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dc.contributor.authorHeer, Burkharden_US
dc.contributor.authorMaußner, Alfreden_US
dc.date.accessioned2010-05-27en_US
dc.date.accessioned2010-08-18T11:18:33Z-
dc.date.available2010-08-18T11:18:33Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/38944-
dc.description.abstractTurnovsky (1995) derives in a continuous-time model of a decentralized economy that the correct specification of the firm's objective function is to maximize the initial value of its outstanding securities. The firm value is the discounted flow of real earnings. For the discrete-time version of the model, we show that the correct computation of the firm value needs to be modified. Depending on the specific formula employed, different values of the equity premium result.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper Fiscal Policy, Macroeconomics and Growth 3042en_US
dc.subject.jelG12en_US
dc.subject.jelC63en_US
dc.subject.jelE22en_US
dc.subject.jelE32en_US
dc.subject.ddc330en_US
dc.subject.keywordasset pricesen_US
dc.subject.keywordfirm valueen_US
dc.subject.keywordequity premiumen_US
dc.subject.stwUnternehmensbewertungen_US
dc.subject.stwRisikoprämieen_US
dc.subject.stwBetriebsvermögenen_US
dc.subject.stwEinnahmenen_US
dc.subject.stwDiscounted Cash Flowen_US
dc.subject.stwTheorieen_US
dc.titleA note on the computation of the equity premium and the market value of firm equityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn626802946en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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