1. Fundamentals
1.1. Corporate Governance
1.2. Economy
1.2.1. solving distribution problems
1.2.1.1. having goods -> wanting goods
1.2.1.2. how to reach the optimum
1.2.2. imposing costs vs. relieving costs
1.2.3. examples
1.2.3.1. legal framework
1.2.3.2. health care
1.2.3.3. social group -> get respect -> you need to devote time
1.2.4. systems
1.2.4.1. gift and exchange based
1.2.4.2. tribute system
1.2.4.3. central plan
1.2.4.3.1. steady state
1.2.4.3.2. input planning
1.2.4.3.3. works, of demand and transformation is well defined and know
1.2.4.3.4. How to ensure the prerequisites
1.2.4.4. market economy
1.2.4.4.1. How to ensure the prerequisites
1.2.4.4.2. works, if innovation is rewarded and inefficiency is punished
1.2.5. purpose
1.2.5.1. increasing general welfare
1.2.5.1.1. through efficient creation and distribution of goods and services
1.3. Maximization of profit
1.3.1. not a well-defined corportate objective
2. Introduction
2.1. Central Plan
2.1.1. Planwirtschaft
2.1.2. works, if demand and transformation matrix is well defined and known
2.2. Market Economy (market based)
2.2.1. "acts selfish… *magic*…more for everybody"
2.2.2. diversity
2.2.2.1. Nature
2.2.2.1.1. Selection
2.2.2.1.2. Mutation
2.2.2.2. Market economy
2.2.2.2.1. Competition
2.2.2.2.2. Innovation
2.2.3. works, of innovation is rewarded an inefficiency is punished
2.2.4. Transparency
2.2.5. Transaktionskosten
2.2.5.1. Kosten für die Durchführung des Deals
2.3. Purpose
2.3.1. increasing general welfare through efficient creation and distribution of goods and services
2.4. Welfare
2.4.1. can grow
2.4.2. is not a zero-sum-game
2.4.3. decisions in self-interest can increase welfare
2.4.3.1. create something what is not met by competitors
2.4.3.2. innovate for selfish reasons creates new opportunities for others
2.4.4. self-interest needs to be harnessed
2.4.4.1. tendency to tip the scales towards power concentration
2.4.5. protecting individual freedom of choice is core
2.4.6. pressure -> creates diversity -> broader variety
2.5. Mindsets
2.5.1. 1
2.5.1.1. Individual's decision are tainted by greed
2.5.1.2. We need a supra-individual decision maker
2.5.1.2.1. e.g. budget
2.5.2. 2
2.5.2.1. no objective method to determine "common welfare" outside of individual freedom of choice
2.5.2.2. supra-individual decisions are dysfunctional and create corruption
2.5.2.2.1. what's good for you is not good for me
2.5.2.2.2. How do we measure welfare?
2.5.2.2.3. How do we measure freedom of choice?
2.5.3. choice of system depends on the perceived value of "individual freedom of choice"
2.6. Making Profit
2.6.1. …reducing cost
2.6.2. …reducing competition
2.6.2.1. changing the deal zone
2.6.3. …innovate and create a nice
2.6.4. Why/when should something be illegal?
2.6.4.1. greed shouldn't destroy the system
2.6.4.1.1. examples
3. Formulas
3.1. Kennzahlen
3.1.1. Cash Ratio
3.1.1.1. Cash / Short-Term Debts (%)
3.1.1.2. Liquiditätsgrad (dt.)
3.1.1.3. Any ratio above 1 is considered to be a good liquidity measure.
3.1.2. Acid Test Ratio
3.1.2.1. (Cash + Accounts Receivables) / Short-Term Debts (%)
3.1.2.1.1. Liquiditätsgrad II (dt.)
3.1.2.1.2. Generally, the acid test ratio should be 1:1 or higher; however, this varies widely by industry.
3.1.2.1.3. In general, the higher the ratio, the greater the company's liquidity (i.e., the better able to meet current obligations using liquid assets).
3.1.2.2. exact same thing like Current Ratio, *but* ignores inventory
3.1.2.3. if its not over 1 = big problem
3.1.3. Current Ratio
3.1.3.1. Current Assets / Short-Term Debts (%)
3.1.3.1.1. Liquiditätsgrad III (dt.)
3.1.3.1.2. Acceptable current ratios vary from industry to industry and are generally between 1.5% and 3% for healthy businesses. If a company's current ratio is in this range, then it generally indicates good short-term financial strength.
