The National Centre for Econometric Research (NCER) will hold a short course entitled, "Discounted Cash Flow Valuation" at QUT, Monday 14 February to Thursday 17 February, 2011. If you are interested in attending, please contact the Administration Coordinator.
The lectures will be held in Room B508, Gardens Point Campus, QUT.
Course Convener
Professor Andreas Löeffler, Chair of Finance and Investment, University Paderborn .
Course Overview
Firm valuation is an exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. Firm valuation is identical with the calculation of the discounted cash flow, which is often only given by its abbreviation, 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? We will show how these different variations of DCF can be systematically clarified in this course using the concept of conditional expectation.
More information about the underlying book ("DCF" by Kruschwitz/Loeffler) and its contents can be found on www.wacc.de.
Course Schedule
| Date | Topic |
|---|---|
| February 14 | Session 1- Introduction |
| February 14 | Session 1- Conditional Expectation |
| February 15 | Session 1- Valuation Concept |
| February 15 | Session 2 - Firm Income Tax |
| February 16 | Session 1- Levered Companies |
| February 16 | Session 2 - Autonomous and Financing based on Market Values |
| February 17 | backup session if required |
Enquiries and Registration
For further details please contact the NCER Administration Coordinator:
Angela Fletcher
Queensland University of Technology
Email: a.fletcher@qut.edu.au