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Bewertung von Manageroptionen und Auswirkungen auf den Unternehmenswert

Bewertung von Manageroptionen und Auswirkungen auf den Unternehmenswert

          
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About the Book

Diplomarbeit aus dem Jahr 2006 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Universität zu Köln, Sprache: Deutsch, Abstract: Der erste Teil konzentriert sich auf die Präsentation und kritischer Diskussion von Bewertungsmodellen für Manageroptionen. Hierbei wird eine kurze Einleitung über die bereits bestehenden Standardoptionspreismodelle von Black & Scholes und Cox, Ross und Rubinstein gegeben. Darüber hinaus wird die bisherige Bilanzierungspraxis in den USA im Hinblick auf Manageroptionen kurz erläutert. Danach wird das Modell vom "Financial Accounting Standards Board" (FASB) und deren Grundsatz SFAS 123 als Einstiegs- und Benchmarkmodell vorgestellt. Die nachfolgend behandelten Modelle sollen dann einen Einblick in die wissenschaftliche Diskussion ermöglichen, um somit eine bessere Vorstellung über die Schwierigkeiten einer adäquaten Bewertungsmethodik für Manageroptionen zu bekommen. Zum ersten werden die wissenschaftlich fundierten Modelle anhand der bekannten Besonderheiten von Manageroptionen bewertet und zum zweiten wenn möglich mit dem FASB-Modell in empirischen Analysen verglichen. Die teils unterschiedlichen Herangehensweisen werden zum Abschluss des ersten großen Komplexes miteinander verglichen und Vor- und Nachteile besprochen. Der zweite Themenkomplex beschäftigt sich dann mit der Frage der Auswirkungen von Manageroptionen auf den Unternehmenswert. Das Problem dieser Fragestellung ist vielfältig und wird deshalb in Teilprobleme aufgesplittet. Das Problem der Bewertung von Manageroptionen als solche wird nicht weiter verfolgt. Stattdessen wird ein Modell unterstellt, dass den Wert der Option ausreichend genau bestimmen kann. Als Basis-Unternehmensbewertungsmodell wird das "Residual Income Valuation Modell" (RIV) vorgestellt und versucht, die Vorzüge oder Grenzen des Modells kennen zu lernen. Eine zentrale Aufgabe der verschiedenen Bilanzierungskommissionen ist die Sicherstellung der Vergleichbarkeit der Unternehmensabschlüsse. Di


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Product Details
  • ISBN-13: 9783638733090
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Width: 148 mm
  • ISBN-10: 3638733092
  • Publisher Date: 16 Aug 2007
  • Height: 210 mm
  • No of Pages: 80
  • Series Title: German
  • Weight: 118 gr


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