Aktienbewertung Auf Der Basis Von Discounted Cash Flow Modellen

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Aktienbewertung auf der Basis von Discounted Cash Flow-Modellen

Author : Marika Schumann
Publisher : GRIN Verlag
ISBN 13 : 3638259188
Total Pages : 42 pages
Book Rating : 4.6/5 (382 download)

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Book Synopsis Aktienbewertung auf der Basis von Discounted Cash Flow-Modellen by : Marika Schumann

Download or read book Aktienbewertung auf der Basis von Discounted Cash Flow-Modellen written by Marika Schumann and published by GRIN Verlag. This book was released on 2004-03-07 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2004 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,8, Duale Hochschule Baden-Württemberg, Villingen-Schwenningen, früher: Berufsakademie Villingen-Schwenningen (Fachrichtung Banken und Bausparkassen), Sprache: Deutsch, Abstract: Discounted Cash Flow (DCF)-Modellen wird heute auch in Europa zunehmend mehr Bedeutung geschenkt als noch vor einigen Jahren.1 Mit Hilfe des mit ihnen ermittelten Barwertes wird es einem Investor ermöglicht, den aktuellen Kurswert einer Aktie mit ihrem inneren Wert zu vergleichen und eine Kauf- oder Verkaufsentscheidung zu fällen.2 DCF-Modelle haben gegenüber anderen Verfahren zur Aktienbewertung entscheidende Vorteile. So scheiterten u.a. Peer Group-Vergleiche, die den angemessenen Kurswert einer Aktie aus dem Durchschnittkurs einer Branche bestimmen, weil der durchschnittliche Kurswert einer Branche zu hoch oder zu niedrig liegen kann.3 Theoretisch stellen DCF-Modelle eine sinnvolle Methode zur Bewertung von Aktien dar, da sie einen theoretisch korrekten Preis ermitteln.4 In der Praxisanwendung zeigen sich jedoch Probleme bei der Umsetzung dieser Verfahren, z.B. in Bezug auf die Ermittlung des Cash Flows oder des Diskontierungssatzes. Auf die Probleme, die bei der Anwendung von Cash Flow-Diskontierungsmodellen auftreten, wird daher in Gliederungspunkt 4 ausführlich eingegangen. Ziel der Arbeit ist die Darstellung der verschiedenen DCF-Verfahren und das Aufzeigen der damit verbundenen Schwachstellen. In Kapitel 2 wird zunächst dargelegt, warum Aktienbewertungen durchführt werden und wie DCF-Modelle mit der Fundamentalanalyse und Informationseffizienz zusammenhängen. Im Anschluss daran erfolgen die Darstellungen der Zero Growth-, Constant Growth- und der mehrstufigen Dividendendiskontierungsmodelle. Anschließend wird auf das Equity-Verfahren (Nettomethode), den Weighted Average Cost of Capital (WACC)-Ansatz, Total Cash Flow (TCF)-Ansatz und das Adjusted Present Value (APV)-Modell (Bruttomethoden) eingegangen. Aufgrund der geringen praktischen Bedeutung wird der TCF-Ansatz jedoch nur ansatzweise erläutert.5 1 Vgl. o.V., Venture Valuation, 2002, S.4. 2 Vgl. Steiner, M./Bruns, C., Wertpapiermanagement, 2002, S. 229. 3 Vgl. Kempf, M., FTD–Geldanlage, 2002. 4 Vgl. Drobetz, W., Fit for Finance, 2001, S. 97. 5 Zur Verwendungshäufigkeit der DCF-Ansätze vgl. Darstellung 1, Anhang I, S. 23

Unternehmensbewertung mittels Discounted Cash-Flow Analysen

Author : Jens Wingenfeld
Publisher : diplom.de
ISBN 13 : 3836605295
Total Pages : 132 pages
Book Rating : 4.8/5 (366 download)

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Book Synopsis Unternehmensbewertung mittels Discounted Cash-Flow Analysen by : Jens Wingenfeld

