Now in a Second Edition, this practical book helps corporate executives and managers understand the full ramifications of good corporate governance and compliance.
Chapter 3: The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: COSO to Sarbanes-Oxley
Chapter 4: The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: SAS 99 to the 2010 Amendments to the Federal Sentencing Guidelines for Organizations
The definitive source of information on all topics related to investment valuation tools and techniques
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.
Inhoudsopgave:
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 323
The General Model 323
Versions of the Model 324
Issues in Using the Dividend Discount Model 344
Tests of the Dividend Discount Model 345
Conclusion 348
Questions and Short Problems 349
CHAPTER 14 Free Cash Flow to Equity Discount Models 351
Measuring What Firms Can Return to Their Stockholders 351
FCFE Valuation Models 357
FCFE Valuation versus Dividend Discount Model Valuation 372
Conclusion 376
Questions and Short Problems 376
CHAPTER 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches 380
Free Cash flow to the Firm 380
Firm Valuation: The Cost of Capital Approach 383
Firm Valuation: The Adjusted Present Value Approach 398
Effect of Leverage on Firm Value 402
Adjusted Present Value and Financial Leverage 415
Conclusion 419
Questions and Short Problems 419
CHAPTER 16 Estimating Equity Value per Share 423
Value of Nonoperating Assets 423
Firm Value and Equity Value 440
Management and Employee Options 442
Value per Share When Voting Rights Vary 448
Conclusion 450
Questions and Short Problems 451
CHAPTER 17 Fundamental Principles of Relative Valuation 453
Use of Relative Valuation 453
Standardized Values and Multiples 454
Four Basic Steps to Using Multiples 456
Reconciling Relative and Discounted Cash Flow Valuations 466
Conclusion 467
Questions and Short Problems 467
CHAPTER 18 Earnings Multiples 468
Price-Earnings Ratio 468
The PEG Ratio 487
Other Variants on the PE Ratio 497
Conclusion 508
Questions and Short Problems 508
CHAPTER 19 Book Value Multiples 511
Price-to-Book Equity 511
Applications of Price-Book Value Ratios 521
Use in Investment Strategies 530
Value-to-Book Ratios 532
Tobin`s Q: Market Value/Replacement Cost 537
Conclusion 539
Questions and Short Problems 539
CHAPTER 20 Revenue Multiples and Sector-Specific Multiples 542
Revenue Multiples 542
Sector-Specific Multiples 571
Conclusion 577
Questions and Short Problems 577
CHAPTER 21 Valuing Financial Service Firms 581
Categories of Financial Service Firms 581
What is Unique about Financial
Service Firms? 582
General Framework for Valuation 583
Discounted Cash Flow Valuation 584
Asset-Based Valuation 599
Relative Valuation 599
Issues in Valuing Financial Service Firms 605
Conclusion 607
Questions and Short Problems 608
CHAPTER 22 Valuing Firms with Negative Earnings 611
Negative Earnings: Consequences and Causes 611
Valuing Negative Earnings Firms 615
Conclusion 639
Questions and Short Problems 639
CHAPTER 23 Valuing Young or Start-Up Firms 643
Information Constraints 643
New Paradigms or Old Principles:
A Life Cycle Perspective 644
Venture Capital Valuation 646
General Framework for Analysis 648
Value Drivers 659
Estimation Noise 661
Implications for Investors 662
Implications for Managers 663
The Expectations Game 663
Conclusion 665
Questions and Short Problems 666
CHAPTER 24 Valuing Private Firms 667
What Makes Private Firms Different? 667
Estimating Valuation Inputs at Private Firms 668
Valuation Motives and Value Estimates 689
Valuing Venture Capital and Private
Equity Stakes 693
Conclusion 699
Questions and Short Problems 699
CHAPTER 25 Aquisitions and Takeovers 702
Background on Acquisitions 702
Empirical Evidence on the Value Effects of Takeovers 705
Steps in an Acquisition 705
Takeover Valuation: Biases and Common Errors 724
Structuring the Acquisition 725
Analyzing Management and Leveraged Buyouts 730
Conclusion 734
Questions and Short Problems 735
CHAPTER 26 Valuing Real Estate 739
Real versus Financial Assets 739
