Business Valuation Inspired by the Austrian School

References

Adler, R. W. 2000. “Strategic Investment Decision Appraisal Techniques: The Old and the New.” Business Horizons43(6):15–22.10.1016/S0007-6813(00)80017-8Search in Google Scholar

Adler, R. W. 2006. “Why DCF Capital Budgeting Is Bad for Business and Why Business Schools Should Stop Teaching It.” Accounting Education15(1):3–10.10.1080/06939280500452843Search in Google Scholar

AICPA (American Institute of Certified Public Accountants). 2007. Statement on Standards for Valuation Services 1: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. New York: American Institute of Certified Public Accountants. Accessed January 23, 2014. http://www.aicpa.org/interestareas/forensicandvaluation/resources/standards/pages/standards-valuation-services-toolkit.aspx.Search in Google Scholar

Altenburger, O. A. 2012. “Zur Bewertung von Unternehmen mit Auszahlungsüberschüssen: Fallstricke und kritische Analyse der berufsständischen Richtlinien zur Unternehmensbewertung.” Betriebswirtschaftliche Forschung und Praxis64(3):262–9.Search in Google Scholar

Amram, M., and N.Kulatilaka. 2000. “Strategy and Shareholder Value Creation: The Real Options Frontier.” Journal of Applied Corporate Finance13(2):15–28.10.1111/j.1745-6622.2000.tb00051.xSearch in Google Scholar

Baxter, C. H., and R. D.Parks. 1939. Mine Examination and Valuation, 2nd ed. Hancock, MI: The Finnish Lutheran Book Concern.Search in Google Scholar

Beaton, N. J. 2013. “Fair Value in Financial Reporting.” In Standards of Value, 2nd ed., edited by J. E.Fishman, S. P.Pratt, and W. J.Morrison, 323–46. Hoboken, NJ: Wiley.10.1002/9781119204244.ch6Search in Google Scholar

Beaves, R. G., and R. W.Stolz. 2010. “DCF Capital Budgeting Criteria: A Broader Perspective.” Advances in Financial Education8(1/2):73–87.Search in Google Scholar

Bierman, H.Jr, and S.Smidt. 2007. The Capital Budgeting Decision, 9th ed. New York and London: Routledge.Search in Google Scholar

Black, F., and M.Scholes. 1973. “The Pricing of Options and Corporate Liabilities.” Journal of Political Economy81(3):637–54.10.1086/260062Search in Google Scholar

Bonbright, J. C. 1937. The Valuation of Property. New York and London: McGraw-Hill.Search in Google Scholar

Boulding, K. E. 1935. “The Theory of a Single Investment.” The Quarterly Journal of Economics49(3):475–94.10.2307/1883864Search in Google Scholar

Brealey, R. A., S. C.Myers, and F.Allen. 2014. Principles of Corporate Finance, 11th ed. New York: McGraw-Hill.Search in Google Scholar

Brösel, G., and R.Hauttmann. 2007. “Einsatz von Unternehmensbewertungsverfahren zur Bestimmung von Konzessionsgrenzen sowie in Verhandlungssituationen – Eine empirische Analyse (Teil I) –.” Finanz-Betrieb9(4):223–38.Search in Google Scholar

Brösel, G., M. J.Matschke, and M.Olbrich. 2012. “Valuation of Entrepreneurial Businesses.” International Journal of Entrepreneurial Venturing4(3):239–56.10.1504/IJEV.2012.048595Search in Google Scholar

Brösel, G., M.Toll, and M.Zimmermann. 2011a. “The Perennial Question Posed by the Financial Crisis: Objective, Subjective or Functional Business Valuation?” In Modelling Value, edited by H.Jodlbauer, J.Olhager, and R. J.Schonberger, 281–92. Aachen: Shaker.Search in Google Scholar

Brösel, G., M.Toll, and M.Zimmermann. 2011b. “The Path into the Financial Crisis and the Way Out – Learning From Functional Business Valuation and Cost Accounting.” In Accounting Renaissance: Lessons from the Crisis and Looking Into the Future – Learning From Histories and Institutions, edited by Università Ca’ Foscari Venezia. Venice, Italy: Università Ca’ Foscari Venezia, CD-ROM.Search in Google Scholar

Brösel, G., M.Toll, and M.Zimmermann. 2012. “Lessons Learned From the Financial Crisis – Unveiling Alternative Approaches Within Valuation and Accounting Theory.” Financial Reporting4(4):87–107.Search in Google Scholar

Brösel, G., and M.Zimmermann. 2011. “Functional Business Valuation: The Need for Rediscovery of a Mature Concept.” In Czas Na Pieniądz, edited by D.Zarzecki, 545–53. Stettin: Stettin University.Search in Google Scholar

