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On Risk Adjusted Valuation
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Book Synopsis Strategic Risk Taking by : Aswath Damodaran
Download or read book Strategic Risk Taking written by Aswath Damodaran and published by Ft Press. This book was released on 2008 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Groundbreaking book that redefines risk in business as potentially powerful strategically to help increase profits. Get out of your "defensive crouch": learn which risks to avoid, which to mitigate, and which to actively exploit.
Book Synopsis The Dark Side of Valuation by : Aswath Damodaran
Download or read book The Dark Side of Valuation written by Aswath Damodaran and published by FT Press. This book was released on 2009-06-19 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. ·
Book Synopsis Value at Risk and Bank Capital Management by : Francesco Saita
Download or read book Value at Risk and Bank Capital Management written by Francesco Saita and published by Elsevier. This book was released on 2010-07-26 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value at Risk and Bank Capital Management offers a unique combination of concise, expert academic analysis of the latest technical VaR measures and their applications, and the practical realities of bank decision making about capital management and capital allocation. The book contains concise, expert analysis of the latest technical VaR measures but without the highly mathematical component of other books. It discusses practical applications of these measures in the real world of banking, focusing on effective decision making for capital management and allocation. The author, Francesco Saita, is based at Bocconi University in Milan, Italy, one of the foremost institutions for banking in Europe. He provides readers with his extensive academic and theoretical expertise combined with his practical and real-world understanding of bank structure, organizational constraints, and decision-making processes. This book is recommended for graduate students in master's or Ph.D. programs in finance/banking and bankers and risk managers involved in capital allocation and portfolio management. - Contains concise, expert analysis of the latest technical VaR measures but without the highly mathematical component of other books - Discusses practical applications of these measures in the real world of banking, focusing on effective decision making for capital management and allocation - Author is based at Bocconi University in Milan, Italy, one of the foremost institutions for banking in Europe
Book Synopsis On Risk Adjusted Valuation by : Luis H. R. Alvarez
Download or read book On Risk Adjusted Valuation written by Luis H. R. Alvarez and published by . This book was released on 2004 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Risk Adjusted Single Payment Present Worth (RASPPW) Factors by : Lars Jäger
Download or read book Handbook of Risk Adjusted Single Payment Present Worth (RASPPW) Factors written by Lars Jäger and published by BoD – Books on Demand. This book was released on 2023-07-12 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: In dynamic investment calculations it is necessary to discount cash flows that lie in the future. In many cases default risks have to be taken into account. These should also be included in the valuation. The author's personal experience in the subject led to the tables of Risk Adjusted Single Payment Present Worth (RASPPW) Factors. It is one of the simplest ways of risk-adjusted present value calculation. For negative and positive interest rates, different probabilities of default, and periods up to 40 years this handbook contains the Risk Adjusted Single Payment Present Worth (RASPPW) Factors. The cash flow is simply multiplied by the appropriate PV factor (depending on probability of default, interest rate and time). A very good aid in study and practice, for the calculation and control of risk-adjusted present values.
Book Synopsis Equity Valuation by : Peter O. Christensen
Download or read book Equity Valuation written by Peter O. Christensen and published by Now Publishers Inc. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm's cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows and the accounting policy. Growth, persistence, and mean reversion of residual operating income created by competition in the product markets or by the accounting policy are key determinants of the term structure of risk-adjustments.
Book Synopsis Valuation Approaches and Metrics by : Aswath Damodaran
Download or read book Valuation Approaches and Metrics written by Aswath Damodaran and published by Now Publishers Inc. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Book Synopsis Corporate Valuation by : Mario Massari
Download or read book Corporate Valuation written by Mario Massari and published by John Wiley & Sons. This book was released on 2016-08-08 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk consideration is central to more accurate post-crisis valuation Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials. Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry. Gain a new understanding of the idea of "value," from both accounting and financial perspectives Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples Examine the approach to valuation for rights issues and hybrid securities, and more Traditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how it translates to more accurate methods.
Book Synopsis Arbitrage-Free Valuation of Investment Projects Using Risk-Adjusted Discount Rates by : Marc Steffen Rapp
Download or read book Arbitrage-Free Valuation of Investment Projects Using Risk-Adjusted Discount Rates written by Marc Steffen Rapp and published by . This book was released on 2004 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short note discusses the link between the certainty equivalent approach of modern asset pricing theory and the cost of capital approach in DCF-models in a capital market model. Therefore we distinguish two notions of cost of capital: (a) risk-adjusted discount rates for a particular cash flow and (b) risk-adjusted returns of the project. In order to account for the flow of information both types are defined with respect to the valuation date.
Book Synopsis Strategic Risk Taking by : Aswath Damodaran
Download or read book Strategic Risk Taking written by Aswath Damodaran and published by Pearson Prentice Hall. This book was released on 2008 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Groundbreaking book that redefines risk in business as potentially powerful strategically to help increase profits. bull; Get out of your "defensive crouch ": learn which risks to avoid, which to mitigate, and which to actively exploit. bull; Master risk management techniques that can drive competitive advantage, increase firm value, and enhance growth and profitability. bull; By Dr. Aswath Damodaran, one of the field's top "gurus " - known worldwide for his classic guides to corporate finance and valuation.
