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Author : Hans-Christian Krumholz
Publisher :
ISBN 13 :
Total Pages : 197 pages
Book Rating : 4.:/5 (83 download)
Download or read book Essays on Corporate Valuation Under Uncertainty written by Hans-Christian Krumholz and published by . This book was released on 2012 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dr. Hans-Christian Krumholz
Publisher : GRIN Verlag
ISBN 13 : 3668126496
Total Pages : 214 pages
Book Rating : 4.6/5 (681 download)
Download or read book Essays on Corporate Valuation under Uncertainty written by Dr. Hans-Christian Krumholz and published by GRIN Verlag. This book was released on 2016-01-18 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doctoral Thesis / Dissertation from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,0, University of Ulm (Institut für Strategische Unternehmensführung und Finanzierung (Prof. Dr. Frank Richter)), language: English, abstract: Den Beiträgen der kumulativen Dissertation ist die Leitfrage gemeinsam, inwiefern verschiedene Formen der Unsicherheit im Rahmen der Unternehmensbewertung theoretisch fundiert transparent gemacht werden können und wie sich diese auf die Anwendung gewöhnlicher Bewertungsverfahren auswirken. Das Forschungsziel besteht darin, die Bedingungen für eine Transformation in den quasi-sicheren Fall aufzuzeigen und eine Operationalisierbarkeit zu schaffen, so dass beispielsweise die Erwartungswerte der zukünftigen Cashflows aus Geschäftsplänen übernommen werden können und als Ausgangsbasis einer Unternehmensbewertung erhalten bleiben. Dementsprechend wird die Verbindung zu den etablierten Bewertungsansätzen auf Basis des Kapitalkostenkonzepts ermöglicht – gegebenenfalls unter entsprechenden Adjustierungen – und damit eine praktische Anwendung vereinfacht, sofern die hierzu notwendigen Bedingungen als erfüllt gelten oder angenommen werden.
Author : Severin Johannes Zörgiebel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (973 download)
Download or read book Essays in Corporate Finance written by Severin Johannes Zörgiebel and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcel Rüenaufer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Essays on Information, Expectation and Uncertainty in Accounting-based Equity Valuation written by Marcel Rüenaufer and published by . This book was released on 2023* with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mario Massari
Publisher : John Wiley & Sons
ISBN 13 : 1119003350
Total Pages : 512 pages
Book Rating : 4.1/5 (19 download)
Download or read book Corporate Valuation written by Mario Massari and published by John Wiley & Sons. This book was released on 2016-07-15 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk consideration is central to more accurate post-crisis valuation Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials. Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry. Gain a new understanding of the idea of "value," from both accounting and financial perspectives Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples Examine the approach to valuation for rights issues and hybrid securities, and more Traditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how it translates to more accurate methods.
Author : Jacques Drèze
Publisher : CUP Archive
ISBN 13 : 9780521386975
Total Pages : 460 pages
Book Rating : 4.3/5 (869 download)
Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques Drèze and published by CUP Archive. This book was released on 1990-05-25 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
Author : Frank H. Knight
Publisher : Cosimo, Inc.