3.1.3.1.3. ... A high current ratio can be a sign of problems in managing working capital.
3.1.3.1.4. Formula
3.1.4. ROA
3.1.4.1. net income / assets
3.1.5. interest coverage
3.1.5.1. EBITDA / interests
3.1.5.1.1. EBITDA
3.1.6. Leverage
3.1.6.1. Debt to total assets
3.1.6.1.1. debt / assets
3.1.7. Return on Investment (ROI)
3.1.7.1. (Profit + Interests) / Assets (%)
3.1.7.1.1. Interest are mostly negative
3.1.7.2. Ist-Zahl "So ist es"
3.1.7.3. Good
3.1.8. Return on Equity (ROE)
3.1.8.1. Profit / Equity (%)
3.1.9. Equity-to-Assets Ratio
3.1.9.1. Equity / Assets (%)
3.1.9.1.1. While a 100% ratio would be ideal, that does not mean that a lower ratio is necessarily a cause for concern.
3.1.10. Debt-to-Assets Ratio
3.1.10.1. Debts / Assets (%)
3.1.10.1.1. Generally, a ratio of 0.4 – 40 percent – or lower is considered a good debt ratio.
3.1.11. Debt-to-Equity Ratio
3.1.11.1. Debt / Equity (%)
3.1.11.1.1. A good debt to equity ratio is around 1 to 1.5
3.1.12. Free Cash Flow FCF
3.1.12.1. Operational CF + Capital Expenditures (Capex)
3.1.12.1.1. (CF from Investing Activities)
3.1.12.2. = CF Operational + CF Investing
3.1.12.3. CAPEX = CF from Investing Activities
3.1.13. Assets
3.1.13.1. Equities + Liabilities
3.1.14. EBIT
3.1.14.1. Earnings + Interestes + Taxes
3.1.14.2. see Income Statement
3.2. Investitionsrechnung
3.2.1. Weighted Average Cost of Capital (WACC )
3.2.1.1. Formel
3.2.1.2. (Liabilities / Assets) * Cost-of-Debts + (Equity/Assets) * Cost-of-Equity
3.2.1.3. Soll-Zahl
3.2.1.3.1. Wie gut soll es sein
3.2.1.3.2. zum decken von Dividenden, etc.
3.2.1.3.3. wenn ROI < WACC dann Erwartungen nicht erfüllt
3.2.1.3.4. wenn ROI >= WACC, dann Erwartungen (über)erfüllt
3.2.1.4. Gewichteter Kapitalkostensatz
3.2.1.5. = expected ROI
3.2.1.5.1. erwartete Gesamtkapitalrendite
3.2.2. Discount Factor
3.2.2.1. 1/(1 + r)^t
3.2.3. PV
3.2.3.1. FV * Discount Factor
3.2.4. NPV
3.2.4.1. Sum of all PV - Investment
3.2.5. Perpetuity (NVP ewige Rente)
3.2.5.1. CF for one period / Discount Rate
3.2.5.1.1. C = Cash Flow, den man möchte
3.2.5.1.2. r = Zinssatz
3.2.6. Annuity
3.2.6.1. CF (1/r - 1/(r(1+r)^t)
3.3. Synonyme
3.3.1. Profit
3.3.1.1. Earnings
3.3.1.2. Net Income
3.3.1.3. Net Earnings
3.3.2. Debts
3.3.2.1. Liabilities
3.3.3. Capital Expenditures (CAPEX)
3.3.3.1. CF from investing Activities
3.3.4. Operating CF
3.3.4.1. CF from operating Activities
3.3.5. Discount Rate
3.3.5.1. Abzinsungssatz, Kapitalisierungszinssatz
3.3.6. Discount Factor
3.3.6.1. Kapitalisierungsfaktor, Abzinsungsfaktor
3.3.7. Cost of Equity (COE)
3.3.7.1. expected ROE
3.3.8. WACC
3.3.8.1. expected ROI
3.3.9. Short-Term debts
3.3.9.1. Current Liabilities
4. Corporate Governance / News Business Models
4.1. Five Forces Model (Porter)
4.1.1. Reason: Determine if there are high profits likeable
4.1.1.1. identify hypercompetition
4.1.2. Level of Rivalry
4.1.2.1. the more companies compete, the lower the level of industry profits
4.1.3. Potential for Entry
4.1.3.1. the easier for companies to enter an industry, the more likely prices (and therefore profits) to be low
4.1.4. Power of Large Suppliers
4.1.4.1. If there are only few suppliers, then suppliers can drive up prices
4.1.5. Powert of Large Customers
4.1.5.1. If there are only few customers are available, they can bargain down the price
4.1.6. Threat of Substitute Products
4.1.6.1. when a substitute for products exists, companies cannot demand high prices
4.2. Strategies
4.2.1. Low-Cost Strategy
4.2.1.1. driving down costs, cheaper products, lower acquisition cots, R&D, etc.
