Chair of Finance and Investment, Paderborn

Professor Dr. Dr. Andreas Löffler

Lehrstuhl

Andreas studied Mathematics at Leipzig Unversity and Academy of Science in Berlin (major: differential equations and dynamical systems). He obtained his PhD from University Leipzig in 1993. In the same year he attended the PhD-program "Applied Microeconomics" at Humboldt-University and Free University Berlin, obtaining a second PhD in 1995. In 1995 he was visiting scholar at Wharton School (University of Pennsylvania), from 1996 to 2000 Assistant Professor at Freie University Berlin. From 1999 to 2000 he was visiting scholar at Anderson School (University of California at Los Angeles). 2000 he got his Habilitation (a requirement in Germany to obtain tenure) and was tenured professor at the chair of banking and finance at University Hannover. 2006 he was appointed to the chair of banking and finance at Friedrich Alexander University Erlangen-Nuremberg and 2008 he moved to Paderborn as a professor of finance and investment.

You can easily reach him via E-Mail.

Publications (in English)

J. Laitenberger and A. Löffler. The Structure of the Distributions of Cash Flows and Discount Rates in Multiperiod Valuation Problems. OR Spectrum 28 (2006), p. 289-299. (pdf)

S. Husmann, L. Kruschwitz and A. Löffler. WACC and A Generalized Tax Code. European Journal of Finance. 12 (2006), p. 33-40. (pdf)

L. Kruschwitz and A. Löffler. Discounted Cash Flow – A Theory of Firm Valuation. Oktober 2005, Wiley & Sons. (link)

P. Fieten, L. Kruschwitz, J. Laitenberger, A. Löffler, J. Tham, I. Vélez-Pereja and N. Wonder. Comment on ‘The value of tax shields is not equal to the present value of tax shields’. Quarterly Review of Economics and Finance, 45 (2005), p.184-187. (pdf)

P. Baake, R. Borck and A. Löffler. Complexity and Progressivity in Income Tax Design: Deductions for Work-Related Expenses. International Tax and Public Finance, 11 (2004), p.1-14. (pdf)

T. Hens, J. Laitenberger and A. Löffler. Two Remarks on the Uniqueness of Equilibria in the CAPM. Journal of Mathematical Economics, 37 (2002), p.123-132. (pdf)

A. Löffler. A μ-σ Risk Aversion Paradox and Wealth Dependent Utility. Journal of Risk and Uncertainty, 23:1 (2001), p. 57-73. (pdf)

W. Elberfeld and A. Löffler. An Analysis of Stability Sets in Pure Coordination Games. Theory and Decision, 49 (2000), p. 235-249. (pdf)

A. Löffler. Debreu's Decomposition and Aggregate Demand Functions. Economics Letters, 63 (1999), p. 217-223. (pdf)

J.-M. Bottazzi, T. Hens and A. Löffler. Market Demand Functions in the CAPM. Journal of Economic Theory, 79 (1998), p. 192-206. (pdf)

A. Löffler. Variance aversion implies μ-σ criterion. Journal of Economic Theory, 69 (1996), p.532-539. (pdf)

T. Hens and A. Löffler. Gross substitution in financial markets. Economics Letters, 49 (1995), p.39-43. (pdf)

A. Löffler. The ambient structure of basic sets. Ergodic theory and dynamical systems, 15 (1995), p.1183- 1188. (pdf)

Other publications (in German)

The other publications written in German revolve around firm valuation. The Wiley book DCF (mentioned above) contains in fact a summary of those articles. Also, on the corresponding webpage www.wacc.info you find a cours (unit) consisting of 11 lectures on discounted cash flow in English. In case you are fluent in German you can download most of the German papers on our webpage on valuation, in this case you might consider our new book on practical problems of valuation (link).

L. Kruschwitz, A. Löffler, A. Scholze. Debt and the theory of Discounted Cashflow. to appear Die Wirtschaftsprüfung 62 (2009), S.

M. Heintzen, L. Kruschwitz, A. Löffler, R. Maiterth. Typifying personal income taxes in a squeeze-out, Zeitschrift für Betriebswirtschaft 78 (2008), 1-14.

L. Kruschwitz und A. Löffler. Cost of capital from a theoretical and practical perspective. Die Wirtschaftsprüfung 61 (2008), 803-810.

W. Ballwieser, L. Kruschwitz and A. Löffler. Personal income tax and valuation – problems with the 2008 German tax reform. Die Wirtschaftsprüfung 60 (2007), 765-769.

L. Kruschwitz, A. Löffler and D.Canefield. Hybride financing in valuation. Finanzbetrieb (7-8/2007), 427-431.

A. Löffler. What can economics achieve for valuation? Die Wirtschaftsprüfung 60 (2007), 808-811.

Laitenberger, J. and A. Löffler (2007). Semi-subjective valuation with μ-σ utility. in: Finanzierungstheorie auf vollkommenen und unvollkommenen Kapitalmärkten, Festschrift für Lutz Kruschwitz zum 65. Geburtstag, edited by PD Dr. Jörg Laitenberger and Prof. Dr. Dr. Andreas Löffler.

L. Kruschwitz and A. Löffler. Six answers to Richter. Zeitschrift für Betriebswirtschaft, 76 (2006), 109-110.

L. Kruschwitz and A. Löffler. Reply to remarks from Frank Richter. Die Wirtschaftsprüfung 59 (2006), 342-343.

L. Kruschwitz and A. Löffler. Cost of capital, value processes and taxes. Zeitschrift für Betriebswirtschaft, 75 (2005), 1013-1020, 1025.

