Corporate Valuation without and with Personal Taxes
Module: M.WIWI-BWL.0180
Note
All information about course content, registration, and schedule can be found here as a PDF.
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
Brief overview
| What? | When? |
|---|---|
| Offering frequency | every winter semester |
| Type of event | Lecture an exercise | Teaching format | Online via Zoom 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 | Language | English | Lecturer | Prof. Dr. Stefan Dierkes | Places | 10 |
Overview of the most important dates
| What? | When? |
|---|---|
| Application Period | 13.10 - 31.10.2025 |
| Course Period | 24.11 - 26.11.2025, 10.00 a.m. - 05.00 p.m. |
| Submission term paper | Within two weeks after the end of the course |
Course description (PDF)