Contrarian Share Price Reactions To Earnings Surprises

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Contrarian Share Price Reactions to Earnings Surprises

Author : W. Bruce Johnson
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Contrarian Share Price Reactions to Earnings Surprises by : W. Bruce Johnson

Download or read book Contrarian Share Price Reactions to Earnings Surprises written by W. Bruce Johnson and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: A persistent (but overlooked) feature of the cross-sectional distribution of quarterly earnings announcement returns is that the measured earnings surprise and share price response to that surprise are often in the opposite direction. Extending Kinney, Burgstahler and Martin [2002], we provide evidence on the prevalence, determinants, and consequences of contrarian stock returns at the earnings announcement date. Using the most recent I/B/E/S consensus EPS forecast as our earnings benchmark, we find that contrarian returns occur for roughly 40 percent of the more than 230,000 quarterly earnings announcements that comprise our sample. They are only slightly less prevalent in extreme earnings surprise deciles, and are evident each quarter during 1985-2005. The incidence of contrarian returns is statistically related to: ldquo;noiserdquo; in the measured earnings surprise (stale I/B/E/S consensus forecasts, pre-announcement stock returns, and the presence of GAAP exclusions); and ldquo;noiserdquo; in the share price response to announced earnings (discordant revenue changes, discordant earnings forecast revisions, return volatility, bid-ask spread and discordant prior quarter earnings surprises). Finally, contrarian stocks exhibit little post-earnings-announcement drift.

Contrarian Investment Strategies: the Next Generation

Author : David Dreman
Publisher : Simon and Schuster
ISBN 13 : 1416539042
Total Pages : 473 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Contrarian Investment Strategies: the Next Generation by : David Dreman

Download or read book Contrarian Investment Strategies: the Next Generation written by David Dreman and published by Simon and Schuster. This book was released on 2008-06-30 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Dreman's name is synonymous with the term "contrarian investing," and his contrarian strategies have been proven winners year after year. His techniques have spawned countless imitators, most of whom pay lip service to the buzzword "contrarian," but few can match his performance. His Kemper-Dreman High Return Fund has been the leader since its inception in 1988 -- the number one equity-income fund among all 208 ranked by Lipper Analytical Services, Inc. Dreman is also one of a handful of money managers whose clients have beaten the runaway market over the past five, ten, and fifteen years. Now, as the longest bull market in the history of the stock market winds down, there is increasing volatility and a great deal of uncertainty. This is the climate that tests the mettle of the pros, the worries of the average investor, and the success of David Dreman's brilliant new strategies for the next millennium. Contrarian Investment Strategies: The Next Generation shows investors how to outperform professional money managers and profit from potential Wall Street panics -- all in Dreman's trademark style, which The New York Times calls "witty and clear as a silver bell." Dreman reveals a proven, systematic, and safe way to beat the market by buying stocks of good companies when they are currently out of favor. At the heart of his book is a fundamental psychological insight: investors overreact. Dreman demonstrates how investors consistently overvalue the so-called "best" stocks and undervalue the so-called "worst" stocks, and how earnings and other surprises affect the best and worst stocks in opposite ways. Since surprises are a way of life in the market, Dreman shows you how to profit from these surprises with his ingenious new techniques, most of which have been developed in the nineties. You'll learn: Why contrarian stocks offer extra protection in bear markets, as well as delivering superior returns when the bull roars. Why a high dividend yield is just as important for the aggressive investor as it is for "widows and orphans." Why owning Treasury bills and government bonds -- the "safest investments" for centuries -- is like being fully margined at the top of the 1929 market. Why Initial Public Offerings are a guaranteed loser's game. Why you should avoid Nasdaq ("the market of the next hundred years") like the plague. Why crisis, panic, and even market downturns are the contrarian investor's best friend. Why the chances of hitting a home run using the Street's best research are worse than being the big winner in the New York State Lottery. Based on cutting-edge research and irrefutable statistics, David Dreman's revolutionary techniques will benefit professionals and laymen alike.