Download or read book Unternehmensbewertung mittels Discounted Cash-Flow Analysen written by Jens Wingenfeld and published by diplom.de. This book was released on 2007-09-07 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Einleitung: Die Volatilität der Kapitalmärkte gerade in den zurückliegenden Jahren hat gezeigt, dass positive Entwicklungen an der Börse keine dauerhafte Einbahnstraßenbewegung darstellen. Die Aussage von vielen Finanzintermediären, man könne bei einer Aktienanlage längerfristig betrachtet immer eine Überrendite gegenüber (quasisichereren) festverzinslichen Wertpapieren erzielen, kann so nicht stehengelassen werden. Als einfaches Indiz dafür reicht eine Betrachtung des Charts des Deutschen Aktienindex DAX seit seiner offiziellen Auflegung am 23.06.1988. Hierbei ist zu erkennen, dass der Index auch langfristig keinen streng monoton steigenden Verlauf genommen hat. Gerade die Abwärtsbewegung seit Anfang des Jahres 2000 macht ein Großteil der bis dahin gewonnenen Wertentwicklung wieder zunichte, die scheinbar nur mühsam wieder zurückgewonnen werden kann. Wesentlich stärker tritt das eben beschriebene Phänomen bei vielen Einzelwerten auf, vor allem bei solchen aus bestimmten Segmenten wie dem High-Tech Bereich mit oftmals geringer Marktkapitalisierung, welche zu bestimmten Boomzeiten bei den Anlegern sehr gefragt waren, dann aber aus deren Fokus verschwanden ( Fallen Angels ). Der Autor will nun aufzeigen, wie ein vor allem in den angelsächsischen Ländern - etabliertes Verfahren zur Unternehmensbewertung im Kontext des internationalen Kapitalmarktes funktioniert. Hierbei soll die Discounted Cash-Flow Methode in Ihren verschiedenen Ausprägungen als ein Instrument der Unternehmensbewertung mitunter kritisch beleuchtet werden. Kurz beschrieben handelt es sich dabei um ein Verfahren, bei dem aus der Sicht der Eigen- und/oder Fremdkapitalgeber (je nach konkreter Ausgestaltung) zukünftige Einzahlungsüberschüsse mit Ertragscharakter in Form von Cash-Flows prognostiziert werden. Diese werden daraufhin mit einem geeigneten Diskontierungsfaktor auf den heutigen Zeitpunkt t0 abgezinst. Ziel ist es, einen Gegenwartswert dieser zukünftig erwarteten Zahlungsströme zu erhalten, der schließlich zu einer Qualifizierung des Unternehmenswertes zu gebrauchen ist. Gang der Untersuchung: Der Verfasser will in den folgenden Ausführungen Möglichkeiten aufzeigen, wie ein Unternehmen auf der Basis von diskontierten, zukünftig anfallenden Zahlungsströmen bewertet und letztlich auch mit anderen Unternehmen verglichen werden kann. Dabei wird unterstellt, dass Kapitalmärkte nicht immer rationalen Gesetzmäßigkeiten folgen. Dies führt von Seiten des [...]

Tolna--a Rural Area in Central-Europe

Author : Norbert Pap
Publisher : Dr Pap Norbert
ISBN 13 : 9639632104
Total Pages : 167 pages
Book Rating : 4.6/5 (396 download)

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Book Synopsis Tolna--a Rural Area in Central-Europe by : Norbert Pap

Download or read book Tolna--a Rural Area in Central-Europe written by Norbert Pap and published by Dr Pap Norbert. This book was released on 2007 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Doing Business 2008

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 0821372327
Total Pages : 208 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Doing Business 2008 by : World Bank

Download or read book Doing Business 2008 written by World Bank and published by World Bank Publications. This book was released on 2007-09-26 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulations affecting 10 areas of everyday business are measured: starting a business, dealing with licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, and closing a business. 'Doing Business 2008' updates all 10 sets of indicators, ranks countries on their overall ease of doing business, and analyzes reforms to business regulation - identifying which countries are improving their business environment the most and which ones slipped. The indicators are used to analyze economic outcomes and identify what reforms have worked, where and why. 'Doing Business 2008' focuses on how complex business regulations dampen investment, growth and job creation in all businesses, and especially opportunities for women entrepreneurs.

The Global Competitiveness Report 2007-2008

Author : Michael E. Porter
Publisher : Palgrave Macmillan
ISBN 13 : 9781403996374
Total Pages : 608 pages
Book Rating : 4.9/5 (963 download)

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Book Synopsis The Global Competitiveness Report 2007-2008 by : Michael E. Porter

Download or read book The Global Competitiveness Report 2007-2008 written by Michael E. Porter and published by Palgrave Macmillan. This book was released on 2007-12-15 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Economic Forum’s annual Global Competitiveness Report evaluates the potential for sustained economic growth of over 130 developed and emerging economies and ranks them accordingly. Since its first release in 1979, the Report has become the most authoritative and comprehensive study of its type. The 2007-2008 Report contains: • Detailed country competitiveness profiles of 131 economies • Data tables for survey and hard data variables ranking profiled economies • Global rankings: the Global Competitiveness Index and the Business Competitiveness Index, measuring growth and productivity, respectively • Exclusive data from the Executive Opinion Survey, with over 11,000 responses from business leaders worldwide. Produced in collaboration with a distinguished group of international scholars and a global network of over 130 leading national research institutes and business organizations, the Report also showcases the latest thinking and research on issues of immediate relevance for business leaders and policy-makers.