4.2.1.2. eg. BIC / Gillette
4.2.1.2.1. razors are very cheap
4.2.2. Differentiation Strategy
4.2.2.1. distinguishing from competitors
4.2.2.2. eg. Cola / Pepsi
4.2.2.2.1. lots of energy into advertising trying to be unique
4.2.3. "Stuck in the Middle"
4.2.3.1. "You can't do both!"
4.2.3.2. differentiation raises costs
4.2.3.2.1. need to be recouped
4.2.3.2.2. therefore tendentially premium products
4.2.4. Focused Low-Cost Strategy
4.2.4.1. Niche
4.2.5. Focused Differentiation Strategy
4.2.5.1. Niche
4.3. Corportate Governance (CG)
4.3.1. gesetzlich geregelt
4.3.1.1. in DE ist nur 2 Board Modell erlaubt
4.3.1.2. OECD gibt nur Empfehlungen ab
4.3.1.2.1. empfiehlt das 2 Board das Modell
4.3.2. Principal-Agency-Problem
4.3.3. 1 Board-System
4.3.4. 2 Board-System
4.3.4.1. BoD Board of Directors
4.3.4.1.1. Governance-Funktion
4.3.4.1.2. Chairwoman / Chairman / Chairperson / President
4.3.4.1.3. Commities
4.3.4.1.4. -> St. Galler Management Modell
4.3.4.2. MB Managament Board
4.3.4.2.1. Management-Funktion
4.3.4.2.2. CEO
4.3.4.2.3. CFO
4.3.4.2.4. CTO
4.3.4.2.5. St. Galler Management Modell
4.3.5. Swiss Code of Obligations
4.3.6. Sarbanes-Ocley Act of 2002 (SOX)
4.3.6.1. Requirement that more independent directors (not affiliated with managers)
4.3.6.2. CEO and CFO sign off personally on the corporation’s acountibg procedure and results
4.3.7. raison d'être
4.3.7.1. who is watching the watchman?
4.3.7.2. principal-agency problem
4.3.7.3. compensation problem / committee
4.3.7.3.1. how do we compensate the management?
