search query: @indexterm DISCOUNTED CASH FLOW / total: 128
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| Author: | Schwetzler, B. |
| Title: | Zinsänderungsrisiko und Unternehmensbewertung: Das Basiszinsfuss-Problem bei der Ertragswertermittlung |
| Journal: | Zeitschrift für Betriebswirtschaft
1996 : VOL. 66:9, p. 1081-1101 |
| Index terms: | INTEREST RATES DISCOUNTED CASH FLOW RISK ANALYSIS FUTURES MARKETS EVALUATION COMPANIES |
| Language: | ger |
| Abstract: | This article deals with the problem of the appropriate rate for discounting future cash flows in order to evaluate companies. Companies, on the one hand, and riskless bonds as alternative investment opportunities, on the other, have different degrees of freedom concerning the choice of maturity structure and the choice of exposure to changes in interest rates as well as to interest rate risk. A two-step evaluation procedure is established which takes these differences into account. Future interest rates are irrelevant for the evaluation of companies if bonds with maturities over the whole maturity range are traded for discounting cash flows are the current spot rates of riskless zero bonds maturing in the period in which the cash flow occurs. |
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