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Marktorientierte Kapitalkostenbestimmung: Eine Alternative zum Capital Asset Pricing Model? (German Edition)

Penned By Koray Külcür
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4.85
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Marktorientierte Kapitalkostenbestimmung: Eine Alternative zum Capital Asset Pricing Model? (German Edition)

Penned By Koray Külcür
4.85 83,260 Ratings
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Editor's Note:
Die fundierte Bestimmung von Kapitalkosten ist von zentraler Bedeutung für die Beurteilung von Investitionsalternativen. Der Grundsatz "Bewerten heißt vergleichen" gilt sowohl bei der Abschätzung der Vorteilhaftigkeit von unternehmensinternen Investitionsentscheidungen als auch bei der Unternehmensbewertung auf der Grundlage von auf den Barwert diskontierten zukünftigen Einzahlungsüberschüssen. Das dahinter stehende Kalkül ist dabei stets der Vergleich einer Investition mit der nächstbesten Handlungsalternative. Während eine unmittelbare Beobachtung von Fremdkapitalkosten beispielsweise anhand von Anleiherenditen grundsätzlich möglich ist, handelt es sich bei den Opportunitätskosten des Eigenkapitals, d.h. den von Eigenkapitalinvestoren erwarteten Renditen, hingegen nur um ein theoretisches Konstrukt. Ihre Höhe kann aus diesem Grund nicht eindeutig bestimmt, sondern lediglich mittelbar geschätzt werden. Im Fokus der Studie steht der empirische Vergleich der marktorientierten Kapitalkostenbestimmung und des Capital Asset Pricing Model am Beispiel ausgewählter Unternehmen am deutschen Kapitalmarkt. Zur Einführung in das Thema werden in Kapitel 2 die theoretischen Grundlagen zum Capital Asset Pricing Model, insbesondere die moderne Portfoliotheorie, dargestellt und das Modell hergeleitet. Anschließend wird in Kapitel 3 die praktische Anwendung des CAPM zur Kapitalkostenbestimmung geschildert und die sich daraus ergebenden Probleme und Unzulänglichkeiten erörtert. Kapitel 4 dieser Studie beschäftigt sich mit der Idee des Market-derived Capital Pricing Model und zeigt seine theoretische Funktionsweise und Berechnungsmethodik auf. Im fünften Kapitel, dem empirischen Teil dieser Arbeit, werden die hypothetischen Eigenkapitalkosten sowohl nach dem CAPM als auch nach dem MCPM am Beispiel ausgewählter Unternehmen aus dem Deutschen Aktienindex (DAX) berechnet und gegenübergestellt. Die Ergebnisse werden anschließend analysiert und interpretiert, um Aussagen hinsichtlich der pr

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Released December 1, 2008
Identifier (ISBN) 14662855
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Koray Külcür
The Mind Behind the Work
Koray Külcür

Koray Külcür is the author of several novels. Originally from the East Coast, they now live in the Midwest with family. In addition to writing, Koray Külcür enjoys gardening, cooking, and reading way past bedtime. Their work often explores the complexities of everyday life and human relationships.