Bureau of Labor Statistics. 2014. Entrepreneurship and the U.S. Economy. United States Department of Labor. Accessed June 27, 2014. http://www.bls.gov/bdm/entrepreneurship/bdm_chart3.htmSearch in Google Scholar

Busse von Colbe, W. 1957. Der Zukunftserfolg. Wiesbaden: Gabler.10.1007/978-3-663-13578-4Search in Google Scholar

Böhlke, R., and S.Walleyo. 2007. “Handeln wider besseres Wissen – Warum viele Transaktionen scheitern, ohne es zu müssen.” In Organisation gestalten – Struktur mit Kultur versöhnen, edited by K.Rausch, 254–79. Lengerich: Pabst Science Publishers.Search in Google Scholar

von Böhm-Bawerk, E. 1921. Positive Theorie des Kapitales, 4th ed, Part 2, vol. 1 of Kapital und Kapitalzins. Jena: Gustav Fischer.Search in Google Scholar

Campbell, J. Y., A. W.Lo, and A. C.MacKinlay. 1997. The Econometrics of Financial Markets, 2nd ed. Princeton, NJ: Princeton University Press.10.1515/9781400830213Search in Google Scholar

Catty, J. P. 2012. The Professional’s Guide to Fair Value. Hoboken, NJ: Wiley.10.1002/9781119202295Search in Google Scholar

Charnes, A., W. W.Cooper, and M. H.Miller. 1959. “Application of Linear Programming to Financial Budgeting and the Costing of Funds.” The Journal of Business32(1):20–46.10.1086/294232Search in Google Scholar

Christensen, C. M., R.Alton, C.Rising, and A.Waldeck. 2011. “The Big Idea: The New M&A Playbook.” Harvard Business Review89(3):48–57.Search in Google Scholar

Clark, V., M.Reed, and J.Stephan. 2010. “Using Monte Carlo Simulation for a Capital Budgeting Project.” Management Accounting Quarterly12(1):20–31.Search in Google Scholar

Coase, R. H. 1938 (1981). “Business Organization and the Accountant.” In L.S.E. Essays on Cost, edited by J. M.Buchanan, and G. F.Thirlby, 95–132. New York and London: Macmillan.Search in Google Scholar

Coenenberg, A. G. 1970. “Unternehmensbewertung mit Hilfe der Monte-Carlo-Simulation.” Zeitschrift für Betriebswirtschaft40(12):793–804.Search in Google Scholar

Coleman, L. 2014. “Why Finance Theory Fails to Survive Contact with the Real World: A Fund Manager Perspective.” Critical Perspectives on Accounting25:226–36.10.1016/j.cpa.2013.02.001Search in Google Scholar

Copeland, T. E., T.Koller, and J.Murrin. 1990. Valuation, 1st ed. New York: Wiley.Search in Google Scholar

Cox, J. C., S. A.Ross, and M.Rubinstein. 1979. “Option Pricing: A Simplified Approach.” Journal of Financial Economics7(3):229–63.10.1016/0304-405X(79)90015-1Search in Google Scholar

Damodaran, A. 2000. “The Promise of Real Options.” Journal of Applied Corporate Finance13(2):29–44.10.1111/j.1745-6622.2000.tb00052.xSearch in Google Scholar

Damodaran, A. 2011. Applied Corporate Finance, 3rd ed. Hoboken, NJ: Wiley.Search in Google Scholar

Damodaran, A. 2014a. Annual Returns on Stock, T.Bonds and T.Bills: 1928 – Current. Accessed July 7, 2014. http://people.stern.nyu.edu/adamodar/New_Home_Page/datafile/wacc.htm.Search in Google Scholar

Damodaran, A. 2014b. Betas by Sector. Accessed July 7, 2014. http://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/Betas.html.Search in Google Scholar

Damodaran, A. 2014c. Cost of Capital by Sector. Accessed July 7, 2014. http://people.stern.nyu.edu/adamodar/New_Home_Page/datafile/wacc.htm.Search in Google Scholar

Dean, J. 1951. Capital Budgeting. New York: Columbia University Press.10.7312/dean90552Search in Google Scholar

Dean, J. 1954. “Measuring the Productivity of Capital.” Harvard Business Review32(1):120–30.Search in Google Scholar

Dukes, W. P. 2006. “Business Valuation Basics for Attorneys.” Journal of Business Valuation and Economic Loss Analysis1(1):Article 7.10.2202/1932-9156.1008Search in Google Scholar

Engels, W. 1962. Betriebswirtschaftliche Bewertungslehre im Licht der Entscheidungstheorie. Cologne, Opladen: Westdeutscher Verlag.10.1007/978-3-663-07140-2Search in Google Scholar

Ernst and Young. 2014. International GAAP 2014. Chichester: Wiley.Search in Google Scholar

