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Valuation is fuzzy: Integration qualitativer Risiken ins stochastische Bewertungsmodell mit Hilfe der Fuzzy-Set Theorie

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  • Klein, Martin

Abstract

Non-financial risk factors play a fundamental role in supporting the competitive position of companies in many of today's industries. Though, assessing these ambiguous factors in a valuation based on a Monte-Carlo simulation is particularly difficult. This paper presents how the fuzzy-set theory allows these factors to be assessed explicitly and how the resulting outcome can be linked with a stochastic model.

Suggested Citation

  • Klein, Martin, 2010. "Valuation is fuzzy: Integration qualitativer Risiken ins stochastische Bewertungsmodell mit Hilfe der Fuzzy-Set Theorie," Working Papers in Accounting Valuation Auditing 2010-8, Friedrich-Alexander University Erlangen-Nuremberg, Chair of Accounting and Auditing.
    • Handle: RePEc:zbw:fauacc:20108
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    More about this item

    Keywords

    Monte-Carlo Simulation; Fuzzy-Set Theorie; Unternehmensbewertung; Unschärfe; wissensbasierte Systeme; Linguistik; qualitatives Risiko; Due Diligence; Risikoanalyse; fuzzy-set theory; valuation; fuzziness; expert systems; Balanced Scorecard; non-financial risk factors; due diligence; risk analysis;
    All these keywords.

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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