4.3.7.4. auditing problem / committee
4.3.7.4.1. giving the mandate to the auditors
4.3.7.4.2. Audit company is checking the management (looking if the mngt. is using the g)
4.3.7.5. selecting committee
4.3.7.6. out-of-the-box problem
4.3.7.7. managing the BoD
4.3.8. BoD Board of Directors
4.3.8.1. dt. Verwaltungsrat
4.3.8.2. typical BoD structure
4.3.8.3. scope of CG
4.3.8.4. Committees
4.3.8.4.1. Audit
4.3.8.4.2. Compensation
4.3.8.4.3. Risk Management
4.3.8.4.4. Stakeholder Relationship
4.3.8.4.5. Corporate Social Responsibility (CSR)
4.3.8.4.6. Nomination and Remuneration
4.3.8.4.7. Executive
4.3.9. Rechtliche und faktische Ordnungsrahmen
4.3.9.1. Laws
4.3.9.2. Regulations
4.3.9.3. Institutions
4.3.9.4. Corporate practices
4.3.9.5. ... to protect shareholders
4.3.9.6. Leitung und Überwachung von Unternehmen
4.3.9.7. Wohlwollen aller relevanten Anspruchsgruppen
4.4. Ascom
4.4.1. SIX Swiss Exchange directives
4.4.2. Operating Corportate Structure
4.4.2.1. CEO
4.4.2.1.1. Legal & Communications/HR
4.4.2.2. COO
4.4.2.3. CTO
4.4.2.4. CFO
4.4.2.5. Chief Sales & Marketing Officer
4.4.2.5.1. Regiona Sales Organizations
4.4.3. Board of Directors
4.4.3.1. ultimate decision-making authority
4.4.3.2. determines strategy
4.4.3.3. organizational and financial planning guidelines
4.4.4. Swiss Code Obligations / Articles of Association
4.4.4.1. overall management
4.4.4.2. defining and management structure
4.4.4.3. Ausgestaltung der Formen des Rechnungswesens und der Finanzkontrolle sowie der Finanzplanung.
4.4.4.4. Appointing and discharging persons (who is entitled, …)
4.4.4.5. supervision of business activities
4.4.4.6. remuneration report
4.4.4.6.1. Entschädigungsbericht
4.4.4.7. annual report
4.4.4.7.1. Jahresbericht
4.4.4.8. informing the court in the event of excessive indebtedness
4.4.4.9. Passing resolutions
4.4.4.9.1. financing the business
4.4.4.9.2. capital increases
4.4.4.9.3. IPO
4.4.4.9.4. consequent changes to the Articles of Association
4.4.4.9.5. participation of major/strategic significance
4.4.4.10. Determing compensations for
4.4.4.10.1. BoD
4.4.4.10.2. MB
4.4.5. one-business company (no divisions)
4.5. Management
4.5.1. generate options
4.5.2. make decisions
5. Glossar
5.1. Fair Value
5.1.1. estimate of a security's worth on the open market. There is no one way to calculate the fair value for a security, but calculations typically take into account future growth rates, profit margins, and risk factors, among other items.
5.2. Cost of Capital (COC)
5.2.1. Eigenkapitalkosten
5.2.2. represent by the perceived risk of investors
5.2.3. mixture of returns needed to compensate all creditors and stockholders
5.2.4. -> WACC
5.2.5. example
5.2.5.1. Invesment 1: Warehouse renovation
5.2.5.1.1. cost 50 Mio
5.2.5.1.2. saves $10 over 5 yrs.
5.2.5.1.3. return -> 20% (10/50)
5.2.5.2. Investment 2: Bond
5.2.5.2.1. costs $50 mio
5.2.5.2.2. return 12%
5.2.5.2.3. equal risk
5.3. TTM
5.3.1. Trailing twelve month (TTM) for the past twelve months
5.4. Discounted Cashflow (DCF)
5.5. Corporate governance
5.5.1. blockholder
5.5.1.1. owns 5%, 10% or more
5.5.2. Takeovers
5.5.2.1. Another company buys (lots of) shares
5.6. Walk Street Walk
5.6.1. Investor bail out and sell their shares
5.6.2. Powerful message if enough shareholders do this
5.7. basis points
5.7.1. ‱
5.8. Leverage
5.8.1. Gives more earnings per share
5.9. Gross Margin
5.9.1. Burottmarge
5.10. Market Cap
5.10.1. Marktkapitalisierung
5.11. Beta
5.11.1. A beta of 1.0 means the stock moves equally with the S&P 500
5.11.2. A beta of 2.0 means the stock moves twice as much as the S&P 500
5.11.2.1. risky company
5.11.3. A beta of 0.0 means the stocks moves don’t correlate with the S&P 500
5.11.4. A beta of -1.0 means the stock moves precisely opposite the S&P 500
5.12. risikoloser Zinssatz
5.12.1. z.B. risikoloser Zinssatz einer Staatsanleihe
6. Finance Report Analysis
6.1. Balance Sheet (Bilanz)
6.1.1. Assets = use of funds
6.1.1.1. current assets
6.1.1.1.1. cash & securitties
6.1.1.1.2. receivables
6.1.1.1.3. inventories
6.1.1.1.4. liquid assets
6.1.1.2. fixed assets
6.1.1.2.1. tangible assets
6.1.1.2.2. intangible assets
6.1.2. Liabilities = source of funds
6.1.2.1. current liabilities
6.1.2.1.1. payables
6.1.2.1.2. short-term debt
6.1.2.2. long-term liabilities
6.1.2.3. shareholder's equity
6.1.2.4. first come those liabilities that are likely to be paid off most rapidly
6.1.3. net current assets/ net working capital
6.1.3.1. = current assets - current liabilities
6.1.4. like a snapshot at a particular time
6.1.5. Market-based vs. Book-based Value
6.1.5.1. GAAP
6.1.5.1.1. must shown historical data
6.1.5.2. Goodwill
6.1.5.2.1. Wenn mann eine Firma für einen höheren Wert kauft, kann man das im Balance-Sheet aufführen (Differenz historischer Wert zu bezahltem Wert)
6.2. Income Statement (Erfolgsrechnung)
6.2.1. common-size income statement
6.2.1.1. all items are expressed as a percentage of revenues
6.2.2. COGS (Cost of Good Sold)
6.2.2.1. Es handelt sich dabei um die Herstellungskosten im Umsatzkostenverfahren
6.2.2.2. unmittelbaren Zusammenhang mit den produzierten Waren bzw. Dienstleistungen stehen..