Book Synopsis Risk Adjusted Asset Valuation Using a Probabilistic Approach with Optimized Asking Rents and Resale Timing Options by : Sarwesh Paradkar
Download or read book Risk Adjusted Asset Valuation Using a Probabilistic Approach with Optimized Asking Rents and Resale Timing Options written by Sarwesh Paradkar and published by . This book was released on 2013 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The model developed here provides an enhancement of the traditional DCF asset acquisition valuation template, in Excel. It provides a relatively transparent and user-friendly yet flexible risk-adjusted valuation of a subject individual acquisition, structured to consider the asset either as a core asset or a value-add asset. This study applies a basic stock flow model of space market dynamics to address the question of covariance among input variables. The model is designed with optional probabilistic inputs and historical data for the local space market (employment, rents, net rentable area, occupied space, new completions, vacancy and absorption) and the asset market (cap rates history) to produce a 15-year forecast for the relevant space and asset market for the subject property. An optional optimal rent module in the model uses the forecasted cap rates and consequent opportunity cost of capital to arrive at optimal asking rents for the subject property. The existing rent roll is combined with the future rents and vacancies along with asset level projections of operating costs and capital expenditures to arrive at the cash flow projections. Renewal probability and probability to lease up are major differentiating factors between the core and value add asset. The model also enables the user to optionally consider how flexibility in resale timing can improve the overall return performance from a probabilistic perspective. The output of the model includes an apprehension of the entire going-in risk return relationship, depicted relative to a relevant security market line generated by the input risk free interest rate and the opportunity cost of capital in the relevant asset market. Key words: Probabilistic, risk adjusted valuation, forecast, optimal rent, flexibility, renewal probability, probability to lease up.
Book Synopsis Applied Corporate Finance by : Aswath Damodaran
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk-Adjusted Return on Capital as a Concept in Value-Based Logistics Management by : Angelina Freshta Farzam
Download or read book Risk-Adjusted Return on Capital as a Concept in Value-Based Logistics Management written by Angelina Freshta Farzam and published by GRIN Verlag. This book was released on 2009-10 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Supply, Production, Logistics, grade: 1.7, Protestant University of Applied Sciences Hamburg (Protestant University of Applied Sciences Hamburg), course: International Logistics Management, language: English, abstract: Continued deflationary trends in many markets around the world are creating greater pressure for risk prevention in order that margins can be maintained. Customers and consumers are increasingly value driven. In this challenging world, there is a growing recognition that creative pricing strategies combined with effective supply chain management provide opportunities for significant risk capital cost reduction and yet increased profits. This paper presents evidence and a new model to support this viewpoint and suggests an approach to supply chain alignment that can enable cost reduction opportunities to be identified and higher profits to be achieved through collaborative strategies. For a good risk management the bank uses, among other figures, RORAC, RAROC and RARORAC to minimize the risk that each credit-borrower brings along. In the financing sector, therefore, they created the credit-ranking system. Now the next question would be, why not implement that credit-ranking in logistics to minimize risks in order to create a certain risk capital as security. Especially in the airfreight segment, where there is a lot of environmental risk involved, there has to be created a new way to prevent from high unexpected losses. The question that has to be answered
Book Synopsis Time Consistent and Currency Invariant Risk Adjusted Valuations by : Stephen J. D'Silva
Download or read book Time Consistent and Currency Invariant Risk Adjusted Valuations written by Stephen J. D'Silva and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Value Added Risk Management in Financial Institutions by : David P. Belmont
Download or read book Value Added Risk Management in Financial Institutions written by David P. Belmont and published by . This book was released on 2004-03-03 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: The typical financial executive’s view of the value of risk management in their financial institution is based on the belief that risk management focuses on loss avoidance. This view is based on the history of risk management being control focused. However, risk management has evolved rapidly to address the more strategic issue of optimization of return on risk. This evolutions has been accompanied by statistical, mathematical and financial techniques which, when actively applied, can produce disproportionately high return on risk. Given that financial institutions will have to make significant investments in their risk management systems to comply with the regulatory capital calculation requirements of BIS II, the book shows how to leverage this investment to extract shareholder value. Key concepts illustrated and explained in detail include: Opportunity costs of capital Economic profit Risk adjusted returns on capital Economic capital measurement and their relationship to economic capital allocation Capital structuring Capital budgeting The use of risk adjusted performance information in the formulation of management strategies that seek to optimize return to shareholders are discussed in depth and illustrated by practical case studies of several leading financial institutions. Finally, practical incentive and technology challenges are addressed and pragmatic recommendations for overcoming these challenges are given. The book aims to describe these techniques, illustrate their application, and discuss their strategic value in the management of financial institutions.
Book Synopsis Valuation of Unlisted Direct Investment Equity by : Emmanuel O. Kumah
Download or read book Valuation of Unlisted Direct Investment Equity written by Emmanuel O. Kumah and published by International Monetary Fund. This book was released on 2009-11-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