L. Kruschwitz and A. Löffler. Cost of capital from a theoretical and practical perspective. Die Wirtschaftsprüfung 58 (2005), 73-79.

L. Kruschwitz and A. Löffler. Valuation, examples with numbers and Jensen's inequality. Finanzbetrieb, (6/2005), 419-423.

L. Kruschwitz and A. Löffler. Book review Richter, Frank: Mergers & Acquisitions Die Wirtschaftsprüfung Heft 58 (2005), 1009-1010.

W. Essler, L. Kruschwitz and A. Löffler. How are firms to be valued if their leverage ratio is measured according to book rather than market values? Betriebsberater Heft 11/2005, 595-599.

L. Kruschwitz, A. Lodowicks and A. Löffler. On the valuation of defaultable firms. Die Betriebswirtschaft, 65 (2005), 221-236.

L. Kruschwitz and A. Löffler. A new approach to Discounted Cash Flow. Journal für Betriebswirtschaft , 55 (2005), 21-36.

A. Löffler. Online lectures. Wirtschaftswissenschaftliches Studium 34 (Heft 8, 2005), 414-417.

M. Jonas, A. Löffler and J. Wiese. CAPM with German income tax. Die Wirtschaftsprüfung 57:17 (2004), 898-906.

L. Kruschwitz and A. Löffler. Remarks about cost of capital before and after tax. Zeitschrift für Betriebswirtschaft , 74 (2004), 1175-1190.

A. Löffler. Two remarks on WACC. Zeitschrift für Betriebswirtschaft , 74 (2004), 933-942.

L. Kruschwitz and A. Löffler. More questions than answers in relation to tax advantages for valuation. In H. Dirrigl, D. Wellisch und E. Wenger: Steuern, Rechnungslegung und Kapitalmarkt, 85-100. Deutscher Universitätsverlag: Wiesbaden, 2004.

W. Essler, L. Kruschwitz and A. Löffler. About the application of WACC with given leverage ratios to book values. Betriebswirtschaftliche Forschung und Praxis, 56 (2004), 134-147.

L. Kruschwitz and A. Löffler. Five typical misunderstandings about valuation. FinanzBetrieb , 11/2003, 731-733.

L. Kruschwitz and A. Löffler. About the valuation of infinitely living firms using DCF. Der Betrieb, Heft 26 vom 27.6.2003, 1401-1402.

L. Kruschwitz and A. Löffler. DCF = APV + (FTE & TCF & WACC)? In: Kapitalgeberansprüche, Markwertorientierung und Unternehmenswert von Frank Richter, Andreas Schüler and Bernhard Schwetzler (eds.), 235-254, Franz Vahlen: Munich, 2003.

L. Kruschwitz and A. Löffler. Semisubjective valuation. Zeitschrift für Betriebswirtschaft, 73 (2003), 1335-1345.

A. Löffler. A paradox of portfolio theory and wealth-dependent utility. Deutscher Universitäts-Verlag: Wiesbaden, Neue Betriebswirtschaftliche Forschung, Band 279. Habilitationsschrift FU Berlin, 2002.

Husmann, L. Kruschwitz and A. Löffler. Valuation with German income taxes. Die Betriebswirtschaft, 62 (2002), 24-43.

L. Kruschwitz and A. Löffler. DCF-methods, financing policy and taxes. In: Jahrbuch für Controlling und Rechnungswesen 2001 von G. Seicht (Hrsg.), 101-116, Orac: Vienna, 2001.

A. Löffler. WACC in valuation. Der FinanzBetrieb, (5/2002), 296-300.

A. Löffler. WACC in valuation – reply to Schwetzler/Rapp. Der FinanzBetrieb, (5/2002), 505-509.

A. Löffler. Taxation of capital gains and dividends in valuation. Der FinanzBetrieb, (3/2001), 593-594.

Husmann, L. Kruschwitz and A. Löffler. On some problems of Discounted Cash Flow. Zeitschrift für betriebswirtschaftliche Forschung ,53 (2001), 277-282.

R. Grott, L. Kruschwitz and A. Löffler. Future-related assessment of credit. Zeitschrift für das gesamte Kreditwesen Mai 2000, 474-478.

L. Kruschwitz and A. Löffler. The amortisation method is better than its reputation! OR Spectrum, 21 (1999), 287-303.

L. Kruschwitz and A. Löffler. Reply to Frank Richter: Valuation with nonconstant leverage ratio. Zeitschrift für Bankrecht und Bankbetriebswirtschaftslehre (1998), 379.

A. Löffler. CAPM with taxes. Wirtschaftswissenschaftliches Studium 27 (1998), 420-422.

L. Kruschwitz and A. Löffler. Infinite problems in valuation. Der Betrieb 27 (1998), 420-422.

L. Kruschwitz and A. Löffler. Ross' APT has failed. What now? ZfbF, 49 (1997), 644-651.

A. Löffler. CAPM with consumption. PhD. thesis FU Berlin, Gabler: Wiesbaden, 1996.

Teaching

In Paderborn Andreas Löffler is responsible for undergraduate as well as graduate teaching. The courses (in German) are

Investment - This is the introductory course for all Bachelor students of business and economics.
Decision Theory - This Bachelor course covers all elements for decision analysis (revealed preference, expected utility, stochastic dominance, μ-σ theory etc.).
Valuation and Taxes - This bachelor course examines problems from firm valuation (Gordon-Shapiro, M&A, WACC, APV etc).
Derivatives - Master course on derivatives (up to Black-Scholes).
Capital Markets - Master course covering General Equilibrium, CAPM and similar.
DCF - PhD course on Discounted Cash Flow, see www.wacc.info.