ISBN 13 : 1602060053
Total Pages : 401 pages
Book Rating : 4.6/5 (2 download)
Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author : Gaurav Atreyi Kankanhalli
Publisher :
ISBN 13 :
Total Pages : 199 pages
Book Rating : 4.:/5 (124 download)
Download or read book Three Essays on Investment Under Uncertainty written by Gaurav Atreyi Kankanhalli and published by . This book was released on 2020 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I explore how economic agents conduct their investment decisions under uncertainty. Each of the three chapters empirically tests predictions from real-options frameworks of investment under uncertainty, shedding light on novel dimensions of agents' investment responses to uncertainty. In the first chapter, I study how the startup ecosystem responds to uncertainty. In the second chapter, I empirically measure the international transmission of uncertainty by examining US firms' investment responses to uncertainty induced by the 2016 Brexit Referendum. In the third chapter, I examine how uncertainty affects not only the level, but also the composition, of firms' capital stock using data on global shipping firms' investment and disinvestment decisions. Chapter 1 shows that economic uncertainty boosts dynamism among US startups. I introduce news- and survey-based measures of startup-relevant uncertainty and find that uncertainty is associated with net firm creation, and net job creation among young firms. I identify the channel by demonstrating, in a real-options framework, that venture capitalists (VCs) adjust their portfolios to take advantage of uncertainty. In contrast to mature firms delaying investment when facing uncertainty, VCs increase their investment spending during periods of heightened uncertainty, but do so by funding a large number of startups at low valuations. Critically, these dynamics play out solely at the earliest funding stages, implying greater experimentation by VCs. Buoyed by increased VC funding, startups accelerate their investment in technology and labor, producing more innovation and gaining greater traction. Looking at eventual outcomes, I provide evidence that startups receiving funding during high uncertainty periods are more likely to either fail or have exits with high multiples. My results point to uncertainty playing an important role in spurring "creative destruction" by stimulating risky startup activity in the economy. Chapter 2 (joint with Murillo Campello, Gustavo S. Cortes, and Fabricio D'Almeida) shows that the 2016 Brexit Referendum led American corporations to cut jobs and investment within US borders. Using establishment-level data, we document that these effects were modulated by the degree of reversibility of capital and labor. American job losses were particularly pronounced in industries with less skilled and more unionized workers. UK-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near-universe of US establishments also point to measurable, negative effects on establishment turnover (openings and closings). Our results demonstrate how foreign-born political uncertainty is transmitted across international borders, shaping domestic capital formation and labor allocation. Chapter 3 (joint with Murillo Campello and Hyunseob Kim) studies how economic uncertainty affects corporate asset composition and productivity using near-universe data on shipping firms' new orders, secondary-market transactions, and demolition of ships. Using a real-options framework, we show that shipping firms curtail both the acquisition and disposal of ships in response to heightened uncertainty. Critically, this mechanism operates primarily through cuts in new ship orders and demolition of older vessels -- decisions that are harder to reverse vis-a-vis deals in the used ship market. We use the escalation in Somali pirate attacks from 2009-2011 as a plausibly exogenous shock to uncertainty and find consistent results. The dynamics we identify are more pronounced when secondary ship markets are less liquid, as firms face stronger incentives to delay their decisions. Our results are novel in showing that uncertainty hampers "creative destruction" among mature firms in which these firms adopt technological innovation emobdied in newer capital and dispose of old-vintage capital.
Author : Tareque Nasser
Publisher :
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.:/5 (663 download)
Download or read book Three Essays in Corporate Finance written by Tareque Nasser and published by . This book was released on 2010 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three distinct essays in the broad area of corporate finance. The first two essays examine the role of an independent director who is also a blockholder (IDB), a potent governance mechanism, on executive compensation, and corporate financial and investment policies, respectively. The last essay examines insider trading in takeover targets. The first essay examines three issues. First, we investigate the determinants of an IDB's presence in a firm. Second, we examine the relations between IDB presence and (1) the level and structure of CEO compensation, and (2) CEO turnover-performance sensitivity. Third, we analyze if IDB presence is related to firm valuation. Our findings suggest that the presence of an independent blockholder on the board promotes better incentives and monitoring of the CEO, and consequently leads to higher firm valuation. In the second essay, we examine how the presence of an IDB affects: (1) four key financial and investment policy choices of a firm: the levels of cash holdings, dividends, investments and financial leverage, and (2) firm risk. We also examine how the market values IDB presence and changes in various policy choices associated with IDB presence in a firm. We find that firms with IDBs have significantly lower levels of cash holdings, dividend yields, repurchases, and total payout, but higher levels of capital expenditures. We also find that firms with IDBs have lower risk. Overall, IDB presence appears to reduce agency problems between managers and shareholders. The third essay brings large-sample evidence on whether the level and pattern of profitable insider trading before takeover announcements is abnormal for a broad cross-section of targets of takeovers during modern times. We find an interesting and subtle pattern in the average pre-takeover trading behavior of target insiders. While insiders reduce both their purchases and sales below normal levels, their sales reduce more than purchases, leading to an increase in net purchases. This pattern of 'passive' insider trading is confined to the six-month period before takeover announcement, holds for each insider group, for all measures of net purchases examined, and in certain sub-samples with less uncertainty about takeover completion.
