Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 25, 2006 erstellt
Beschreibung:
We present a method of computing a value of a company where cash flows are discounted using cost of capital variable in time. In a multi-stage approach the cost of capital depends on the current financial structure and future cash flows by means of a recursive backward scheme. The valuation resembles the replication method used in option pricing