Retail Investors' Contrarian Behavior Around News, Attention, and the Momentum Effect

Author : Cheng Luo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Retail Investors' Contrarian Behavior Around News, Attention, and the Momentum Effect by : Cheng Luo

Download or read book Retail Investors' Contrarian Behavior Around News, Attention, and the Momentum Effect written by Cheng Luo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings announcement drift (PEAD) and price momentum. Indeed, when we double-sort by momentum portfolios and retail trading flows, PEAD and momentum are only present in the top two quintiles of retail trading intensity. Finer sorts confirm the results, as do sorts by firm size and institutional ownership level. We show that the investors in our sample are representative of the universe of U.S. retail traders, and that the magnitude of the phenomena we describe indicate a quantitively substantial role of retail investors in generating momentum. Alternative hypotheses, such as the disposition effect and stale limit orders, do not explain retail contrarian trading. Younger traders are more likely to be contrarian, and a firm's dividend yield, leverage, size, book to market, and analyst coverage are associated with the fraction of contrarian trades they face around earnings announcements. Attentive investors are more likely to be contrarians.

Contrarian Investment Strategies

Author : David Dreman
Publisher : Simon and Schuster
ISBN 13 : 0743297962
Total Pages : 498 pages
Book Rating : 4.7/5 (432 download)

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Book Synopsis Contrarian Investment Strategies by : David Dreman

Download or read book Contrarian Investment Strategies written by David Dreman and published by Simon and Schuster. This book was released on 2012-01-10 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduces important new findings in psychology to demonstrate why most investment strategies are flawed, outlining atypical strategies designed to prevent over- and under-valuations while crash-proofing a portfolio.

Contrarian Strategies and Investor Expectations

Author : Mario Levis
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Contrarian Strategies and Investor Expectations by : Mario Levis

Download or read book Contrarian Strategies and Investor Expectations written by Mario Levis and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The rationale for the superior performance of contrarian investment strategies remains a matter of lively debate. The orthodox view maintains that such strategies generate higher returns because they are fundamentally riskier, whereas the behaviorists suggest that the superior performance is a result of systematic errors in investors' expectations about the future. If the behavioral view is accepted, then the debate centers on what the underlying source(s) of such errors are 'naive extrapolation of past performance or biased analysts' earnings forecasts. Using stocks listed on the London Stock Exchange, we found evidence consistent with the view that errors in expectations are more likely to be a result of biases in analysts' earnings forecasts than naive extrapolation of the past. We also found that positive and negative earnings surprises have an asymmetrical effect on the returns of low- and high-rated stocks. Positive earnings surprises have a disproportionately large positive impact on stocks that are priced low relative to four measures of operating performance; negative surprises have a relatively benign effect on such stocks.

Stock Price Reaction to Quarterly Earnings Announcements with Respect of Outlook Changes and Deviation to Consensus Forecast

Author : Benjamin Schmitt
Publisher :
ISBN 13 : 9783656972426
Total Pages : 56 pages
Book Rating : 4.9/5 (724 download)

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Book Synopsis Stock Price Reaction to Quarterly Earnings Announcements with Respect of Outlook Changes and Deviation to Consensus Forecast by : Benjamin Schmitt

Download or read book Stock Price Reaction to Quarterly Earnings Announcements with Respect of Outlook Changes and Deviation to Consensus Forecast written by Benjamin Schmitt and published by . This book was released on 2015-06-12 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Investment and Finance, grade: 1.1, EBS European Business School gGmbH (Finance), language: English, abstract: Many authors have already studied about stock price reactions after earnings announcements yet, which is because of the importance of earnings announcements, in particular quarterly earnings announcements, for many investors. However, all major studies concerning this topic deal with long-term scenarios, the stock's price performance is measured for a time period of at least three quarters. Due to the fact that there are many investors, especially institutional investors such as hedge funds that trade stocks much more frequently, the existing studies are not relevant for them. This paper studies stock price reactions around quarterly earnings announcements for companies listed in Deutscher Aktienindex (DAX) or Midcap DAX (MDAX) with respect to changes of the company's full-year outlook and of earnings surprise regarding analyst consensus forecast within ten days before and after the announcement date. Hence, this paper aims to analyse short-term reaction to quarterly earnings announcements, which are of relevance for all investors, whose investment strategy is, at least partially, focussing on the short-term performance. The main target group of this analysis are therefore hedge funds and investors that run short-term strategies. Due to the fact that the widespread Event Study Methodology is focused on the long-term, it is irrelevant for this analysis.