FASB (Financial Accounting Standards Board). 2011. Accounting Standards Codification (ASC) 820. Fair Value Measurement (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. Norwalk, CT: Financial Accounting Standards Board of the Financial Accounting Foundation.Search in Google Scholar

Fama, E. F. 1965. “The Behavior of Stock-Market Prices.” Journal of Business38(1):34–105.10.1086/294743Search in Google Scholar

Fama, E. F. 1970. “Efficient Capital Markets: A Review of Theory and Empirical Work.” The Journal of Finance25(2):383–417.10.2307/2325486Search in Google Scholar

Fama, E. F., and K. R.French. 2004. “The Capital Asset Pricing Model: Theory and Evidence.” Journal of Economic Perspectives18(3):25–46.10.1257/0895330042162430Search in Google Scholar

Fishburn, P. C. 1964. Decision and Value Theory. New York, London, and Sydney: Wiley.Search in Google Scholar

Fisher, I. 1930. The Theory of Interest. New York: Macmillan.Search in Google Scholar

Fishman, J. E., S. P.Pratt, and W. J.Morrison. 2013. Standards of Value, 2nd ed. Hoboken, NJ: Wiley.10.1002/9781119204244Search in Google Scholar

Franke, G., and H.Hax. 2009. Finanzwirtschaft des Unternehmens und Kapitalmarkt, 6th ed. Berlin, Heidelberg: Springer.10.1007/978-3-642-02553-2Search in Google Scholar

Golden, C. W., and M. R.Golden. 1987. “Beyond ‘What If’: A Risk-Oriented Capital Budgeting Model.” Journal of Information Systems1(2):53–64.Search in Google Scholar

Gordon, M. J. 1959. “Dividends, Earnings, and Stock Prices.” The Review of Economics and Statistics41(2):99–105.10.2307/1927792Search in Google Scholar

Gossen, H. H. 1854. Entwickelung der Gesetze des menschlichen Verkehrs, und der daraus fließenden Regeln für menschliches Handeln. Braunschweig: Vieweg.Search in Google Scholar

Graham, B., and D.Dodd. 1934 (1996). Security Analysis, 1st ed. New York: McGraw-Hill.Search in Google Scholar

Haka, S. F. 2007. “A Review of the Literature on Capital Budgeting and Investment Appraisal: Past, Present, and Future Musings.” In Handbook of Management Accounting Research Volume 2, edited by C. S.Chapman, A. G.Hopwood, and M. D.Shields, 697–728. Amsterdam: Elsevier.10.1016/S1751-3243(06)02010-4Search in Google Scholar

Hartig, G. L. 1795. Anweisung zur Taxation der Forste, oder zur Bestimmung des Holzertrags der Wälder. Giessen, Darmstadt: Heyer.Search in Google Scholar

Hastie, L. K. 1974. “One Businessman’s View of Capital Budgeting.” Financial Management3(4):36–44.10.2307/3664928Search in Google Scholar

Hayes, R. 1726. The Money’d Man’s Guide: Or, the Purchaser’s Pocket-Companion. London: Meadows.Search in Google Scholar

Herbener, J. M. 1992. “The Role of Entrepreneurship in Desocialization.” Review of Austrian Economics6(1):79–93.10.1007/BF02145246Search in Google Scholar

Herbener, J. M. 1996. “Calculation and the Question of Arithmetic.” Review of Austrian Economics9(1):151–62.10.1007/BF01101889Search in Google Scholar

Hering, T. 2000. “Konzeptionen der Unternehmensbewertung und ihre Eignung für mittelständische Unternehmen.” Betriebswirtschaftliche Forschung und Praxis52(5):433–53.Search in Google Scholar

Hering, T. 2008. Investitionstheorie, 3rd ed. Munich: Oldenbourg.Search in Google Scholar

Hering, T. 2014. Unternehmensbewertung, 3rd ed. Munich: De Gruyter Oldenbourg.Search in Google Scholar

Hering, T., and M.Olbrich. 2009. “Zeitwertbilanzierung von Beteiligungen nach IAS 39 und ihre Konsequenzen für das Beteiligungscontrolling.” In Beteiligungscontrolling, 2nd. ed, edited by J.Littkemann, 363–74. Herne, Berlin: Neue Wirtschafts-Briefe.Search in Google Scholar

Hering, T., M.Olbrich, and R.Rollberg. 2010. “Zur angelsächsischen Bewertungstheorie als Mitursache der Finanzkrise.” In Corporate Governance, Risk Management und Compliance: innovative Konzepte und Strategien, edited by F.Keuper, and F.Neumann, 29–43. Wiesbaden: Gabler.10.1007/978-3-8349-8946-8_2Search in Google Scholar

