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The valuation of firms is an exciting topic. It is interesting for economists engaged in either practice or theory, particularly for those in finance. Among practitioners, it is investment bankers and public accountants, who are regularly confronted with the question of how a firm is to be valued. The discussion about shareholder value Rappaport set off indicated that you cannot tell from the numbers of traditional accounting alone whether the managers of a firm were primarily successful or did poorly. Instead, the change in the value of the firm is used in order to try and determine exactly this. That suffices for the practitioner’s interest. The reasons why academics involve themselves with questions of valuation of firms are different.
Zurück zum Zitat Fan J, Yo Q (2017) The elements of financial econometrics. Cambridge University Press, Cambridge (UK) CrossRef Fan J, Yo Q (2017) The elements of financial econometrics. Cambridge University Press, Cambridge (UK) CrossRef
- Introduction: A Stochastic Approach to Discounted Cash Flow
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