6.2.2.3. acquisition cost of goods
6.2.2.4. wage of employees
6.2.2.5. other expenses to obtain and sell wares
6.2.3. depreciation expense
6.2.4. EBIT
6.2.4.1. earnings and income before taxes
6.2.4.2. = total revenues - other income - costs - depreciation
6.2.5. like a video (in contrast balance sheet)
6.2.6. administrative expenses
6.2.6.1. head office costs
6.2.6.2. advertising
6.2.6.3. distribution
6.2.7. does not recognise capital expenditures as expenses in the year that the capital are paid for
6.2.7.1. instead it spreads over time in form of annual deduction for depreciation
6.2.8. revenues and expenses are recognized when sales are made
6.2.9. Bottom Line = Net Income
6.2.10. we need a 3rd statement, because Income Statement doesn't show the "real" cash
6.2.10.1. depreciation is a "none cash" item (not real cash)
6.3. Cashflow Statement (Geldflussrechnung)
6.3.1. Operations
6.3.1.1. Net Icome
6.3.1.2. +Depreciation
6.3.1.2.1. the tax you power is lower
6.3.1.2.2. you never paid this money, but you get it back
6.3.1.3. - accounts receivable (Debitoren)
6.3.1.4. + accounts payable (Kreditoren)
6.3.2. Investments
6.3.3. Financing Activities
6.4. How they are connected
6.4.1. Net Income is a change in Equity
6.5. Free Cash Flow
6.5.1. cash available for distribution to investors
6.5.2. payed out as interest or dividends or to repay debt or buy back stock
6.5.3. = cash flow from operations - capital expenditures
6.5.3.1. cash flow from operations
6.5.3.1.1. = (net income + interest) + depreciation – additions to net working capital
6.5.3.1.2. two adjustments
6.5.3.1.3. = net income + debt interest
6.5.3.2. capital expenditures (CAPEX)
6.5.3.2.1. = Cash provided by (used for) invesments
6.6. income != cash flow
6.6.1. deprecitation
6.6.1.1. cash payments
6.6.1.1.1. current expenditures
6.6.1.1.2. capital expenditures
6.6.1.2. noncash expense
6.6.2. cash versus accrual accounting
6.7. depreciation
6.7.1. is not a cash outflow
6.7.2. it's treated as an expense in the income statement
6.8. Accrual Method of Accounting
6.8.1. revenues and expenses are made when they are realized
6.9. allowance
6.9.1. Aufwandsentschädigung
7. Questions
7.1. S.62 Market value of liability
7.1.1. Grund wegen present und future value?
7.2. S.62 Share price bei Leverage
7.2.1. Wie und warum verändert sich bei Leverage
7.3. S63
7.3.1. Warum Debts + Equity = Gesamtwert der Firma?
7.4. S65
7.4.1. depreciation / noncash
7.5. Why would a company want to buy back their own stocks?
7.6. Unterschied/Zusammenhang Discount Rate und Discount Factor?
7.7. Cash Flow and Earnings different?
7.7.1. not in the long run (especially at tech companies)
7.8. Where do I find "Interests" to calculate ROI
7.9. Are "Interests" mostly negative?
7.10. Is "Short-term investments" included in Cash for the calculation in Cash Ratio?
8. Valuation
8.1. Discount Factor (df)
8.1.1. 1/(1 + r)^t
8.1.2. measures the present value of $1 received in year t
8.2. NPV Net Present Value
8.2.1. Formula
8.2.1.1. PV = Present Values
8.2.1.2. I = Investments
8.2.1.3. CF = Cash Flows
8.2.1.4. r = discount rate
8.2.1.4.1. Jargon
8.2.2. net present value
8.2.2.1. focus is on the cashflow
8.2.2.1.1. not profit (not the same)