Hering, T., M.Olbrich, and M.Steinrücke. 2006. “Valuation of Start-up Internet Companies.” International Journal of Technology Management33(4):406–19.10.1504/IJTM.2006.009252Search in Google Scholar

Hering, T., C.Toll, and P. K.Kirilova. 2013. “Decision-Oriented Business Valuation in Preparation for a Company Purchase.” In Proceedings of the 14th International Financial Management Conference 2013, edited by D.Zarzecki, 37–47. Stettin.Search in Google Scholar

Hering, T., C.Toll, and P. K.Kirilova. 2014a. “Acquiring a Company: Assessing the Maximum Affordable Price.” World Review of Business Research4(3):35–44.Search in Google Scholar

Hering, T., C.Toll, and P. K.Kirilova. 2014b. “How to Compute a Decision-Oriented Business Value for a Company Sale.” Journal of Accounting, Finance and Economics4(1):43–52.Search in Google Scholar

Hertz, D. B. 1964. “Risk Analysis in Capital Investment.” Harvard Business Review42(1):95–106.Search in Google Scholar

Hertz, D. B. 1968. “Investment Policies That Pay Off.” Harvard Business Review46(1):96–108.Search in Google Scholar

Hirshleifer, J. 1958. “On the Theory of Optimal Investment Decision.” The Journal of Political Economy66(4):329–52.10.1086/258057Search in Google Scholar

Hitchner, J. R. 2011. Financial Valuation, 3rd ed. Hoboken, NJ: Wiley.10.1002/9781119205517Search in Google Scholar

Horngren, C. T., S. M.Datar, and M. V.Rajan. 2012. Cost Accounting, 14th ed. Boston, MA et al: Prentice Hall.Search in Google Scholar

Hoskold, H. D. 1877. The Engineer’s Valuing Assistant, 1st ed. London: Longmans, Green, and Co.Search in Google Scholar

Hoskold, H. D. 1903. “The Valuation of Mines of Definite Average Income.” In Transactions of the American Institute of Mining Engineers, edited by American Institute of Mining Engineers, 777–89. New York: Institute of Mining Engineers.Search in Google Scholar

Huerta de Soto, J. 2009. “Financial Crisis: the Failure of Accounting Reform.” Mises Daily, February 4. Accessed January 23, 2014. http://mises.org/daily/3301.Search in Google Scholar

Hülsmann, J. G. 1997. “Knowledge, Judgment, and the Use of Property.” Review of Austrian Economics10(1):23–48.10.1007/BF02538142Search in Google Scholar

Hülsmann, J. G. 1999. “Economic Science and Neoclassicism.” The Quarterly Journal of Austrian Economics2(4):3–20.10.1007/s12113-999-1028-5Search in Google Scholar

Hülsmann, J. G. 2000. “A Realist Approach to Equilibrium Analysis.” The Quarterly Journal of Austrian Economics3(4):3–51.10.1007/s12113-000-1025-1Search in Google Scholar

IASB (International Accounting Standards Board). 2011. International Financial Reporting Standards. London: International Accounting Standards Board.Search in Google Scholar

IASB (International Accounting Standards Board). 2014. International Financial Reporting Standards. London: International Accounting Standards Board.Search in Google Scholar

Inselbag, I., and H.Kaufold. 1997. “Two DCF Approaches for Valuing Companies Under Alternative Financing Strategies (and How to Choose Between Them).” Journal of Applied Corporate Finance10(1):114–22.10.1111/j.1745-6622.1997.tb00132.xSearch in Google Scholar

Inwood, W. 1824. Tables for the Purchasing of Estates, Freehold, Copyhold, or Leasehold Annuities, Advowsons, &c, 3rd ed. London: Bartlett & Hinton.Search in Google Scholar

Jaensch, G. 1966. Wert und Preis der ganzen Unternehmung. Cologne, Opladen: Westdeutscher Verlag.Search in Google Scholar

Kaplan, R. S. 1986. “Must CIM Be Justified by Faith Alone?” Harvard Business Review64(2):87–95.Search in Google Scholar

Keppe, H. -J., and M.Weber. 1993. “Risikoanalyse bei partieller Wahrscheinlichkeitsinformation.” Die Betriebswirtschaft53(1):49–56.Search in Google Scholar

King, D. R., D. R.Dalton, C. M.Daily, and J. G.Covin. 2004. “Meta-analyses of Post-Acquisition Performance: Indications of Unidentified Moderators.” Strategic Management Journal25:187–200.10.1002/smj.371Search in Google Scholar

Klingelhöfer, H. E. 2006. “Wertorientiertes Controlling auf der Grundlage von Werten nach IAS 36?: Das Konzept zahlungsmittelgenerierender Einheiten und ihrer Nutzungswerte nach IAS 36 aus Sicht des wertorientierten Controllings.” Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung6(10):590–7.Search in Google Scholar