Author : Eugene Kandel
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (227 download)
Download or read book Essays on Pricing Under Uncertainty written by Eugene Kandel and published by . This book was released on 1990 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dylan J. Norris
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Two Essays on the Impacts of Weather and Uncertainty on Aspects of Firm Valuation written by Dylan J. Norris and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter one examines how weather conditions near a firm's major institutional investors affect stock market reactions to firms' earnings announcements. We find that unpleasant weather experienced by institutional investors leads to higher earnings announcement premiums and more delayed market responses to earnings news. We interpret the evidence as weather-induced negative moods increasing required compensation for earnings uncertainty and reducing activity levels of institutional investors. The influence of institutional investors' weather is stronger than that of New York City or firm headquarters weather. Additional cross-sectional evidence suggests that weather mainly influences the trading behavior of less sophisticated and transient institutional investors. Chapter two examines the effect of economic policy uncertainty (EPU) on portfolio company (PC) exit outcomes spanning 20 countries from 1997-2012. The data examined indicate that the likelihood of a successful exit, as well as the dollar value outcome of a successful exit, is impacted by the degree of economic policy uncertainty in the year of the exit. Specifically, the evidence is consistent with an increased probability a firm waits to exit or goes defunct and a decreased probability of exiting via an initial public offering (IPO) or merger/acquisition (M&A) when EPU in the domicile country of the PC is high. Subsample analysis on IPOs and M&A shows that dollar outcomes, as measured by proceeds raised or deal value, are significantly lower when an exit occurs during a year in which the PC domicile nation is characterized with high EPU. We identify this phenomenon as the "Uncertainty Effect" and investigate ways to mitigate this negative effect through VC syndicate internationalization. While the effect of an international investor base is positive in general, we find that a geographically diversified syndicate can increase the negative "Uncertainty Effect." Our results suggest a more nuanced relationship than was previously thought to exist.
Author : Jonathan Eaton
Publisher : Dissertations-G
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.X/5 ( download)
Download or read book Four Essays in the Theory of Uncertainty and Portfolio Choice written by Jonathan Eaton and published by Dissertations-G. This book was released on 1979 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Winston Wei Dou
Publisher :
ISBN 13 :
Total Pages : 383 pages
Book Rating : 4.:/5 (987 download)
Download or read book Essays in Financial Economics written by Winston Wei Dou and published by . This book was released on 2017 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays that theoretically and empirically investigate the asset pricing and macroeconomic implications of uncertainty shocks, propose new measures for model robustness, explain the joint dynamics on equity excess returns and real exchange rates. In the first chapter, I show that the effect of uncertainty shocks on asset prices and macroeconomic dynamics depends on the degree of risk sharing in the economy and the origin of uncertainty. I develop a general equilibrium model with imperfect risk sharing and two sources of uncertainty shocks: (i) cash-flow uncertainty shocks, which affect the idiosyncratic volatility of firms' productivity, and (ii) growth uncertainty shocks, which affect the idiosyncratic variability of firms' investment opportunities. My model deviates from the neoclassical setting in one respect: firms' investment policies are set by the experts who are subject to a moral hazard problem and thus must maintain an non-diversified ownership stake in the firm. As a result, risk sharing between experts and other investors is imperfect. Limited risk sharing distorts equilibrium investment choices, firm valuation, and prices of risk in equilibrium relative to the frictionless benchmark. In the calibrated model, the risk premium on growth uncertainty shocks is negative under poor risk sharing conditions and positive otherwise. Moreover, the cross-sectional spread in valuations between value and growth stocks loads positively on the growth uncertainty shocks under poor risk sharing conditions and negatively otherwise. Empirical tests support these predictions of the model. The second chapter is based on the joint work Chen, Dou, and Kogan (2015), in which we propose a new quantitative measure of model fragility, based on the tendency of a model to over-fit the data in sample with poor out-of-sample performance. We formally show that structural economic models are fragile when the cross-equation restrictions they impose on the baseline statistical model appear excessively informative about combinations of model parameters that are otherwise difficult to estimate. We develop an analytically tractable asymptotic approximation to our fragility measure which we use to identify the problematic parameter combinations. Using these asymptotic results, we diagnose fragility in asset pricing models with rare disasters and long-run consumption risk. The third chapter is based on the joint work Dou and Verdelhan (2015), which presents a two-good, two-country real model that replicates the basic stylized facts on equity excess returns and real interest rates. In the model, markets are incomplete. In each country, workers cannot participate in financial markets whereas investors trade domestic and foreign stocks, as well as an international bond. The investors' asset positions are subject to a borrowing constraint, along with a short-selling constraint on equity. Foreign and domestic agents differ in their elasticity of inter temporal substitution and in their risk-aversion. A time-varying probability of a global disaster implies time-varying risk premia in asset markets, and therefore large and time-varying expected valuation effects on international asset positions. The model highlights the role of market incompleteness and heterogeneity across countries in accounting for the volatility of equity and debt international capital flows.
