Affiliation:
1. Department of Business, Cooperative State University Karlsruhe, Erzbergerstrasse 121, 76133Karlsruhe, Germany
Abstract
AbstractIn this paper we present an approach to value-based management of companies using time series analysis. We present a technique for projecting cash flows in order to calculate the company value using time series analysis. We consider a new, indirect approach and a direct approach of projecting cash flows. We analyse both models from the perspective of value-based management. Finally, company value is calculated for both models, as a point estimate and as a distribution function respectively. As shown in the article, the distribution function of corporate value is a normal distribution function. On this basis, it is possible to apply all instruments of value-at-risk analysis.
Subject
Strategy and Management,Economics and Econometrics,Finance,Accounting,Business and International Management
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