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Zum Problem der Anschlussverzinsung

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  • Kruschwitz, Lutz

Abstract

In der Theorie der Unternehmensbewertung gibt es ein Problem, das die Literatur unter dem Etikett der Anschlussverzinsung diskutiert. Damit habe ich mich am 13. Februar 2009 in meiner Abschiedsvorlesung auseinandergesetzt. Das hier vorliegende Essay stellt eine überarbeitete Fassung dieser Vorlesung dar. Ich bezeichne den Text mit Bedacht als Essay. Die Franzosen verstehen darunter bekanntlich einen Versuch; und wer einen Beitrag wie diesen einen Versuch nennt, dämpft auf jeden Fall die möglicherweise zu hoch gespannten Erwartungen des Lesers. Ich beginne damit, das Problem zunächst einmal nur zu beschreiben.

Suggested Citation

  • Kruschwitz, Lutz, 2009. "Zum Problem der Anschlussverzinsung," Discussion Papers 2009/15, Free University Berlin, School of Business & Economics.
    • Handle: RePEc:zbw:fubsbe:200915
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    References listed on IDEAS

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    1. Nelson, Charles R & Siegel, Andrew F, 1987. "Parsimonious Modeling of Yield Curves," The Journal of Business, University of Chicago Press, vol. 60(4), pages 473-489, October.
    2. Dybvig, Philip H & Ingersoll, Jonathan E, Jr & Ross, Stephen A, 1996. "Long Forward and Zero-Coupon Rates Can Never Fall," The Journal of Business, University of Chicago Press, vol. 69(1), pages 1-25, January.
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    2. Knoke, Thomas & Paul, Carola & Härtl, Fabian, 2017. "A critical view on benefit-cost analyses of silvicultural management options with declining discount rates," Forest Policy and Economics, Elsevier, vol. 83(C), pages 58-69.

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