Equity Valuation Science, Art, Or Craft?

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Publisher :
ISBN 13 :
Total Pages : 138 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Equity Valuation Science, Art, Or Craft? by : Frank J. Fabozzi

Download or read book Equity Valuation Science, Art, Or Craft? written by Frank J. Fabozzi and published by . This book was released on 2019 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

Equity Valuation

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Publisher :
ISBN 13 : 9781944960339
Total Pages : pages
Book Rating : 4.9/5 (63 download)

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Book Synopsis Equity Valuation by : Fabozzi

Download or read book Equity Valuation written by Fabozzi and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Equity Valuation: Science, Art, or Craft?

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Author :
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960341
Total Pages : 136 pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis Equity Valuation: Science, Art, or Craft? by : Frank J. Fabozzi

Download or read book Equity Valuation: Science, Art, or Craft? written by Frank J. Fabozzi and published by CFA Institute Research Foundation. This book was released on 2017-12-27 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

Corporate Valuation

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Publisher : Springer Nature
ISBN 13 : 3031282671
Total Pages : 717 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis Corporate Valuation by : Benedicto Kulwizira Lukanima

Download or read book Corporate Valuation written by Benedicto Kulwizira Lukanima and published by Springer Nature. This book was released on 2023-08-04 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides students with basic knowledge and advance skills for addressing practical challenges in valuation. First, the book presents financial information as a vital ingredient for performing corporate valuation. Second, the book presents key concepts of value and valuation and basic techniques for cash flow discounting. Third, the book offers an understanding of the reality of valuation, not simply as a numerical subject, as most people tend to think, but as a combination of objective and subjective aspects. Finally, it examines valuation in relation to the linkage between a firm’s objective, management role in value creation, investors’ decisions, and the valuation role of financial information. This book is designed and presented to make valuation easily accessible while also not diluting the nature of its complexity. To assist in the learning experience, the author provides illustrative case studies using real world data and review questions to cover all concepts. To assist professors, slides, Microsoft Excel illustrations, working data and sample syllabi are available online for download.

The Private Equity Toolkit

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Publisher : John Wiley & Sons
ISBN 13 : 1119697107
Total Pages : 374 pages
Book Rating : 4.1/5 (196 download)

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Book Synopsis The Private Equity Toolkit by : Tamara Sakovska

Download or read book The Private Equity Toolkit written by Tamara Sakovska and published by John Wiley & Sons. This book was released on 2022-06-08 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master the navigation of private equity deals from sourcing to exit with this comprehensive guide The Private Equity Toolkit: A Step-by-Step Guide to Getting Deals Done from Sourcing to Exit offers readers the first complete guide to executing a private equity deal from start to finish. Written by an accomplished professional with twenty years of experience in the private equity space, this book is perfect for current private equity analysts and associates, as well as business students and professionals seeking to enter the private equity field. This book covers every stage of the private equity process, from sourcing the deal to company exit. It provides a systematic overview of how to: · Originate attractive investment opportunities; · Generate superior deal insights; · Form effective working relationships with management teams; · Add value on portfolio company boards; and · Achieve profitable investment exits. The Private Equity Toolkit equips its readers with actionable frameworks and proprietary tools that can be applied on a daily basis in the private equity industry. The content found within is designed to be current and helpful for years to come and appeals to a global audience.

Research Foundation Review 2017

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Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960422
Total Pages : pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis Research Foundation Review 2017 by : CFA Institute Research Foundation

Download or read book Research Foundation Review 2017 written by CFA Institute Research Foundation and published by CFA Institute Research Foundation. This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Foundation Review 2017 summarizes the offerings from the CFA Institute Research Foundation over the past year—books, literature reviews, workshop presentations, and other relevant material.

Investment Governance for Fiduciaries

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Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960708
Total Pages : 190 pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis Investment Governance for Fiduciaries by : Michael E. Drew

Download or read book Investment Governance for Fiduciaries written by Michael E. Drew and published by CFA Institute Research Foundation. This book was released on 2019-04-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.

Introduction To Finance: Financial Management And Investment Management

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Author :
Publisher : World Scientific
ISBN 13 : 9811241295
Total Pages : 829 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Introduction To Finance: Financial Management And Investment Management by : Pamela Peterson Drake

Download or read book Introduction To Finance: Financial Management And Investment Management written by Pamela Peterson Drake and published by World Scientific. This book was released on 2021-12-20 with total page 829 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the fundamentals of financial management and investment management without getting into the highly technical topics and mathematical rigor. It also provides a practitioner-oriented approach to financial and investment management.The field of finance covers several specialty areas. The two most important ones which set the foundations for the other specialty areas are financial management and investment management, and these are the two major topics covered in the book. After touching on the basics — the financial system and the players, financial statements, and mathematics of finance — the authors then cover financial management and investment management in greater depth. For financial management the authors focus on financial strategy and financial planning, dividend policy, corporate financing decisions, entrepreneurial finance, financial risk management, and capital budgeting decisions. The investment management coverage includes the different types of risks faced in investing, company analysis, valuing common stock, portfolio selection, asset pricing theory, and investing in common stocks and bonds. The last chapter of the book covers financial derivatives and how they are used in finance to control risk.