Walter Benjamin and Art

Author : Andrew Benjamin
Publisher : A&C Black
ISBN 13 : 1847144543
Total Pages : 310 pages
Book Rating : 4.8/5 (471 download)

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Book Synopsis Walter Benjamin and Art by : Andrew Benjamin

Download or read book Walter Benjamin and Art written by Andrew Benjamin and published by A&C Black. This book was released on 2005-02-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walter Benjamin's most famous and influential essay remains The Work of Art in the Age of Mechanical Reproduction. Walter Benjamin and the Work of Art is the first book to provide a broad and dedicated analysis of this canonical work and its effect upon core contemporary concerns in the visual arts, aesthetics and the history of philosophy. The book is structured around three distinct areas: the extension of Benjamin's work; the question of historical connection; the importance of the essay in the development of criticism of both the visual arts and literature. Contributors to the volume include major Benjamin commentators, whose work has very much defined the reception of the essay, and leading philosophers, historians and aesthetician, whose approaches open up new areas of interest and relevance.

Motivation for Learning and Performance

Author : Bobby Hoffman
Publisher : Academic Press
ISBN 13 : 0128011254
Total Pages : 428 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Motivation for Learning and Performance by : Bobby Hoffman

Download or read book Motivation for Learning and Performance written by Bobby Hoffman and published by Academic Press. This book was released on 2015-06-20 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed for educators, researchers, practitioners, or anyone interested in maximizing human potential, Motivation for Learning and Performance outlines 50 key motivation principles based on the latest scientific evidence from the disciplines of psychology, education, business, athletics, and neurology. Using a highly applied and conversational style, the book is designed to inform the reader about how to diagnosis, analyze, and mediate learning and performance challenges influenced by motivation. The book features chapters on the biopsychology of motivation, how motivation changes across the lifespan, and the important influence of culture on motivated behavior. Three chapters are devoted to practical strategies and the implementation of motivational change. Special sections are included on enhancing motivation at work, in the classroom, in competitive environments, and during online education. Hoffman employs the innovative approach of using his interviews with "real" people including many notable personalities across diverse cultures and disciplines to illustrate motivated behavior. For example, readers will learn what motivated the colossal investment fraud masterminded by Bernie Madoff, the intimate thoughts of former NFL superstar Nick Lowery when he missed a field goal, and the joys and tribulations of Emmy-nominated "Curb your Enthusiasm" actress Cheryl Hines. The book provides a practical, applied, and multi-disciplinary resource for anyone interested in motivation and performance, but especially for university students at the graduate or undergraduate level studying education, psychology, business, leadership, hospitality, sports management, or military science. Additionally, the writing style and eclectic nature of the text will appeal to readers of non-fiction who can use the book to gain self-awareness to enhance performance of themselves or others. - Considers motivation for both learning and performance - Identifies 50 foundational principles relating to motivation - Provides research evidence supporting the foundational principles - Includes interviews from famous individuals, identifying what motivated them and why - Includes research from psychology, education, neuroscience, business, and sports

Dr. Zinetti's Snowkissed Bride

Author : Sarah Morgan
Publisher : Harlequin
ISBN 13 : 1426876491
Total Pages : 199 pages
Book Rating : 4.4/5 (268 download)

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Book Synopsis Dr. Zinetti's Snowkissed Bride by : Sarah Morgan

Download or read book Dr. Zinetti's Snowkissed Bride written by Sarah Morgan and published by Harlequin. This book was released on 2010-12-01 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: There's not enough mistletoe in the world to tempt rescue medic Meg Miller to get anywhere near notorious heartbreaker Dr. Dino Zinetti! Though her small son thinks the man's a superhero, Meg knows the truth—the incredibly sophisticated doctor would never look twice at a scruffy tomboy more comfortable up a mountain than in a dress. But Meg has gotten under the normally unflappable Dino's skin, and he's not about to give up on her—however hard she fights their explosive attraction. This Christmas he'll teach Meg the meaning of romance...and receive a crash course in love himself.

Jennings' Little Hut

Author : Anthony Buckeridge
Publisher : House of Stratus
ISBN 13 : 0755113675
Total Pages : 211 pages
Book Rating : 4.7/5 (551 download)

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Book Synopsis Jennings' Little Hut by : Anthony Buckeridge

Download or read book Jennings' Little Hut written by Anthony Buckeridge and published by House of Stratus. This book was released on 2001-08-05 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jennings decides to build huts out of reeds and branches. He and Darbishire are thrilled with them. They include a patented ventilating shaft, a special drainage canal and a pontoon suspension bridge! Things go horribly wrong when he is put in charge of Elmer, the treasured goldfish, and even worse when the Head visits. Gruesome hornswoggler!

Why Fly?