8.2.2.2. NPV = PV - I
8.2.3. Discount Rate
8.2.3.1. Discount Rate
8.2.3.2. Same Cash Flow (CF) every year Same Discount Rate (r) every year Finite
8.2.3.2.1. Example
8.2.4. Annuity
8.2.4.1. Annuity Discount Factor (ADF) Discount Factor Tables
8.2.4.2. An annuity is a series of payments made at equal intervals.
8.2.5. Incorporating Risks
8.2.5.1. market risk
8.2.5.1.1. systematic risk
8.2.5.1.2. non-unique risk
8.2.5.1.3. non-diversifiable risk
8.2.5.2. firm specific risk
8.2.5.2.1. unsystematic risk
8.2.5.2.2. unique risk
8.2.5.2.3. diversifiable risk
8.2.5.2.4. idiosyncratic risk
8.2.5.3. time value of money
8.2.6. ignores
8.2.6.1. employment
8.2.6.2. new business opportunities that will be created as a result of the project
8.2.6.2.1. directly
8.2.6.2.2. indirectly
8.2.7. Hinweis
8.2.7.1. eine Zahlung auf die man lange warten muss, ist weniger wert
8.2.7.2. Aber: in mehreren Zahlungsreihen können auch negative Zahlungen erfolg
8.2.7.2.1. bei einer Grossanlage muss z.B. nach 5 Jahren eine Revision machen -> "Nachinvestition"
8.2.7.2.2. einzelne Werte können negativ sein
8.3. IRR
8.3.1. IRR = wenn NVP = 0 (Schnittpunkt)
8.3.1.1. NVP = 0, wenn PV = Investment
8.3.1.2. PV must be equal to the invest
8.3.2. Discount Rate (r)
8.3.2.1. e.g. 5%
8.3.3. Summary
8.3.3.1. IRR is the point at which NVP is 0
8.3.3.2. If IRR > Cost of Capital (r) -> acceppt
8.3.3.3. if IRR < Cost of Capital (r) -> deny
8.3.4. Aufgabe "NVP oder IRR?"
8.3.4.1. Erkenntnisse
8.3.4.1.1. Kapitlkostensatz = WACC
8.3.4.1.2. IRR - WACC = Gewinn
8.3.4.1.3. alle 3x Projekte sind sinnvoll, wenn es die wahren Kapitalkosten sind
8.3.4.1.4. Rangfolge ist deutlich anders mit dem NPV
8.3.4.1.5. Wenn Unklarheit über Kapitalkosten dann Projekt wählen, das am wenigsten Risiko hat
8.3.4.1.6. Versteckte Annahmen
8.3.4.1.7. Steigen die Kapitalkostensätze an, so sinkt der Zukunftswert der Schlussinvestition betragsmässig
8.3.4.1.8. Anfangsinvestition im Jahr 0 muss nicht diskontiert werden
8.3.4.1.9. 2x IRR sind möglich aber machen keinen Sinn
8.3.4.1.10. Es gibt Fälle, wo keinen IRR berechnet werden kann
8.3.4.1.11. IRR hilft nicht für die Erstellung einer Rangliste – kann sogar in die Irre führen
8.3.4.1.12. nur NPV liefert ökonisch sinnvolle Aussagen
8.3.4.1.13. und wenn ein Projekt für einen bestimmten Kapitalkostensatz mehr NPV bringt, ist es grundästzlich das bessere
8.3.5. Formula
8.3.5.1. Single Cash Flow
8.3.5.1.1. Invest = PV(CF) / (1 + IRR)t
8.3.5.1.2. Example
8.3.5.2. Multiple Cash Flows
8.3.5.2.1. Example
8.3.6. Wichtig
8.3.6.1. Renditen eignen sich nicht um Projekte zu rangieren
8.3.6.1.1. ökonomisch (welches Projekt bringt am meisten)
8.3.6.1.2. helfen nur, ökonomisch sinnvolle Projekte von nicht sinnvollen zu unterscheiden
8.3.6.2. ein IRR von 19.86% bedeutet, dass das Projekt bei einem Kapitalkostensatz von 19.86% egal ist ob es durchgeführt wird
8.3.6.3. Unterscheiden sich zwei Projekt im Kapitaleinsatz (Investition), darf der IRR nicht für die Erstellung einer Rangliste verwendet werden
8.4. Zins
8.4.1. nominal
8.4.1.1. das, was publiziert wird
8.4.1.2. das sagt nichts über die Kaufkraft des Geldes
8.4.2. real
8.4.2.1. bei Valuation rechnen wir mit realen Zinsen