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Unternehmensbewertung, Basiszinssatz und Zinsstruktur: Kapitalmarktorientierte Bestimmung des risikolosen Basiszinssatzes bei nicht-flacher Zinsstruktur

  • Obermaier, Robert
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    Der Diskussionsbeitrag zeigt, wie der für die Unternehmensbewertung benötigte risikolose Basiszinssatz modellgestützt aus Kapitalmarktdaten gewonnen werden kann. Dies ist die Basis für eine konsistente Bewertung, die auf den unbestimmten Begriff des "landesüblichen Zinsfußes" zurückgehende Manipulationsspielräume und bislang in Kauf genommene Bewertungsfehler vermeidet. This working paper deals with the risk free rate in firm valuation. The main concern is how the risk free rate can be determined from capital market data. An interest rate model is proposed including the actual term structure of interest rates. This helps to avoid valuation errors as well as distress of manipulation.

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    File URL: http://epub.uni-regensburg.de/4530/1/RDB_408_Basiszinssatz.pdf
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    Paper provided by University of Regensburg, Department of Economics in its series University of Regensburg Working Papers in Business, Economics and Management Information Systems with number 408.

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    Date of creation: 2005
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    Handle: RePEc:bay:rdwiwi:599
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    1. Christian Upper, 2001. "How safe was the "Safe Haven"? Financial market liquidity during the 1998 turbulences," BIS Papers chapters, in: Bank for International Settlements (ed.), Market liquidity: proceedings of a workshop held at the BIS, volume 2, pages 241-266 Bank for International Settlements.
    2. James E. Pesando, 1979. "On Forecasting Interest Rates: An Efficient Markets Perspective," NBER Working Papers 0410, National Bureau of Economic Research, Inc.
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