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Investment valuation: tools and techniques for determining the value of any asset (hardback) (series: wiley finance)

Langue : Anglais

Auteur :

Couverture de l’ouvrage Investment valuation: tools and techniques for determining the value of any asset (hardback) (series: wiley finance)

Valuation is at the heart of any investment decision, whether that decision is buy, sell, or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets*Aswath Damodaran's Investment Valuation.

Now completely revised to reflect today's dynamic market conditions, this Third Edition comprehensively introduces investment professionals and students to the wide range of valuation models currently available and reveals how to choose the right model for any given asset valuation scenario. It also skillfully outlines essential valuation tools and techniques for determining the value of any asset*including the valuation of stocks, bonds, options, futures, and real assets*and contains refreshed examples and updated case studies.

With this reliable resource as your guide, you'll gain important insights on:

  • The valuation lessons learned from the recent market crisis

  • Valuing emerging market companies

  • Probabilistic approaches in valuation, such as scenario analysis, decision trees, and simulations

  • Using real option theory and option pricing models in valuing business and equity

  • Applying valuation techniques to everything from start-up and financial services firms to real estate and unconventional assets

  • And much more

A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Third Edition will be an essential asset to anyone learning about this critical part of the investment process.

CHAPTER 1 Introduction to Valuation 1

A Philosophical Basis for Valuation 1

Generalities about Valuation 2

The Role of Valuation 6

Conclusion 9

Questions and Short Problems 9

CHAPTER 2 Approaches to Valuation 11

Discounted Cash Flow Valuation 11

Relative Valuation 19

Contingent Claim Valuation 23

Conclusion 25

Questions and Short Problems 25

CHAPTER 3 Understanding Financial Statements 27

The Basic Accounting Statements 27

Asset Measurement and Valuation 29

Measuring Financing Mix 36

Measuring Earnings and Profitability 42

Measuring Risk 47

Other Issues in Analyzing Financial Statements 53

Conclusion 55

Questions and Short Problems 55

CHAPTER 4 The Basics of Risk 58

What is Risk? 58

Equity Risk and Expected Return 59

Alternative Models for Equity Risk 71

A Comparative Analysis of Equity Risk Models 76

Models of Default Risk 77

Conclusion 81

Questions and Short Problems 82

CHAPTER 5 Option Pricing Theory and Models 87

Basics of Option Pricing 87

Determinants of Option Value 89

Option Pricing Models 90

Extensions of Option Pricing 107

Conclusion 109

Questions and Short Problems 109

CHAPTER 6 Market Efficiency-Definition, Tests, and Evidence 111

Market Efficiency and Investment Valuation 111

What Is an Efficient Market? 112

Implications of Market Efficiency 112

Necessary Conditions for Market Efficiency 114

Propositions about Market Efficiency 114

Testing Market Efficiency 116

Cardinal Sins in Testing Market Efficiency 120

Some Lesser Sins That Can Be a Problem 121

Evidence on Market Efficiency 122

Time Series Properties of Price Changes 122

Market Reaction to Information Events 130

Market Anomalies 134

Evidence on Insiders and Investment Professionals 142

Conclusion 149

Questions and Short Problems 150

CHAPTER 7 Riskless Rates and Risk Premiums 154

The Risk-Free Rate 154

Equity Risk Premium 159

Default Spreads on Bonds 177

Conclusion 180

Questions and Short Problems 180

CHAPTER 8 Estimating Risk Parameters and Costs of Financing 182

The Cost of Equity and Capital 182

Cost of Equity 183

From Cost of Equity to Cost of Capital 209

Best Practices at Firms 221

Conclusion 221

Questions and Short Problems 222

CHAPTER 9 Measuring Earnings 228

Accounting versus Financial Balance Sheets 228

Adjusting Earnings 229

Conclusion 246

Questions and Short Problems 248

CHAPTER 10 From Earnings to Cash Flows 249

The Tax Effect 249

Reinvestment Needs 257

Conclusion 267

Questions and Short Problems 268

CHAPTER 11 Estimating Growth 270

The Importance of Growth 270

Historical Growth 271

Analyst Estimates of Growth 281

Fundamental Determinants of Growth 284

Qualitative Aspects of Growth 301

Conclusion 302

Questions and Short Problems 302

CHAPTER 12 Closure in Valuation: Estimating Terminal Value 304

Closure in Valuation 304

The Survival Issue 318

Closing Thoughts on Terminal Value 320

Conclusion 321

Questions and Short Problems 321

CHAPTER 13 Dividend Discount Models...

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