Author : E. Paul Torrance
Publisher : Praeger
ISBN 13 : 1567501729
Total Pages : 0 pages
Book Rating : 4.5/5 (675 download)

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Book Synopsis Why Fly? by : E. Paul Torrance

Download or read book Why Fly? written by E. Paul Torrance and published by Praeger. This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why Fly? is without argument, an important contribution to the body of theoretical literature on creativity. What makes this work unique, however, is that it's content and focus also enable it to stand on the shelf along side books on counseling/self help, curriculum development, school administration, business, and leadership. In short, Dr. Torrance has successfully produced a book with nearly universal appeal and application possibilities. - Roeper Review . . .For readers who are well-versed in Torrance's major ideas and themes, the book will serve as a convenient reference resource and probably as a source of some previously undiscovered pieces. For new explorers into the creativity literature, it will provide helpful grounding in the work of a major figure in the field and foundation for new questions and directions. Gifted Child Quarterly

Energy in the Executive

Author : Terry Eastland
Publisher : Touchstone
ISBN 13 : 9780029086834
Total Pages : 404 pages
Book Rating : 4.0/5 (868 download)

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Book Synopsis Energy in the Executive by : Terry Eastland

Download or read book Energy in the Executive written by Terry Eastland and published by Touchstone. This book was released on 1994 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Michael Jordan

Author : Sean Adams
Publisher : Barnes & Noble
ISBN 13 : 9780760734674
Total Pages : 124 pages
Book Rating : 4.7/5 (346 download)

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Book Synopsis Michael Jordan by : Sean Adams

Download or read book Michael Jordan written by Sean Adams and published by Barnes & Noble. This book was released on 2003 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Your Golf Game Is in Big Trouble

Author : Dean Vietor
Publisher :
ISBN 13 : 9780880321273
Total Pages : 52 pages
Book Rating : 4.3/5 (212 download)

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Book Synopsis Your Golf Game Is in Big Trouble by : Dean Vietor

Download or read book Your Golf Game Is in Big Trouble written by Dean Vietor and published by . This book was released on 1989-06 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Slot Machine Reel Strips

Author : Daniel R. Mead
Publisher :
ISBN 13 : 9780934422116
Total Pages : 270 pages
Book Rating : 4.4/5 (221 download)

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Download or read book Handbook of Slot Machine Reel Strips written by Daniel R. Mead and published by . This book was released on 1983 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Animals in the Classroom

Author : David C. Kramer
Publisher : Addison-Wesley Longman
ISBN 13 : 9780201206791
Total Pages : 0 pages
Book Rating : 4.2/5 (67 download)

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Book Synopsis Animals in the Classroom by : David C. Kramer

Download or read book Animals in the Classroom written by David C. Kramer and published by Addison-Wesley Longman. This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sourcebook for elementary and middle school teachers interested in keeping a variety of small animals in the classroom. Intended to encourage teachers to stimulate student curiosity and interest in learning about animals by keeping live animals in the classroom. Assists teachers in selecting appropriate classroom animals and caring for them in a humane way. Provides information to allow teachers to answer students' questions and to provide meaningful learning experiences with a variety of classroom animals. Includes information on 28 different animals, ranging from worms to mammals (worms, mollusks, arthropods, fish, amphibians, reptiles, birds, mammals).

Adventures in Oz

Author : Eric Shanower
Publisher :
ISBN 13 : 9781600100031
Total Pages : 0 pages
Book Rating : 4.1/5 ( download)

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Download or read book Adventures in Oz written by Eric Shanower and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the marvelous land of Oz, magic is always around the next corner. Dorothy, the Scarecrow, and their many Oz friends can't stop plunging into one adventure after another. Come journey over the rainbow to help save Oz from the Wicked Witch of the South, to ride an enchanted whirlpool that leads to a hidden island, to explore the spooky Great Gray Gillikin Swamp, to prevent a war between dragons and wood-nymphs, and to soar in an emerald unicorn to the frozen land of the mysterious Ice King." -- back cover.

Extraordinary Lies

Author : Jennifer Alsever
Publisher :
ISBN 13 : 9780998947341
Total Pages : pages
Book Rating : 4.9/5 (473 download)

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Book Synopsis Extraordinary Lies by : Jennifer Alsever

Download or read book Extraordinary Lies written by Jennifer Alsever and published by . This book was released on 2020-03-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Set in San Francisco during the 1970s, Extraordinary Lies follows two girls who come from dramatically different worlds--one rich and one poor--but they've both been called the same names all their lives. It's the price of being a supernaturally gifted female in the sexist, narrow-minded 1970s. That is, until they join the Stanford Research Institute, where a team of scientists are conducting experiments on people like them, people with the ability to see the future, read minds, move objects without lifting a finger. A page-turning paranormal mystery about family and friendship, Extraordinary Lies is a feminist-focused look into what happens when two young women fight for their voice and search for the truth.