Contrarian Strategies, Investor Expectations and Sentiments

Author : Liping Zou
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Contrarian Strategies, Investor Expectations and Sentiments by : Liping Zou

Download or read book Contrarian Strategies, Investor Expectations and Sentiments written by Liping Zou and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study documents that contrarian investment strategies offer superior returns because these strategies exploit investors' expectation errors. The underlying source of these expectation errors may be due to biases on analysts' earnings forecasts. We found both positive earnings surprises and negative earnings surprises significantly affect subsequent returns. Negative earnings surprises have less impact on value stocks relative to glamour stocks. This may contribute to the superior performance from value strategies. We also investigate whether investor sentiment can be an alternative source of value stocks' superior performance. Our results conclude that when the investor sentiment is higher, the value stocks earn significant higher return than glamour stocks.

Contrarian Investment Strategies

Author : David Dreman
Publisher : Free Press
ISBN 13 : 9780684813509
Total Pages : 0 pages
Book Rating : 4.8/5 (135 download)

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Book Synopsis Contrarian Investment Strategies by : David Dreman

Download or read book Contrarian Investment Strategies written by David Dreman and published by Free Press. This book was released on 1998-05-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Dreman's name is synonymous with the term "contrarian investing," and his contrarian strategies have been proven winners year after year. His techniques have spawned countless imitators, most of whom pay lip service to the buzzword "contrarian," but few can match his performance. His Kemper-Dreman High Return Fund has been the leader since its inception in 1988 -- the number one equity-income fund among all 208 ranked by Lipper Analytical Services, Inc. Dreman is also one of a handful of money managers whose clients have beaten the runaway market over the past five, ten, and fifteen years. Now, as the longest bull market in the history of the stock market winds down, there is increasing volatility and a great deal of uncertainty. This is the climate that tests the mettle of the pros, the worries of the average investor, and the success of David Dreman's brilliant new strategies for the next millennium. Contrarian Investment Strategies: The Next Generation shows investors how to outperform professional money managers and profit from potential Wall Street panics -- all in Dreman's trademark style, which The New York Times calls "witty and clear as a silver bell." Dreman reveals a proven, systematic, and safe way to beat the market by buying stocks of good companies when they are currently out of favor. At the heart of his book is a fundamental psychological insight: investors overreact. Dreman demonstrates how investors consistently overvalue the so-called "best" stocks and undervalue the so-called "worst" stocks, and how earnings and other surprises affect the best and worst stocks in opposite ways. Since surprises are a way of life in the market, Dreman shows you how to profit from these surprises with his ingenious new techniques, most of which have been developed in the nineties. You'll learn: Why contrarian stocks offer extra protection in bear markets, as well as delivering superior returns when the bull roars. Why a high dividend yield is just as important for the aggressive investor as it is for "widows and orphans." Why owning Treasury bills and government bonds -- the "safest investments" for centuries -- is like being fully margined at the top of the 1929 market. Why Initial Public Offerings are a guaranteed loser's game. Why you should avoid Nasdaq ("the market of the next hundred years") like the plague. Why crisis, panic, and even market downturns are the contrarian investor's best friend. Why the chances of hitting a home run using the Street's best research are worse than being the big winner in the New York State Lottery. Based on cutting-edge research and irrefutable statistics, David Dreman's revolutionary techniques will benefit professionals and laymen alike.

Contrarian Investment Strategies in the Next Generation

Author : David Dreman
Publisher : Simon and Schuster
ISBN 13 : 1451602197
Total Pages : 456 pages
Book Rating : 4.4/5 (516 download)

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Book Synopsis Contrarian Investment Strategies in the Next Generation by : David Dreman