Kniest, W. 2010. “Income Approach: Discounting Method.” In Guide to Fair Value Under IFRS, edited by J. P.Catty, 65–81. Hoboken, NJ: Wiley.Search in Google Scholar

Koller, T., M. H.Goedhart, and D.Wessels. 2010. Valuation, 5th Ed. Hoboken, NJ: Wiley.Search in Google Scholar

von Kummer zu Waldenburg. 1835. “Ueber die Grundsätze nach denen der finanzielle Erfolg bergmännischer Unternehmungen zu beurtheilen ist; speciell auf den Niederschlesischen Steinkohlenbergbau angewendet.” In Archiv Für Mineralogie, Geognosie, Bergbau und Hüttenkunde, edited by C. J. B.Karsten, 154–84. Berlin: G. Reimer.10.1515/9783112665961-005Search in Google Scholar

Lachapelle, T., and W.Kisling. 2013. “Megamerger Failures Cloud 2013 Deal Resurgence: Real M&A.” Bloomberg, January 30. Accessed January 22, 2014. http://www.bloomberg.com/news/2013-01-30/daimler-to-rio-tinto-show-new-surge-in-deals-perilous-real-m-a.html.Search in Google Scholar

Lackmann, F. 1962. Theorien und Verfahren der Unternehmungsbewertung, 2nd ed. Berlin: Duncker & Humblot.Search in Google Scholar

Larsson, R., and S.Finkelstein. 1999. “Integrating Strategic, Organizational, and Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of Synergy Realization.” Organization Science10(1):1–26.10.1287/orsc.10.1.1Search in Google Scholar

Leithner, C. 2005. “Ludwig von Mises, Meet Benjamin Graham: Value Investing from an Austrian Point of View.” Paper presented at the Austrian Economics and Financial Markets Conference, Las Vegas, February 18–19. Accessed January 23, 2014. http://mises.org/Literature/search/?q=leithner.Search in Google Scholar

Leitner, F. 1926. Wirtschaftslehre der Unternehmung, 5th ed. Berlin, Leipzig: Walter de Gruyter & Co.10.1515/9783111575773Search in Google Scholar

Leslie, K. J., and M. P.Michaels. 1997. “The Real Power of Real Options.” McKinsey Quarterly3:4–22.Search in Google Scholar

Liebermann, B. 1923. “Der Ertragswert der Unternehmung.” Dissertation, University Frankfurt am Main.Search in Google Scholar

Lintner, J. 1965a. “Security Prices, Risk, and Maximal Gains From Diversification.” The Journal of Finance20(4):587–615.Search in Google Scholar

Lintner, J. 1965b. “The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets.” The Review of Economics and Statistics47(1):13–37.10.2307/1924119Search in Google Scholar

Lutz, F., and V.Lutz. 1951. The Theory of Investment of the Firm. Princeton, NJ: Princeton University Press.Search in Google Scholar

Lüdenbach, N., W. -D.Hoffmann, and J.Freiberg. 2014. “Bewertung zum beizulegenden Zeitwert (Fair Value Measurement).” In Haufe IFRS-Kommentar, 12th ed., edited by N.Lüdenbach, W.-D.Hoffmann, and J.Freiberg, 401–52. Freiburg, Munich: Haufe Gruppe.Search in Google Scholar

Mandelbrot, B., and N. N.Taleb. 2005. “How the Finance Gurus Get Risk All Wrong.” Fortune152(1):99–100.Search in Google Scholar

Markowitz, H. 1952. “Portfolio Selection.” The Journal of Finance7(1):77–91.Search in Google Scholar

Matschke, M. J. 1969. “Der Kompromiß als betriebswirtschaftliches Problem bei der Preisfestsetzung eines Gutachters im Rahmen der Unternehmungsbewertung.” Zeitschrift für betriebswirtschaftliche Forschung21(1):57–77.Search in Google Scholar

Matschke, M. J. 1971. “Der Arbitrium- oder Schiedsspruchwert der Unternehmung – Zur Vermittlerfunktion eines unparteiischen Gutachters bei der Unternehmungsbewertung –.” Betriebswirtschaftliche Forschung und Praxis23(9):508–20.Search in Google Scholar

Matschke, M. J. 1972. “Der Gesamtwert der Unternehmung als Entscheidungswert.” Betriebswirtschaftliche Forschung und Praxis24(3):146–61.Search in Google Scholar

Matschke, M. J. 1975. Der Entscheidungswert der Unternehmung. Wiesbaden: Gabler.10.1007/978-3-322-89258-4Search in Google Scholar

Matschke, M. J. 1976. “Der Argumentationswert der Unternehmung: Unternehmungsbewertung als Instrument der Beeinflussung in der Verhandlung.” Betriebswirtschaftliche Forschung und Praxis28(6):517–24.Search in Google Scholar

