Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55890 
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dc.contributor.authorMielcarz, Pawełen
dc.contributor.authorWnuczak, Pawełen
dc.date.accessioned2012-02-21-
dc.date.accessioned2012-03-15T11:08:44Z-
dc.date.available2012-03-15T11:08:44Z-
dc.date.issued2011-
dc.identifier.citation|aContemporary Economics|c1897-9254|v5|h4|nVizja Press & IT|lWarsaw|y2011|p44-57en
dc.identifier.pidoi:10.5709/ce.1897-9254.27en
dc.identifier.urihttp://hdl.handle.net/10419/55890-
dc.description.abstractFair value concept is widely used in DCF (Discounted Cash Flow) business valuation. One of the main principle of fair value concept is full information symmetry between contracting parties. The assumption enforces specific way of FCF (Free Cash Flow) estimation: all areas of inefficiency of valuated companies should be identified and their effect on free cash flow should be eliminated. The projection of free cash flow thus prepared should reflect the optimum operations of the business. The methodological issues of fair value valuation of inefficient companies are not comprehensibly addressed in the financial and accounting literature. There is easily observable gap between fair value theory and valuation practices. Thus this article is an attempt to answer the question about practical issues in fair value valuation of companies which do not apply value based management rules. It is based on literature review, theory examination and short case studies which present proposed solution for practical problems. Methods of identification and assessment of impact of inefficiencies on the fair value of a business are hereinafter presented and supported with arguments.en
dc.language.isoengen
dc.publisher|aVizja Press & IT |cWarsawen
dc.subject.jelG30en
dc.subject.ddc330en
dc.subject.keywordfair valueen
dc.subject.keywordnon-operating assetsen
dc.subject.keywordvaluation of a businessen
dc.titleDCF fair value valuation, excessive assetes and hidden inefficiencies-
dc.typeArticleen
dc.identifier.ppn68611891Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
econstor.citation.journaltitleContemporary Economicsen
econstor.citation.issn1897-9254en
econstor.citation.volume5en
econstor.citation.issue4en
econstor.citation.publisherVizja Press & ITen
econstor.citation.publisherplaceWarsawen
econstor.citation.year2011en
econstor.citation.startpage44en
econstor.citation.endpage57en

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