Download or read book Contrarian Investment Strategies in the Next Generation written by David Dreman and published by Simon and Schuster. This book was released on 1998-05-18 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Dreman's name is synonymous with the term "contrarian investing," and his contrarian strategies have been proven winners year after year. His techniques have spawned countless imitators, most of whom pay lip service to the buzzword "contrarian," but few can match his performance. His Kemper-Dreman High Return Fund has been the leader since its inception in 1988 -- the number one equity-income fund among all 208 ranked by Lipper Analytical Services, Inc. Dreman is also one of a handful of money managers whose clients have beaten the runaway market over the past five, ten, and fifteen years. Now, as the longest bull market in the history of the stock market winds down, there is increasing volatility and a great deal of uncertainty. This is the climate that tests the mettle of the pros, the worries of the average investor, and the success of David Dreman's brilliant new strategies for the next millennium. "Contrarian Investment Strategies: The Next Generation" shows investors how to outperform professional money managers and profit from potential Wall Street panics -- all in Dreman's trademark style, which "The New York Times" calls "witty and clear as a silver bell." Dreman reveals a proven, systematic, and safe way to beat the market by buying stocks of good companies when they are currently out of favor. At the heart of his book is a fundamental psychological insight: investors overreact. Dreman demonstrates how investors consistently overvalue the so-called "best" stocks and undervalue the so-called "worst" stocks, and how earnings and other surprises affect the best and worst stocks in opposite ways. Since surprises are a way of life in the market, Dreman shows you how to profit from these surprises with his ingenious new techniques, most of which have been developed in the nineties. You'll learn: Why contrarian stocks offer extra protection in bear markets, as well as delivering superior returns when the bull roars. Why a high dividend yield is just as important for the aggressive investor as it is for "widows and orphans." Why owning Treasury bills and government bonds -- the "safest investments" for centuries -- is like being fully margined at the top of the 1929 market. Why Initial Public Offerings are a guaranteed loser's game. Why you should avoid Nasdaq ("the market of the next hundred years") like the plague. Why crisis, panic, and even market downturns are the contrarian investor's best friend. Why the chances of hitting a home run using the Street's best research are worse than being the big winner in the New York State Lottery. Based on cutting-edge research and irrefutable statistics, David Dreman's revolutionary techniques will benefit professionals and laymen alike.

The Handbook of Equity Market Anomalies

Author : Leonard Zacks
Publisher : John Wiley & Sons
ISBN 13 : 1118127765
Total Pages : 352 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Handbook of Equity Market Anomalies by : Leonard Zacks

Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.

Practical Trend Analysis

Author : Michael C. Thomsett
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 1547401109
Total Pages : 350 pages
Book Rating : 4.5/5 (474 download)

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Book Synopsis Practical Trend Analysis by : Michael C. Thomsett

Download or read book Practical Trend Analysis written by Michael C. Thomsett and published by Walter de Gruyter GmbH & Co KG. This book was released on 2019-05-20 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for traders with a basic knowledge of trends and technical analysis, Practical Trend Analysis introduces advanced analytical tools for recognizing how risks evolve as trends proceed. Readers will learn how to use trend prediction to manage market risks far more effectively. Michael C. Thomsett provides insights on technical signals such as candlestick reversals, price gaps, and movement through resistance or support; distinguishing between strong and weak trends; objectively evaluating the health of a stock’s current price levels, trading breadth, and technical condition; and anticipating plateaus, slowdowns, or price reversals. He presents detailed coverage of trendlines and channel lines; patterns and confirmations of both reversals and continuations; broadening and narrowing trends, price jumps; and trends based on volume, moving averages, and momentum. Practical Trend Analysis will enable traders, both amateur and professional, to go far beyond mere trend "following." Michael C. Thomsett is a market expert, author, speaker, and coach. His many books include Stock Market Math, Candlestick Charting, and The Mathematics of Options.

The Complete Options Trader

Author : Michael C. Thomsett
Publisher : Springer
ISBN 13 : 3319765051
Total Pages : 253 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis The Complete Options Trader by : Michael C. Thomsett

Download or read book The Complete Options Trader written by Michael C. Thomsett and published by Springer. This book was released on 2018-05-08 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Options traders rely on a vast array of information concerning probability, risk, strategy components, calculations, and trading rules. Traders at all levels, as well as portfolio managers, must refer to numerous print and online sources, each source only providing part of the information they need. This is less than ideal, as online sources tend to be basic, simplified, and in some cases incorrect. Print sources, on the other hand, are mostly focused on a very narrow range of strategies or trading systems. Up until now, there has been no single source to provide a comprehensive reference for the serious trader. The Complete Options Trader is that much-need comprehensive reference, a compilation of the many attributes options traders need. Thomsett lays out a rich and complete guide to 100 strategies, including profit and loss calculations, illustrations, examples, and much more. A thorough evaluation of these strategies (and the rewards and risk involved) demonstrates how a broad approach to analytically using options can and does enhance portfolio profits with lower levels of risk. The book also features a complete glossary of terms used in the options industry, the most comprehensive glossary of this nature currently available. All too often, the attributes of options trading are poorly understood; risk is ignored or over-simplified; hedging is not folded into a strategic evaluation; and options traders shun the value of holding equity positions. No longer—if options traders rely on this comprehensive guide as the reference for the industry.

Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．14

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
ISBN 13 : 9864371290
Total Pages : pages
Book Rating : 4.8/5 (643 download)

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Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．14 by : Cheng F. Lee

Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．14 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2016-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.

