^
CORPORATE VALUATION WITHOUT AND WITH PERSONAL TAXES
Target Group:
Master's students and PhD students of the Business and Economics Faculty
Learning outcomes:
After completing this course, the students deeply understand valuation with discounted cash flow methods under different financing strategies. Particular emphasis is placed on incorporating personal taxes into valuation and understanding the relationship between valuation without and with personal taxes. For all cases, students learn how to adjust the cost of equity for leverage and determine a firm’s value using two-stage models. Additionally, the effects of the consideration of share repurchases on the value of a firm are integrated into the valuation models. The course not only provides theoretical competencies, but by implementing various exercises in Excel, the participants gain various practical skills in valuation
Information for the Summer Semester 2026 Course:
- The course will be offered as an ENLIGHT course. Further information is available on the following ENLIGHT website
- Students from the University of Göttingen can apply until February 15th, 2026 by sending an application email to Prof. Dr. Dierkes
- Please note that there will be only three online sessions, held on May 4th, 11th, and 18th, 2026, from 10:15 a.m. to 11:45 a.m. Due to a national holiday in Germany, there will be no online class on May 25th, 2026
- The on-site course will take place at the University of Göttingen from June 8th to June 12th, 2026 (Address: Platz der Göttinger Sieben 3, 37073 Göttingen)
- A provisional timetable for the on-site course is currently being prepared
Overview
| Category | Details |
|---|---|
| Offering frequency | Every winter semester and summer semester '26 |
| Type of course | Lecture and exercise |
| Format | In class and online meetings |
| Recommended prior knowledge | M.WIWI-BWL.0085 Finance, Management Accounting and Sustainability Accounting |
| Type of examination | Processing of case studies with Excel in group work, followed by presentations of the results |
| Credits | 6 ECTS |
| Language | English |
TIMETABLE SUMMER SEMESTER '26
| Dates | Description |
|---|---|
| 04.05. - 12.06.2026 | Course Period (hybrid) |
| 04.05.26, 10.15-11.45 a.m. 11.05.26, 10.15-11.45 a.m. 18.05.26, 10.15-11.45 a.m. | Course Period (online) | 08.06.26, from 9 a.m. (Oec., Room 0.167) 09.06.26, from 9 a.m. (Oec., Room 0.167) 10.06.26, from 9 a.m. (Oec., Room 0.211) 11.06.26, from 9 a.m. (Oec., Room 0.167) 12.06.26, from 10.30 a.m. (Oec., Room 0.167) | Course Period (on-site) |