Matschke, M. J. 1979. Funktionale Unternehmungsbewertung. Band II. Der Arbitriumwert der unternehmung. Wiesbaden: Gabler.10.1007/978-3-663-20148-9Search in Google Scholar

Matschke, M. J. 2008. “Unternehmensbewertung: Anlässe und Konzeptionen.” In Lexikon der Betriebswirtschaftslehre, 5th ed., edited by H. Corsten, and R. Gössinger, 852–5. Munich: Oldenbourg.Search in Google Scholar

Matschke, M. J. 2013. “Grundsätze der Unternehmensbewertung.” In Handbuch Unternehmensbewertung, edited by K. Petersen, C. Zwirner, and G. Brösel, 84–118. Cologne: Bundesanzeiger.10.1007/978-3-8349-4053-7Search in Google Scholar

Matschke, M. J., and G.Brösel. 2013. Unternehmensbewertung, 4th ed. Wiesbaden: Springer Gabler.10.1007/978-3-8349-4053-7Search in Google Scholar

Matschke, M. J., G.Brösel, and X.Matschke. 2010. “Fundamentals of Functional Business Valuation.” Journal of Business Valuation and Economic Loss Analysis5(1):Article 7.10.2202/1932-9156.1097Search in Google Scholar

McGoun, E. G. 1992. “The CAPM: A Nobel Failure.” Critical Perspectives on Accounting3:155–77.Search in Google Scholar

Menger, C. 1871 (2007). Principles of Economics. Translated by JamesDingwall, and Bert F.Hoselitz. Auburn, AL: Ludwig von Mises Institute.Search in Google Scholar

Menger, C. 1871. Grundsätze der Volkswirthschaftslehre. Vienna: Braumüller.Search in Google Scholar

Menger, K. 1934. “Das Unsicherheitsmoment in der Wertlehre: Betrachtungen im Anschluss an das sogenannte Petersburger Spiel.” Zeitschrift für Nationalökonomie5(4):459–85.10.1007/BF01311578Search in Google Scholar

Merton, R. C. 1973. “Theory of Rational Option Pricing.” The Bell Journal of Economics and Management Science4(1):141–83.10.2307/3003143Search in Google Scholar

Miles, R. C. 1984. Basic Business Appraisal. New York et al: Wiley.Search in Google Scholar

von Mises, L. 1920. “Die Wirtschaftsrechnung im sozialistischen Gemeinwesen.” Archiv für Sozialwissenschaft und Sozialpolitik47(1):86–121.Search in Google Scholar

von Mises, L. 1933. Grundprobleme der Nationalökonomie. Jena: G. Fischer.Search in Google Scholar

von Mises, L. 1933 (2003). Epistemological Problems of Economics, 3rd ed. Translated by GeorgeReisman. Auburn, AL: Ludwig von Mises Institute.Search in Google Scholar

von Mises, L. 1940. Nationalökonomie. Geneva: Editions Union Genf.Search in Google Scholar

von Mises, L. 1949 (1998). Human Action: A Treatise on Economics. Auburn, AL: Ludwig von Mises Institute.Search in Google Scholar

von Mises, L. 1951 (2008). Profit and Loss. Auburn, AL: Ludwig von Mises Institute.Search in Google Scholar

Modigliani, F., and M. H.Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review48(3):261–97.Search in Google Scholar

Modigliani, F., and M. H.Miller. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction.” The American Economic Review53(3):433–43.Search in Google Scholar

Modigliani, F., and G. A.Pogue. 1974a. “An Introduction to Risk and Return.” Financial Analysts Journal30(2):68–80.10.2469/faj.v30.n2.68Search in Google Scholar

Modigliani, F., and G. A.Pogue. 1974b. “An Introduction to Risk and Return.” Financial Analysts Journal30(3):69–86.10.2469/faj.v30.n3.69Search in Google Scholar

Morgenstern, O. 1934. “Das Zeitmoment in der wertlehre.” Zeitschrift für Nationalökonomie5(4):433–58.10.1007/BF01311577Search in Google Scholar

Morgenstern, O. 1935. “Vollkommene Voraussicht und wirtschaftliches Gleichgewicht.” Zeitschrift für Nationalökonomie6(3):337–57.10.1007/BF01311642Search in Google Scholar

Mossin, J. 1966. “Equilibrium in a Capital Asset Market.” Econometrica34(4):768–83.10.2307/1910098Search in Google Scholar

Moxter, A. 1983. Grundsätze ordnungsmäßiger Unternehmensbewertung, 2nd Ed. Wiesbaden: Gabler.10.1007/978-3-322-82937-5Search in Google Scholar