Investment Philosophies

Author : Aswath Damodaran
Publisher : John Wiley & Sons
ISBN 13 : 1118235614
Total Pages : 615 pages
Book Rating : 4.1/5 (182 download)

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Book Synopsis Investment Philosophies by : Aswath Damodaran

Download or read book Investment Philosophies written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

Musings on Markets: Articles from 2008-2014

Author : Martin Kilarski
Publisher : Martin Kilarski
ISBN 13 :
Total Pages : 955 pages
Book Rating : 4./5 ( download)

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Book Synopsis Musings on Markets: Articles from 2008-2014 by : Martin Kilarski

Download or read book Musings on Markets: Articles from 2008-2014 written by Martin Kilarski and published by Martin Kilarski. This book was released on 2024-08-31 with total page 955 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the ever-evolving world of finance, clarity and insight are precious commodities. Enter Professor Aswath Damodaran, the mind behind the influential blog "Musings on Markets." This unassuming corner of the internet, launched in 2008, serves as a platform for his insightful commentary on current financial events, valuation methodologies, and emerging trends. Damodaran's ability to break down complex financial concepts into digestible terms has made him a beloved figure among investors and students. Professor Damodaran, or "Aswath" as he's affectionately known to his readers, isn't your typical Wall Street guru. His writing is refreshingly devoid of jargon, laced with wit, and grounded in a passion for demystifying complex financial concepts. Think of "Musings on Markets" as your friendly neighborhood professor, patiently explaining the intricate workings of financial markets through clear explanations, insightful analyses, and a healthy dose of real-world examples. Aswath Damodaran is a distinguished professor of finance at the Stern School of Business, New York University. Renowned for his groundbreaking work in corporate finance and valuation, Damodaran has been instrumental in shaping the field's methodologies and applications. Born in India, Damodaran pursued his academic journey in the United States, earning his Ph.D. in finance from the University of Michigan. His early career was marked by a deep dive into the intricacies of capital markets and corporate valuation, a fascination that has remained a constant throughout his illustrious career. Damodaran's academic prowess is evident in his extensive publications. He is the author of several highly acclaimed textbooks, including "Investment Valuation," "Corporate Finance: Theory and Practice," and "Applied Corporate Finance: A User's Guide." These books are considered essential reading for students, practitioners, and academics alike, providing invaluable insights into the theory and practice of finance. His contributions to the field of finance have not gone unnoticed. Damodaran has been recognized with numerous awards and honors, including the Graham and Dodd Award from the Financial Analysts Journal and the Distinguished Scholar Award from the Academy of Financial Management. Aswath Damodaran's legacy extends far beyond his academic achievements. His dedication to teaching, research, and public outreach has inspired countless individuals to pursue careers in finance and has significantly advanced the field of corporate valuation.

Tech Stock Valuation

Author : Mark Hirschey
Publisher : Academic Press
ISBN 13 : 9780123497048
Total Pages : 316 pages
Book Rating : 4.4/5 (97 download)

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Book Synopsis Tech Stock Valuation by : Mark Hirschey

Download or read book Tech Stock Valuation written by Mark Hirschey and published by Academic Press. This book was released on 2003-06-17 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15%. Financial economists and accountants have investigated the link between a firm's market value and its R & D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors' ability to capture returns on that investment, and ways to measure value, investment, and returns. 'Tech Stock Valuation' extends the R & D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give tech stock investors and R & D managers a valuable new tool that can be used to measure R & D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. *Provides detailed direct evidence on the market value implications of inventive and innovative output *Based on recent research, much of which Dr. Hirschey has pioneered *Gives financial professionals a new tool for assessing R & D quality and its relation to market valuation.

Modern Financial Markets

Author : David W. Blackwell
Publisher : John Wiley & Sons
ISBN 13 : 0470000104
Total Pages : 516 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis Modern Financial Markets by : David W. Blackwell

Download or read book Modern Financial Markets written by David W. Blackwell and published by John Wiley & Sons. This book was released on 2006-12-18 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout this concise, accessible book, readers will quickly learn the fundamental concepts of managerial finance while discovering how things really work. The material is explained using an intuitive theoretical context, providing them with a richer understanding of the material and better insights into solving problems. Finance concepts are covered in a common sense manner and the use of mathematical jargon is minimized. The unifying theme for the book is the concept of valuation since it is the most fundamental concept in finance. The authors define and discuss value in terms of net present value (NPV).