designed primarily for students of economics but invaluable also to students of business and other social sciences and ideal for anyone who wants a brief explanation of an economic concept or institution