Author : Woojin Youn
Publisher :
ISBN 13 :
Total Pages : 366 pages
Book Rating : 4.3/5 (129 download)
Download or read book Essays on Asymmetries, Uncertainty, and Investment written by Woojin Youn and published by . This book was released on 1998 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arto Suvas
Publisher :
ISBN 13 :
Total Pages : 196 pages
Book Rating : 4.:/5 (2 download)
Download or read book Essays on Valuation of the Firm written by Arto Suvas and published by . This book was released on 1994 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerhard Hambusch
Publisher : ProQuest
ISBN 13 : 9780549932703
Total Pages : 306 pages
Book Rating : 4.9/5 (327 download)
Download or read book Essays on Financial Dynamic Optimization Under Uncertainty written by Gerhard Hambusch and published by ProQuest. This book was released on 2008 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of financial optimization combines financial valuation approaches and economic optimization models. Most applications are characterized by dynamic settings where decisions over time are subject to many facets of uncertainty. Characterizing optimal decision making in these settings is of upmost importance in many areas of economic policy. The purpose of this research is to investigate economic policy issues in natural resource management and banking regulation through the application of methods of financial dynamic optimization under uncertainty in three essays: The first essay develops a general optimal stopping real option model for the management of mean reverting losses subject to stochastic jumps as an American call option. The model is numerically solved using the explicit finite difference method and provides comparative static results that reveal an important relationship between the two process parameters long run mean level of losses and speed of mean reversion which influence the termination value and therefore, the optimal stopping results. The second essay applies the optimal stopping real option model developed in the first essay as an environmental control investment analysis tool to manage uncertain future invasive species damages. Based on application size, control strategy, and level of control effectiveness, separate policy menus are developed that provide optimal investment rules by reporting critical invader damage, real option, and time values for five selected scenarios. The analysis demonstrates the effects of different control strategy levers and reveals that negative skewness of the jump distribution has an effect on the policy results. The third essay analyzes the impact of capital requirement regulation on the risk taking behavior of value maximizing banks using a financial intermediation model. The paper investigates four cases of intertemporal effects of capital regulation on risk choices when banks face different regulatory conditions. The results reveal differences in a bank's risk taking behavior based on profit, multiplier, and leverage effects. The interrelationship of retention rate, discount factor, and risky asset return has important implications for first and/or second best regulation. An optimal regulation rule is derived and three alternative regulation tools are characterized.
Author : McKinsey & Company Inc.
Publisher : John Wiley & Sons
ISBN 13 : 1118873963
Total Pages : 892 pages
Book Rating : 4.1/5 (188 download)
Download or read book Valuation written by McKinsey & Company Inc. and published by John Wiley & Sons. This book was released on 2015-07-27 with total page 892 pages. Available in PDF, EPUB and Kindle. Book excerpt: McKINSEY'S TRUSTED GUIDE TO TEACHING CORPORATE VALUATION, NOW IN ITS 25TH YEAR Valuation, University Edition, Sixth Edition, is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on. New to the fully revised and updated Sixth Edition: New case studies that clearly illustrate how vital valuation techniques and principles are applied in real-world situations Expanded content on advanced valuation techniques New content on the strategic advantages of value-based management that reflect the economic events of the past decade For twenty-five years Valuation has remained true to its core principles and offers a step-by-step approach to valuation, including: Analyzing historical performance Forecasting performance Estimating the cost of capital with practical tips Interpreting the results of a valuation in light of a company's competitive situation Linking a company's valuation multiples to the core drivers of its performance The University Edition contains End-of-Chapter Review Questions, helping students master key concepts from each chapter. Wiley also offers an Online Instructor's Manual with a full suite of learning resources for professors and students. www.wileyvaluation.com
