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CORPORATE VALUATION WITH AND WITHOUT PERSONAL TAXES



Modul M.WIWI-BWL.0180









Note



All information about course content, registration, and schedule can be found here as a PDF.






Dozierende:

Prof. Dr. Stefan Dierkes















Zielgruppe:

Masterstudierende der wirtschaftswissenschaftlichen Fakultät




Learning outcomes, core skills

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 to leverage and determine a firm’s value with 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






Overview







































Category Details
Offering frequency every winter semester
Type of event 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
Credits 6 ECTS
Language english







Timetable























Date Description
13.10 – 31.10.2025 Application Period
24.11 – 26.11.2025, 10:00 a.m. – 05:00 p.m. Course Period
Within two weeks after the end of the course Submission of term paper