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  1. Consistent valuation of project finance and LBO's using the flows-to-equity method
    Author: Cooper, Ian; Nyborg, Kjell G.
    Published: 2010
    Publisher:  Swiss Finance Inst., Genève

    A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions about the debt plan. We show that the error resulting from using the wrong formula can be large at the currently low levels of interest rates. We derive an equity releveraging formula which captures the effects of a time-varying fixed debt plan, expensive debt, and costs of financial distress, and discuss the relative merits of using the flows-to-equity method or APV

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Research paper series / Swiss Finance Institute ; 10,51
    Swiss Finance Institute Research Paper ; No. 10-51
    Scope: Online-Ressource (PDF-Datei: 28 S.)
  2. 1857. By Wolfgang Matz [Rezension]
    Author: Cooper, Ian
    Published: 2010

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    Source: Online Contents Comparative Literature
    Language: English
    Media type: Article (journal); Review
    Format: Print
    Parent title: In: The modern language review; London : MHRA, 1905-; Band 105, Heft 2 (2010), Seite 515-517

  3. Wolfgang Matz, 1857: Flaubert Baudelaire Stifter
    Author: Cooper, Ian
    Published: 2010

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    Source: Online Contents Comparative Literature
    Media type: Article (journal)
    Format: Print
    Parent title: The modern language review; London : MHRA, 1905-; Band 105, Heft 2 (2010), Seite 515-516