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Laura Wright
Laura Wright October 05, 2024
"Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Sharon Moore
Sharon Moore October 29, 2025
"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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Sandra Brown
Sandra Brown April 15, 2024
"An acceptable diversion. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes."
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Sandra Mitchell March 07, 2024
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"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A wonderful companion for a quiet weekend."
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"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
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"I find myself somewhat conflicted. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty."
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"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Deborah Martinez
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"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
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"An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. A fair 3 stars."
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
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"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
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"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
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"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Joshua  Davis
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"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
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"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
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"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
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"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
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Barbara Anderson
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Paul Martin
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"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
John Reyes
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
Emily Carter
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"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me."
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
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"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
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Brian Cruz
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"Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
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Sharon Nelson
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"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
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"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers."
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"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Rebecca Nelson
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John Allen
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"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
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"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
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"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers."
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"A decent, if standard, experience. Certain acts were fascinating, while others felt like a slight endeavor to complete. Unlikely to reread, but a reasonable expenditure of time."
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"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
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"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
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"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
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"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers."
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"Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
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"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
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"Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
Patricia Campbell
Patricia Campbell March 20, 2024
"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Barbara Torres
Barbara Torres November 07, 2025
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Laura Martinez
Laura Martinez May 08, 2024
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Donald Diaz
Donald Diaz May 07, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Thomas Hill
Thomas Hill September 10, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Rebecca Nguyen
Rebecca Nguyen December 03, 2025
"Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
Cynthia Wilson
Cynthia Wilson May 07, 2025
"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Edward Phillips
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"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Betty Harris
Betty Harris February 20, 2024
"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Rebecca Torres
Rebecca Torres March 22, 2025
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Ryan Thompson
Ryan Thompson March 06, 2024
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Rebecca Roberts
Rebecca Roberts October 15, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
John Allen
John Allen July 20, 2025
"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
Sarah Nguyen
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Stephanie Flores
Stephanie Flores June 15, 2025
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Rebecca Nelson
Rebecca Nelson March 08, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Kevin Robinson
Kevin Robinson April 13, 2024
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Sandra Walker
Sandra Walker July 06, 2025
"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
Richard Flores
Richard Flores September 09, 2025
"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Donald Diaz
Donald Diaz February 20, 2025
"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me."
Sandra Carter
Sandra Carter November 06, 2024
"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Linda Walker
Linda Walker February 06, 2024
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Mary Hall
Mary Hall November 03, 2024
"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Ryan Thompson
Ryan Thompson March 31, 2024
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Eric Miller
Eric Miller May 29, 2025
"An acceptable diversion. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes."
Thomas Hall
Thomas Hall April 07, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Amanda Evans
Amanda Evans November 21, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Sharon  Parker
Sharon Parker September 16, 2024
"I find myself somewhat conflicted. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perfectly average."
Christopher Carter
Christopher Carter September 24, 2025
"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Stephanie White
Stephanie White August 19, 2024
"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Dorothy Johnson
Dorothy Johnson December 19, 2024
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Stephanie Gomez
Stephanie Gomez May 14, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Jessica Diaz
Jessica Diaz February 26, 2025
"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Margaret Garcia
Margaret Garcia June 16, 2025
"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Sarah Rodriguez
Sarah Rodriguez March 19, 2024
"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Donald Hill
Donald Hill March 31, 2024
"It was adequate. It verged on repetitive in the second act. A more concise edit would have served it well. Perhaps more aligned with a different audience's tastes."
Melissa Gonzalez
Melissa Gonzalez September 30, 2024
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Mary  Davis
Mary Davis August 10, 2024
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Ryan Collins
Ryan Collins May 15, 2025
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
Kenneth  Davis
Kenneth Davis March 11, 2025
"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Cynthia Jones
Cynthia Jones August 10, 2025
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Sarah Rivera
Sarah Rivera September 11, 2025
"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Sarah Carter
Sarah Carter February 13, 2025
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
William Campbell
William Campbell September 28, 2025
"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me."
Ryan Rodriguez
Ryan Rodriguez December 26, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Emily Thomas
Emily Thomas April 16, 2024
"Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Unlikely to reread, but a reasonable expenditure of time."
Jacob Roberts
Jacob Roberts October 14, 2025
"I find myself somewhat conflicted. The prose was competent, yet the characters lacked the depth I usually seek. A fair 3 stars."
Rebecca Torres
Rebecca Torres January 06, 2025
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
Matthew Edwards
Matthew Edwards September 03, 2025
"Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
Gary Wilson
Gary Wilson July 26, 2025
"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem."
Stephanie Edwards
Stephanie Edwards March 20, 2024
"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Gary Wilson
Gary Wilson September 28, 2025
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Carol Robinson
Carol Robinson September 12, 2024
"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Daniel Baker
Daniel Baker March 24, 2024
"Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
Matthew Edwards
Matthew Edwards July 28, 2025
"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
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