Discounted Cash Flow Valuation 740
Comparable/Relative Valuation 759
Valuing Real Estate Businesses 761
Conclusion 763
Questions and Short Problems 763
CHAPTER 27 Valuing Other Assets 766
Cash-Flow-Producing Assets 766
Non-Cash-Flow-Producing Assets 776
Assets with Option Characteristics 778
Conclusion 778
Questions and Short Problems 779
CHAPTER 28 The Option to Delay and Valuation Implications 781
The Option to Delay a Project 781
Valuing a Patent 789
Natural Resource Options 796
Other Applications 802
Conclusion 802
Questions and Short Problems 803
CHAPTER 29 The Options to Expand and to Abandon: Valuation Implications 805
The Option to Expand 805
When Are Expansion Options Valuable? 812
Valuing a Firm with the Option to Expand 815
Value of Financial Flexibility 817
The Option to Abandon 820
Reconciling Net Present Value and Real Option Valuations 823
Conclusion 823
Questions and Short Problems 824
CHAPTER 30 Valuing Equity in Distressed Firms 826
Equity in Highly Levered Distressed Firms 826
Implications of Viewing Equity as an Option 828
Estimating the Value of Equity as an Option 831
Consequences for Decision Making 836
Conclusion 839
Questions and Short Problems 839
CHAPTER 31 Value Enhancement: A Discounted Cash Flow Valuation Framework 841
Value Creating and Value-Neutral Actions 841
Ways of Increasing Value 842
Value Enhancement Chain 859
Closing Thoughts on Value Enhancement 864
Conclusion 865
Questions and Short Problems 865
CHAPTER 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools 869
Economic Value Added 870
Cash Flow Return on Investment 884
A Postscript on Value Enhancement 890
Conclusion 891
Questions and Short Problems 891
CHAPTER 33 Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations 894
Scenario Analysis 894
Decision Trees 899
Simulations 908
An Overall Assessment of Probabilistic Risk-Assessment Approaches 919
Conclusion 921
Questions and Short Problems 921
CHAPTER 34 Overview and Conclusion 925
Choices in Valuation Models 925
Which Approach Should You Use? 926
Choosing the Right Discounted Cash Flow Model 929
Choosing the Right Relative Valuation Model 933
When Should You Use the Option Pricing Models? 937
Conclusion 938
References 939
Index 954
Extra informatie:
Gebonden: harde kaft, 992 pagina's
Verschenen: april 2012
Gewicht: 1669 gram
Formaat: 267 x 197 x 44 mm
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Damodaran, Aswath, Investment Valuation
Prijs van Euro 110.95 voor Euro 99.86
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Levertijd: 5 tot 7 werkdagen
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The Economics of Sovereign Wealth Funds
Prijs van Euro 78.95 voor Euro 73.42
A complete guide to sovereign wealth funds written by and for industry practitioners
Sovereign wealth funds (SWFs) aren`t new, but they are often misunderstood. As they`ve attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater.
Taal / Language : English
Inhoudsopgave:
Preface
List of Tables
List of Abbreviations
Acknowledgements
Introduction
A few stylized facts
SWFs under the spotlight
Misplaced fears
The plan of the book
Chapter 1. The macroeconomic dynamics of SWFs
1.1 Persistent Current Account Surpluses Translate into Accumulation of Foreign Assets
1.2 Absorption Constraints: The rationale for establishing SWFs and FWFs
1.3 The management of natural resources windfall
1.4 Commodities demand and the super-cycle theory
1.5 SWFs as alternative to an income tax system: what if Norway becomes like Saudi Arabia?
Chapter 2. Size and Growth of SWF Assets
2.1 Size and clusters of the SWF
2.2 Drivers of SWF growth
2.3 The optimal level of FX reserves
2.4 Future growth of FX reserves: Commodity versus non-commodity exporting countries
2.5 Size of SWFs by 2016
Appendix: How big could SWFs be by 2016?
Chapter 3. SWFs as investors in global markets
3.1 Clustering of SWFs in terms of objectives and investment profiles
3.2 SWF as strategic investors in domestic and global markets
3.3 Geographical and sectoral distribution of SWF direct investments: the 2007-08`s surge of investments in Western financials.
