Corporate Finance at Universität Münster

Flashcards and summaries for Corporate Finance at the Universität Münster

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Risk Permium

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Certanty Equivalent

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Risk aversity
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Exemplary flashcards for Corporate Finance at the Universität Münster on StudySmarter:

Probability Interval for P = 5% und 1%

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Fundamental Assumption for a u-o-Inverstor

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When are EUT and u-o-Principle compatible?

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What are Short Sales?
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Exemplary flashcards for Corporate Finance at the Universität Münster on StudySmarter:

Tobin Separation Theorem

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Flow to equity approach

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Assumptions of MM world 

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Abitrage
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Axiomatic Foundation of EUT

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Exemplary flashcards for Corporate Finance at the Universität Münster on StudySmarter:

Corporate Finance

Risk Permium
How much of the EV of a lottery are you willing to give up in order to avoid the risk of the lottery, RP = EV - CE

Corporate Finance

Certanty Equivalent
Certain outcome that makes you indifferent between lottery & certain outcome

Corporate Finance

Risk aversity
Concave utility function
Positive Risk Premium for all lotterys 

Corporate Finance

Probability Interval for P = 5% und 1%
1.96 für 5%
2.58 für 1%

Corporate Finance

Fundamental Assumption for a u-o-Inverstor
-> Not saturated, prefers higher returns
-> Risk averse, always prefers lower variance

Corporate Finance

When are EUT and u-o-Principle compatible?
When either
-> we only consider normal distribution
and/or
-> utility function is quadratic 

Corporate Finance

What are Short Sales?
Reversed sequent of buying and selling, Investor borrows Securities, sells them and buys them back later to return them

Corporate Finance

Tobin Separation Theorem
The structure of the risky part of a portfolio dies not depend on the risk aversity of an investor. The risk aversion only determines how much of his wealth the investor puts into risky securities

Corporate Finance

Flow to equity approach
Accounts explicitly for tax advantages when computing the “free cash flow”

Corporate Finance

Assumptions of MM world 
No information cost
No other friction/transactional costs
Rational Agents
Law of one price: all equivalent CF have to have the same price in equilibrium 

Corporate Finance

Abitrage
Risk free profits realised by price differences

Corporate Finance

Axiomatic Foundation of EUT
1. Complete Ordering
-> Completeness
-> Transitivety
2. Continuity
3.Independence

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