Expectations Investing

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Publisher : Columbia University Press
ISBN 13 : 0231554842
Total Pages : 278 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Expectations Investing by : Michael J. Mauboussin

Download or read book Expectations Investing written by Michael J. Mauboussin and published by Columbia University Press. This book was released on 2021-09-28 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value. Michael J. Mauboussin and Alfred Rappaport suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, Mauboussin and Rappaport provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations. Their framework traces value creation from the triggers that shape a company’s performance to the impact on the value drivers. This allows a practitioner of expectations investing to determine whether a stock is an attractive buy or sell candidate. Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. Managers can use the book’s principles to devise, adjust, and communicate their company’s strategy in light of shareholder expectations. This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published and provides a wealth of new examples and case studies.

Financial Management for Decision Makers

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Publisher : Pearson UK
ISBN 13 : 1292311452
Total Pages : 1277 pages
Book Rating : 4.2/5 (923 download)

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Book Synopsis Financial Management for Decision Makers by : Peter Atrill

Download or read book Financial Management for Decision Makers written by Peter Atrill and published by Pearson UK. This book was released on 2019 with total page 1277 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Damodaran on Valuation

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Publisher : John Wiley & Sons
ISBN 13 : 0470049375
Total Pages : 696 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis Damodaran on Valuation by : Aswath Damodaran

Download or read book Damodaran on Valuation written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do." -- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Money

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Publisher : Routledge
ISBN 13 : 1315391058
Total Pages : 188 pages
Book Rating : 4.3/5 (153 download)

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Book Synopsis Money by : Sergio M. Focardi

Download or read book Money written by Sergio M. Focardi and published by Routledge. This book was released on 2018-03-19 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: By enabling the storage and transfer of purchasing power, money facilitates economic transactions and coordinates economic activity. But what is money? How is it generated? Distributed? How does money acquire value and that value change? How does money impact the economy, society? This book explores money as a system of "tokens" that represent the purchasing power of individual agents. It looks at how money developed from debt/credit relationships, barter and coins into a system of gold-backed currencies and bank credit and on to the present system of fiat money, bank credit, near-money and, more recently, digital currencies. The author successively examines how the money circuit has changed over the last 50 years, a period of stagnant wages, increased household borrowing and growing economic complexity, and argues for a new theory of economies as complex systems, coordinated by a banking and financial system. Money: What It Is, How It’s Created, Who Gets It and Why It Matters will be of interest to students of economics and finance theory and anyone wanting a more complete understanding of monetary theory, economics, money and banking.

The End of Accounting and the Path Forward for Investors and Managers

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1119191084
Total Pages : 384 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis The End of Accounting and the Path Forward for Investors and Managers by : Baruch Lev

Download or read book The End of Accounting and the Path Forward for Investors and Managers written by Baruch Lev and published by John Wiley & Sons. This book was released on 2016-06-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.

Mastering The Market Cycle

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Publisher : HarperCollins
ISBN 13 : 1328480569
Total Pages : 339 pages
Book Rating : 4.3/5 (284 download)

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Book Synopsis Mastering The Market Cycle by : Howard Marks

Download or read book Mastering The Market Cycle written by Howard Marks and published by HarperCollins. This book was released on 2018-10-02 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLER The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets, and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights—drawn in part from his iconic memos over the years to Oaktree’s clients—you can master these recurring patterns to have the opportunity to improve your results.

Equity Asset Valuation

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Publisher : John Wiley & Sons
ISBN 13 : 1119104629
Total Pages : 622 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis Equity Asset Valuation by : Jerald E. Pinto

Download or read book Equity Asset Valuation written by Jerald E. Pinto and published by John Wiley & Sons. This book was released on 2015-10-20 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.

Narrative and Numbers

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Publisher : Columbia University Press
ISBN 13 : 0231542747
Total Pages : 295 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Narrative and Numbers by : Aswath Damodaran

Download or read book Narrative and Numbers written by Aswath Damodaran and published by Columbia University Press. This book was released on 2017-01-10 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value. Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

Security Analysis on Wall Street

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Publisher : John Wiley & Sons
ISBN 13 : 9780471177418
Total Pages : 460 pages
Book Rating : 4.1/5 (774 download)

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Book Synopsis Security Analysis on Wall Street by : Jeffrey C. Hooke

Download or read book Security Analysis on Wall Street written by Jeffrey C. Hooke and published by John Wiley & Sons. This book was released on 1998-04-06 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of Contents