3.4 Investment Performance of SWFs and the impact of the financial crisis
3.5 Explicit and implicit liabilities of SWFs
3.6 Long term investments: SWFs as the ultimate risk bearers
Chapter 4. Risk management for SWFs
4.1 The crisis in retrospect
4.2 The complex qualitative nature of risk: uncertainty, chaos, black swans and fat tail
4.3 Banking regulation, herd behaviour and contagion
4.4 The evolution of the regulatory framework
4.5 Sketches of Risk Management for SWFs
4.6 An unconventional dimension of risk management: shareholders vs stakeholders
Chapter 5. SWFs in the geopolitics of the XXI century
5.1 The shift to East of the global economy: the New Silk Route
5.2 The law of unintended consequences? China`s influence through financial muscle
5.3 SWFs investing in the less developed economies: Africa as the last investment frontier
5.4 The new financial geographic: the emerging multipolar financial architecture
5.5 The dominance of the USD in global financial markets: SWFs as USD diversifiers
5.6 SWFs and the new regulatory framework for financial institutions: the upcoming "war for capital"
Chapter 6. The politics of SWF engagement
6.1 National responses to the growing role of SWFs
6.2 International response to the growing role of SWFs
6.3 SWFs response to international pressure
6.4 Santiago principles: rationale, implementation and reality
6.5 A digression on public versus private role in the economy
Chapter 7. Wrapping up
7.1 Towards a multipolar world
7.2 Governments` activism in economic and financial affairs
7.3 Barbarian at the gates or welcome partners?
7.4 The end of the saving glut and the coming era of capital scarcity
7.5 Towards a multicurrency regime
7.6 A proposal to allay fears over transparency
7.7 The new responsibilities on the global scene
Bibliography
Subject Index
Extra informatie:
Gebonden: harde kaft, 228 pagina's
Verschenen: april 2012
Gewicht: 480 gram
Formaat: 231 x 158 x 23 mm
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Castelli, Massimiliano, The New Economics of Sovereign Wealth Funds
Prijs van Euro 78.95 voor Euro 73.42
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Debitoren- und Kreditorenbuchhaltung
Prijs Euro 36.25
Organisieren Sie Ihre Kontokorrentbuchhaltung effizient und erleichtern Sie sich die Erstellung des Jahresabschlusses. Dieser Ratgeber erläutert notwendige Aufgaben Schri
Taal / Language : German
Extra informatie:
Ingenaaid: paperback,kaft slap, 336 pagina's
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Gewicht: 429 gram
Formaat: 214 x 149 x 20 mm
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Urban, Bernd, Debitoren- und Kreditorenbuchhaltung - mit Arbeitshilfen online
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Frequently Asked Questions on Anti-Bribery and Corruption
Prijs van Euro 52.95 voor Euro 49.24
A practical guide to addressing the challenges managers face in implementing and enforcing new anti-bribery regulations
The Bribery Act became the law of the land in July 2011. It abolished all existing U.K. anti-bribery laws and replaced them with a suite of new regulations decidedly different and more strenuous than what has come before.
Taal / Language : English
Extra informatie:
Ingenaaid: paperback,kaft slap, 584 pagina's
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Gewicht: 526 gram
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Lawler, David, Frequently Asked Questions on Anti-Bribery and Corruption
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Abergel, Frédéric
Market Microstructure, High Frequency Finance and Optimal Trading Strategies
Prijs van Euro 52.95 voor Euro 49.24
The latest cutting-edge research on market microstructure
Based on the December 2010 Bachelier Society annual conference on market microstructure, this guide brings together the leading thinkers to discuss this important field of modern finance.
Taal / Language : English
Inhoudsopgave:
Introduction
About the editors
About the contributors
Part I. Economic microstructure theory
1. Algorithmic trading: issues and preliminary evidence
T. Foucault
2. Order Choice and Information in Limit Order Markets
I. Rosu
Part II. High frequency data modeling
3. Some Recent Results on High Frequency Correlation
F. Abergel, N. Huth
Part III. Market impact
4. Models for the impact of all order book events
Z. Eisler, J.-P. Bouchaud, J. Kockelkoren
5. Limit Order Flow, Market Impact and Optimal Order Sizes: Evidence from NASDAQ ITCH Data
N. Hautsch, R. Huang
Part IV. Optimal trading
6. Collective portfolio optimization in brokerage data: the role of transaction cost structure
D. Challet, D. Morton del a Chappelle
7. Optimal execution of portfolio transactions with short-alpha
A. M. Criscuolo, H. Waelbroeck
Bibliography
Index
Extra informatie:
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Abergel, Frédéric, Market Microstructure
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The RDS Forex System
A Breakthrough Method To Profiting from Market Turning Points
Prijs van Euro 65.95 voor Euro 61.33
Inside a unique system that allows you to identify and trade key turning points in the forex market
The financial markets are in a constant state of affirming, breaking, and developing new support and resistance areas. Traders use a variety of methods to project support and resistance points based on past price action.
Inhoudsopgave:
Preface
Acknowledgments
Chapter 1: Introduction to Today`s Forex Market
Chapter 2: Comparing Forex to Other Markets
Chapter 3: Finding the New Edge
Chapter 4: The Long and Short of Fundamental Analysis
Chapter 5: Price Never Lies
Chapter 6: Play at Peak Times
Chapter 7: Preparing for Known Events
Chapter 8: Risk Tolerance and Developing a Feel for Price Movement
Chapter 9: Why Technical Analysis Works
Chapter 10: Defining the Rotating Directional System
Chapter 11: Putting It All Together
Chapter 12: Evaluating Your Performance
Resources
About the Authors
Index
Extra informatie:
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Gewicht: 408 gram
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Radkay, Michael, The RDS Forex System
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Wiley Ifrs 2012
Interpretation and Application of International Financial Reporting Standards CD Rom Set
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For many years, the International Accounting Standards Board (IASB) has been working to develop a set of accounting standards that can be used to bring about uniformity in financial reporting around the world.
Taal / Language : English
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Gewicht: 1488 gram
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Mackenzie, Bruce, Wiley IFRS 2012
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