Mullins, D. W. 1982. “Does the Capital Asset Pricing Model Work?” Harvard Business Review60(1):105–14.Search in Google Scholar

Münstermann, H. 1956. “Bewertung ganzer Unternehmen.” In Handwörterbuch der Betriebswirtschaft Erster Band, 3rd ed., edited by H.Seischab, and K.Schwantag, col. 1059–68. Stuttgart: C.E. Poeschel.Search in Google Scholar

Münstermann, H. 1966. Wert und Bewertung der Unternehmung. Wiesbaden: Gabler.10.1007/978-3-663-12903-5Search in Google Scholar

NACVA (National Association of Certified Valuators and Analysts). 2011. Professional Standards. Salt Lake City, UT: NACVA. Accessed January 23, 2014. http://www.nacva.com/association/nacva.asp.Search in Google Scholar

NACVA (National Association of Certified Valuators and Analysts). 2013. CVA & AVA Candidate Handbook 2013. Accessed January 23, 2014. Salt Lake City, UT: NACVA. www.nacva.com/PDF/CVA_AVA_Candidate_Handbook.pdf.Search in Google Scholar

von Oeynhausen, C. F. 1822. “Ueber die Bestimmung des Kapitalwerthes von Steinkohlen-Zechen.” In Archiv für Bergbau und Hüttenwesen, edited by C. J. B.Karsten, 306–19. Breslau: Vilibald August Holäufer.Search in Google Scholar

Olbrich, M. 2011. “IFRS 13 und finanzierungstheoretische Modelle zur Zeitwertbestimmung.” Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung11(9):393–4.Search in Google Scholar

Olbrich, M. 2014. Unternehmungsnachfolge durch Unternehmungsverkauf, 2nd ed. Wiesbaden: Springer Gabler.10.1007/978-3-8349-4095-7Search in Google Scholar

Olbrich, M., and D.Rapp. 2013. “Einige bewertungstheoretische Anmerkungen zur aktienrechtlichen Sorgfaltspflicht bei Unternehmenstransaktionen.” In Jahrbuch für Controlling und Rechnungswesen, edited by G.Seicht, 223–36. Vienna: LexisNexis.Search in Google Scholar

Parker, R. H. 1968. “Discounted Cash Flow in Historical Perspective.” Journal of Accounting Research6(1):58–71.10.2307/2490123Search in Google Scholar

Jennergren, L. P. 2013. “Firm Valuation with Bankruptcy Risk.” Journal of Business Valuation and Economic Loss Analysis8(1):91–131.10.1515/jbvela-2013-0009Search in Google Scholar

Pinches, G. E. 1982. “Myopia, Capital Budgeting and Decision Making.” Financial Management11(3):6–19.10.2307/3664993Search in Google Scholar

Pratt, S. P., and A. V.Niculita. 2008. Valuing a Business, 5th ed. New York et al: McGraw-Hill.Search in Google Scholar

Ramasesh, R. V., and M. D.Jayakumar. 1993. “Economic Justification of Advanced Manufacturing Technology.” Omega International Journal of Management21(3):289–306.10.1016/0305-0483(93)90087-2Search in Google Scholar

Rapp, D. 2013. ““Eigenkapitalkosten” in der (Sinn-)Krise – ein grundsätzlicher Beitrag zur gegenwärtigen Diskussion.” Der Betrieb66(8):359–62.Search in Google Scholar

Rappaport, A. 1979. “Strategic Analysis for More Profitable Acquisitions.” Harvard Business Review57(4):99–110.Search in Google Scholar

Rappaport, A. 1981. “Selecting Strategies That Create Shareholder Value.” Harvard Business Review59(3):139–49.Search in Google Scholar

Rappaport, A. 1986. Creating Shareholder Value, 1st ed. New York: Free Press.Search in Google Scholar

Rappaport, A. 1998. Creating Shareholder Value, 2nd ed. New York: Free Press.Search in Google Scholar

Rosenblatt, M. J., and J. V.Jucker. 1979. “Capital Expenditure Decision/Making: Some Tools and Trends.” Interfaces9(2):63–9.10.1287/inte.9.2pt1.63Search in Google Scholar

Sack Elmaleh, M. 2009. “Qualitative Judgments and Consistency in Business Valuation.” Journal of Business Valuation and Economic Loss Analysis4(1):Article 6.10.2202/1932-9156.1056Search in Google Scholar

Schmalenbach, E. 1917/18. “Die Werte von Anlagen und Unternehmungen in der Schätzungstechnik.” Zeitschrift für handelswissenschaftliche Forschung12(1/2):1–20.Search in Google Scholar

Schmalenbach, E. 1926. Dynamische Bilanz, 4th ed. Leipzig: Gloeckner.Search in Google Scholar

Schmalenbach, E. 1937. Finanzierungen, 6th ed. Leipzig: Gloeckner.Search in Google Scholar

