{"title":"Lutz Kruschwitz","description":null,"products":[{"product_id":"discounted-cash-flow-book-lutz-kruschwitz-9780470870440","title":"Discounted Cash Flow","description":"Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach.    Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found? These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book    ENDORSEMENTS FOR LÖFFLER: DISCOUNTED 0-470-87044-3    \"Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Löffler bring together the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic.\"  --Ian Cooper, London Business School    \"This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories. Using an entertaining style, Kruschwitz and Löffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives.\"  --Darrell Duffie, Stanford University    \"Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications!\"  --Wolfgang Wagner, PricewaterhouseCoopers    \"It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level.\"  --Martin Lally, University of Wellington","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50303664685329,"sku":"CIN0470870443G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52149469774097,"sku":"NLS9780470870440","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0470870443.jpg?v=1775728327"},{"product_id":"investitionsrechnung-book-lutz-kruschwitz-9783486705317","title":"Investitionsrechnung","description":"Dieses Buch behandelt die Methoden, mit denen Investitionsentscheidungen auf objektiver Grundlage getroffen werden können. Tiefe Einblicke in eben diese Methoden gewährt dieses Buch: Im ersten Teil des Lehrwerkes werden die Grundlagen skizziert und im zweiten Teil die wichtigsten Methoden beschrieben. Im dritten Teil wird dann die Annahme aufgehoben, dass Investitionsentscheidungen unter Sicherheit getroffen werden. Jedes Kapitel enthält Lernziele, Merksätze, Fragen und Aufgaben sowie gezielte Hinweise auf ergänzende und vertiefende Literatur. Zur Neuauflage: Die Inhalte wurden an die Unternehmenssteuerreform 20011 angepasst. Investitionsrechnungen sind Methoden, mit denen Investitionsentscheidungen auf objektiver Grundlage getroffen werden können. Bei der Neuauflage handelt es sich um einen vollständig überarbeiteten Text. Die Teile zur statistischen Rechnung wurden zur 13. Auflage stark gekürzt, da sich dieses Verfahren als nicht mehr zeitgemäß erwiesen hat. Das Buch richtet sich an Studierende der Betriebswirtschaftslehre.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51187902808337,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51187904872721,"sku":"NIN9783486705317","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52430580646161,"sku":"NLS9783486705317","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3486705318.jpg?v=1750807048"},{"product_id":"stochastic-discounted-cash-flow-book-lutz-kruschwitz-9783030370800","title":"Stochastic Discounted Cash Flow","description":"This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. 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Ziel des Buches ist es, Studierenden in einer bestimmten Entscheidungssituation eine angemessene Form der Investitionsrechnung zu bieten und sie dazu in die Lage zu versetzen, diese selbst zu entwickeln. Das Buch skizziert die Grundlagen der Investitionsrechnung, wendet sich den wichtigsten Methoden der Investitionsrechnung zu und hebt die Annahme auf, dass Investitionsentscheidungen unter Sicherheit getroffen werden können. In der Neuauflage der seit über 40 Jahren erscheinenden, bewährten Publikation wurden insbesondere die Kapitel über Investitionsprogrammentscheidungen sowie Wahlentscheidungen (mit und ohne Steuern) aktualisiert. Zudem wurden die Literatur und die steuerrechtlichen Abschnitte auf den neuesten Stand gebracht. Aufgaben und Lösungen sind nunmehr in ein zeitgleich erscheinendes separates ,,Arbeitsbuch\" (978-3-11-060955-4) integriert worden.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52137926852881,"sku":"NLS9783110587357","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52760780275985,"sku":"NIN9783110587357","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783110587357.jpg?v=1757559907"},{"product_id":"arbeitsbuch-investitionsrechnung-book-lutz-kruschwitz-9783110609554","title":"Arbeitsbuch Investitionsrechnung","description":"\u003cp\u003eMethoden der Investitionsrechnung erfordern ein mathematisches Grundverständnis und analytisches Vorgehen. Das Arbeitsbuch richtet sich an all diejenigen, die ihre Kenntnisse auf dem Gebiet der Investitionsrechnung auf konkrete Fragestellungen anwenden wollen. Es enthält eine Vielzahl von Übungs- und Probeklausuraufgaben sowie detaillierte Musterlösungen, die im akademischen Unterricht oft erprobt wurden. Die Aufgaben und Lösungen sind entsprechend der Themenblöcke des zugehörigen Lehrbuches (978-3-11-058735-7) sortiert in Wahlentscheidungen (mit und ohne Steuern), Investitionsdauerentscheidungen, Programmentscheidungen und Investitionsrechnungen unter Unsicherheit. Das letzte Kapitel umfasst zwei Probeklausuren, welche einen Querschnitt der genannten Themenblöcke bilden und sich damit gut als Prüfungsvorbereitung eignen. Der Schwierigkeitsgrad entspricht den Standards, die heute an deutschsprachigen Universitäten und Fachhochschulen verlangt werden.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52137980035345,"sku":"NLS9783110609554","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52760772346129,"sku":"NIN9783110609554","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783110609554.jpg?v=1757560182"},{"product_id":"investitions-und-finanzplanung-book-lutz-kruschwitz-9783409134828","title":"Investitions- und Finanzplanung","description":"Dieses Arbeitsbuch von einem der renommiertesten Experten des Faches richtet sich an Studenten der Betriebswirtschaftslehre, die ihre Kenntnisse anwenden und festigen oder sich auf Prufungen vorbereiten wollen.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52404592509201,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52404593295633,"sku":"NLS9783409134828","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783409134828.jpg?v=1758764715"},{"product_id":"finanzmathematik-book-lutz-kruschwitz-9783110587371","title":"Finanzmathematik","description":"\u003cp\u003eDas Lehrbuch stellt die klassischen Teilgebiete der Finanzmathematik systematisch dar. 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