An axiomatic approach to the valuation of cash flows

Armerin, Fredrik

doi:10.1080/03461238.2011.628408

Cited by 3 publications

(2 citation statements)

References 11 publications

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“…While, for example, Armerin (2014) tries to deliver axioms for the valuation of cash flows in general, an approach to provide an overview of which aspects influence the valuation of startup companies has not been made yet. With our paper, we summarize recent findings about the valuation process of startup companies and particularly contribute by identifying three important and promising research avenues, which we advertise to be put into further research focus.…”

Section: Introductionmentioning

confidence: 99%

Startup valuation reassessed: against celebrity, sustainability and state intervention

Hoffmann

2023

JEET

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Purpose The purpose of this study is to showcase that the valuation of startups is still considered to be more “art than science”. Moreover, such non-rigorous approaches often lead to valuations, which turn out to be too high, which in turn has become a well-known phenomenon to a broader audience due to shining examples such as We Work. This is reason enough to revisit the important topic of where we stand today with startup valuation procedures and methodologies. Design/methodology/approach Literature synthesis and exploratory analysis. Findings While some studies describe sound results about how to assess startups, what the authors found was that many questions remain open or have not been covered at all. This is the reason why the authors needed to apply a substantial amount of reasoning in the analysis of studies, which do not exactly deal with startup companies. The authors provided some interesting impulses for future research. Originality/value Based on an original overview of the current state of research about the valuation of startup companies, this paper makes the following principal contribution to both the literature and practice: on the one hand, the authors assess four impact factors on startup values critically; on the other, the authors provide an outlook on promising future research avenues.

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Section: Introductionmentioning

confidence: 99%

Startup valuation reassessed: against celebrity, sustainability and state intervention

Hoffmann

2023

JEET

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“…[10], [15] and [24]). On the applied side, [5] and [22] have successfully applied some related theoretical results to actuarial science and mathematical finance. It is known that optional and predictable projections share several properties with conditional expectations (cf.…”

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confidence: 99%

And$\hat{o}$-Douglas type characterization of generalized conditional expectations, optional projections and predictable projections

Hong¹

2014

Preprint

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Generalized conditional expectations, optional projections and predictable projections of stochastic processes play important roles in the general theory of stochastic processes, semimartingale theory and stochastic calculus. They share some important properties with ordinary conditional expectations. While the characterization of ordinary conditional expectations has been studied by several authors, no similar work seems to have been done for these three concepts. This paper aims at undertaking this task by giving Andô-Douglas type characterization theorem for each of them. Introduction, notation, and setupProperties of (ordinary) conditional expectation operators have been extensively studied in the literature. In particular, various authors have characterized conditional expectations. Earliest works along this line of research include [7], [21], [25], and [26]. [13] first characterized conditional expectations as contractive projections on L 1 spaces. [2] provided a simple proof of the main theorem in [13]. [6] extended the results of [13] to L p spaces. [23] gave two characterizations of conditional expectations using expectation invariance. [17] applied the theory of Riesz spaces to characterize conditional expectations as order-continuous projections. [12] derived a general characterization theorem of conditional expectation operators. The same result was derived in [18] and [19] independently. A refined account is given in [1]. [8], [9] and [14] studied and characterized conditional expectations with respect to a σ-lattice. Recently, [28] generalized the Andô-Douglas theorem to the Riesz spaces.To our best knowledge, no similar efforts have been made for the generalized conditional expectation (cf. Section I.4 of [15]). This paper aims at filling this gap by proving an Andô-Douglas type characterization theorem for it. It seems that

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