Schmalenbach, E. 1947. Pretiale Wirtschaftslenkung. Bremen-Horn: Industrie- und Handelsverlag Walter Dorn.Search in Google Scholar

Schmalensee, R. 1981. “Risk and Return on Long-Lived Tangible Assets.” Journal of Financial Economics9(2):185–205.10.1016/0304-405X(81)90012-XSearch in Google Scholar

Schmidt, R. H., and E.Terberger. 2006. Grundzüge der Investitions- und Finanzierungstheorie, 4th ed. Wiesbaden: Gabler.Search in Google Scholar

Schneider, E. 1951. Wirtschaftlichkeitsrechnung. Bern, Tübingen: Francke, Mohr.Search in Google Scholar

Schnettler, A. 1939. Der Zins im Wirtschaftsbetrieb. Stuttgart: C.E. Poeschel.Search in Google Scholar

von Schweder, C. H. 1716. Gründliche Nachricht von gerichtlich= und aussergerichtlicher Anschlagung der Güther nach dem jährlichen Abnutz, 1st ed. Leipzig: Johann Runckeln.Search in Google Scholar

Sharpe, W. F. 1964. “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk.” The Journal of Finance19(3):425–42.Search in Google Scholar

Sieben, G. 1968. “Bewertung von Erfolgseinheiten.” Habilitation, University of Cologne.Search in Google Scholar

Sieben, G. 1988. “Unternehmensstrategien und Kaufpreisbestimmung.” In Der Betrieb: 40 Jahre der Betrieb, edited by Günther M.Ackermann, 81–91. Stuttgart: Schäffer.Search in Google Scholar

Sieben, G., and R.Diedrich. 1990. “Aspekte der Wertfindung bei strategisch motivierten Unternehmensakquisitionen.” Zeitschrift für betriebswirtschaftliche Forschung42(9):794–809.Search in Google Scholar

Sieben, G., and T.Schildbach. 1979. “Zum Stand der Entwicklung der Lehre von der Bewertung ganzer Unternehmungen.” Deutsches Steuerrecht17(16/17):455–61.Search in Google Scholar

von Stackelberg, H. 1947. “Die Entwicklungsstufen der Werttheorie.” Schweizerische Zeitschrift für Volkswirtschaft und Statistik83:1–18.Search in Google Scholar

Stevin, S. 1582. Tafelen van Interest, Midtsgaders de Constructie der Selver. Antwerpen: Christoffel Plantijn.Search in Google Scholar

Straub, T. 2007. Reasons for Frequent Failure in Mergers and Acquisitions. Wiesbaden: Deutscher Universitäts-Verlag.10.1007/978-3-8350-9637-0Search in Google Scholar

Struik, D. J. 1958. The Principal Works of Simon Stevin: Volume II Mathematics. Amsterdam: C.V. Swets & Zeitlinger.Search in Google Scholar

Toll, C. 2011. Investitionstheoretische Unternehmensbewertung bei Vorliegen verhandelbarer Zahlungsmodalitäten. Wiesbaden: Gabler.10.1007/978-3-8349-6765-7Search in Google Scholar

Treynor, J. L. 1962 (1999). “Toward a Theory of Market Value of Risky Assets.” In Asset Pricing and Portfolio Performance, edited by R. A.Korajczyk, 15–22. London: Risk.Search in Google Scholar

Weingartner, H. M. 1963. Mathematical Programming and the Analysis of Capital Budgeting Problems. Englewood Cliffs, NJ: Prentice-Hall.Search in Google Scholar

von Wieser, F. 1889. Der natürliche Werth. Vienna: Hölder.Search in Google Scholar

von Wieser, F. 1889 (1893). Natural Value. Translated by Christian A.Malloch. London: Macmillan.Search in Google Scholar

von Wieser, F. 1900. “Grenznutzen.” In Handwörterbuch der Staatswissenschaften, 2nd ed., edited by J.Conrad, L.Elster, W.Lexis, and E.Loening, 775–86. Jena: Fischer.Search in Google Scholar

von Wieser, F. 1914. Theorie der gesellschaftlichen Wirtschaft. Tübingen: J.C.B. Mohr (P. Siebeck).Search in Google Scholar

Williams, J. B. 1938. The Theory of Investment Value, 1st Ed. Cambridge, MA: Harvard University Press.Search in Google Scholar

Williams, J. B. 1956. The Theory of Investment Value, 2nd ed. Amsterdam: North-Holland.Search in Google Scholar

Zuckerkandl, R. 1925. “Preis.” In Handwörterbuch der Staatswissenschaften, 4th ed., edited by L.Elster, A.Weber, and F.von Wieser, 994–1026. Jena: G. Fischer.Search in Google Scholar