Cross-Border DCF Valuation: Discounting Cash Flows in Foreign Currency
- Conceptual alternatives: foreign currency vs. home currency approach; considering covariances between exchange rates and cash flows versus vs. not considering them.
- Risk: how to account for exchange rate risk in cash flows and discount rates using the global CAPM.
- Future exchange rates: prerequisites for using forward exchange rates.
- Tax shields revisited: additional tax effects beyond the well-known tax shield on interest expenses.
- APV, WACC and FTE: challenges and pitfalls of using them in a cross-border valuation
Session A-1, 11:30 am – 12:30 pm
Prof. Dr. Andreas Schüler
Universität der Bundeswehr Munich | Professor of Finance
Andreas Schueler is a Professor of Finance at the Universitaet der Bundeswehr Munich, Germany. Prof. Schueler received his Ph.D. in 1997 from the University of Regensburg, Germany, with summa cum laude and finished his post-doc degree (Habilitation) in January 2004 at this university. He has taught at several other Universities and in executive training programs. He is also experienced in consulting on valuation issues.
His major areas of research are corporate valuation, corporate restructuring, value based management, and performance measurement.
Prof. Schueler has (co)authored several books on valuation (Unternehmensbewertung, together with Jochen Drukarczyk; Akquisitionen, Börsengänge und Restrukturierungen: Fallstudien zur Unternehmensbewertung, together with Jochen Drukarczyk; Finanzmanagement mit Excel) and a number of articles in national and international journals in finance and accounting (see www.unibw.de/finance or www.researchgate.net/profile/Andreas_Schueler3).