Investment Valuation

Námskeið V-517-VIRD       Virðismat - Höfundur: Aswath Damodaran
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Investment Valuation

Rafræn sending. Upplýsingar verða sendar á netfangið þitt eftir kaup
Rafbók til eignar. Rafbók til eignar þarf að hlaða niður á þau tæki sem þú vilt nota innan eins árs frá því bókin er keypt. Útgáfa: 3

Efnisyfirlit

  • Cover
  • Series
  • Title Page
  • Copyright
  • Dedication
  • Preface to the Third Edition
  • Chapter 1: Introduction to Valuation
    • A PHILOSOPHICAL BASIS FOR VALUATION
    • GENERALITIES ABOUT VALUATION
    • THE ROLE OF VALUATION
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 2: Approaches to Valuation
    • DISCOUNTED CASH FLOW VALUATION
    • RELATIVE VALUATION
    • CONTINGENT CLAIM VALUATION
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 3: Understanding Financial Statements
    • THE BASIC ACCOUNTING STATEMENTS
    • ASSET MEASUREMENT AND VALUATION
    • MEASURING FINANCING MIX
    • MEASURING EARNINGS AND PROFITABILITY
    • MEASURING RISK
    • OTHER ISSUES IN ANALYZING FINANCIAL STATEMENTS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 4: The Basics of Risk
    • WHAT IS RISK?
    • EQUITY RISK AND EXPECTED RETURN
    • ALTERNATIVE MODELS FOR EQUITY RISK
    • A COMPARATIVE ANALYSIS OF EQUITY RISK MODELS
    • MODELS OF DEFAULT RISK
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 5: Option Pricing Theory and Models
    • BASICS OF OPTION PRICING
    • DETERMINANTS OF OPTION VALUE
    • OPTION PRICING MODELS
    • EXTENSIONS OF OPTION PRICING
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 6: Market Efficiency—Definition, Tests, and Evidence
    • MARKET EFFICIENCY AND INVESTMENT VALUATION
    • WHAT IS AN EFFICIENT MARKET?
    • IMPLICATIONS OF MARKET EFFICIENCY
    • NECESSARY CONDITIONS FOR MARKET EFFICIENCY
    • PROPOSITIONS ABOUT MARKET EFFICIENCY
    • TESTING MARKET EFFICIENCY
    • CARDINAL SINS IN TESTING MARKET EFFICIENCY
    • SOME LESSER SINS THAT CAN BE A PROBLEM
    • EVIDENCE ON MARKET EFFICIENCY
    • TIME SERIES PROPERTIES OF PRICE CHANGES
    • MARKET REACTION TO INFORMATION EVENTS
    • MARKET ANOMALIES
    • EVIDENCE ON INSIDERS AND INVESTMENT PROFESSIONALS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 7: Riskless Rates and Risk Premiums
    • THE RISK-FREE RATE
    • EQUITY RISK PREMIUM
    • DEFAULT SPREADS ON BONDS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 8: Estimating Risk Parameters and Costs of Financing
    • THE COST OF EQUITY AND CAPITAL
    • COST OF EQUITY
    • FROM COST OF EQUITY TO COST OF CAPITAL
    • BEST PRACTICES AT FIRMS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 9: Measuring Earnings
    • ACCOUNTING VERSUS FINANCIAL BALANCE SHEETS
    • ADJUSTING EARNINGS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 10: From Earnings to Cash Flows
    • THE TAX EFFECT
    • REINVESTMENT NEEDS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 11: Estimating Growth
    • THE IMPORTANCE OF GROWTH
    • HISTORICAL GROWTH
    • ANALYST ESTIMATES OF GROWTH
    • FUNDAMENTAL DETERMINANTS OF GROWTH
    • QUALITATIVE ASPECTS OF GROWTH
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 12: Closure in Valuation: Estimating Terminal Value
    • CLOSURE IN VALUATION
    • THE SURVIVAL ISSUE
    • CLOSING THOUGHTS ON TERMINAL VALUE
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 13: Dividend Discount Models
    • THE GENERAL MODEL
    • VERSIONS OF THE MODEL
    • ISSUES IN USING THE DIVIDEND DISCOUNT MODEL
    • TESTS OF THE DIVIDEND DISCOUNT MODEL
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 14: Free Cash Flow to Equity Discount Models
    • MEASURING WHAT FIRMS CAN RETURN TO THEIR STOCKHOLDERS
    • FCFE VALUATION MODELS
    • FCFE VALUATION VERSUS DIVIDEND DISCOUNT MODEL VALUATION
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 15: Firm Valuation: Cost of Capital and Adjusted Present Value Approaches
    • FREE CASH FLOW TO THE FIRM
    • FIRM VALUATION: THE COST OF CAPITAL APPROACH
    • FIRM VALUATION: THE ADJUSTED PRESENT VALUE APPROACH
    • EFFECT OF LEVERAGE ON FIRM VALUE
    • ADJUSTED PRESENT VALUE AND FINANCIAL LEVERAGE
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 16: Estimating Equity Value per Share
    • VALUE OF NONOPERATING ASSETS
    • FIRM VALUE AND EQUITY VALUE
    • MANAGEMENT AND EMPLOYEE OPTIONS
    • VALUE PER SHARE WHEN VOTING RIGHTS VARY
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 17: Fundamental Principles of Relative Valuation
    • USE OF RELATIVE VALUATION
    • STANDARDIZED VALUES AND MULTIPLES
    • FOUR BASIC STEPS TO USING MULTIPLES
    • RECONCILING RELATIVE AND DISCOUNTED CASH FLOW VALUATIONS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 18: Earnings Multiples
    • PRICE-EARNINGS RATIO
    • THE PEG RATIO
    • OTHER VARIANTS ON THE PE RATIO
    • ENTERPRISE VALUE TO EBITDA MULTIPLE
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 19: Book Value Multiples
    • PRICE-TO-BOOK EQUITY
    • APPLICATIONS OF PRICE–BOOK VALUE RATIOS
    • USE IN INVESTMENT STRATEGIES
    • VALUE-TO-BOOK RATIOS
    • TOBIN’S Q: MARKET VALUE/REPLACEMENT COST
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 20: Revenue Multiples and Sector-Specific Multiples
    • REVENUE MULTIPLES
    • SECTOR-SPECIFIC MULTIPLES
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 21: Valuing Financial Service Firms
    • CATEGORIES OF FINANCIAL SERVICE FIRMS
    • WHAT IS UNIQUE ABOUT FINANCIAL SERVICE FIRMS?
    • GENERAL FRAMEWORK FOR VALUATION
    • DISCOUNTED CASH FLOW VALUATION
    • ASSET-BASED VALUATION
    • RELATIVE VALUATION
    • ISSUES IN VALUING FINANCIAL SERVICE FIRMS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 22: Valuing Firms with Negative or Abnormal Earnings
    • NEGATIVE EARNINGS: CONSEQUENCES AND CAUSES
    • VALUING NEGATIVE EARNINGS FIRMS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 23: Valuing Young or Start-Up Firms
    • INFORMATION CONSTRAINTS
    • NEW PARADIGMS OR OLD PRINCIPLES: A LIFE CYCLE PERSPECTIVE
    • VENTURE CAPITAL VALUATION
    • GENERAL FRAMEWORK FOR ANALYSIS
    • VALUE DRIVERS
    • ESTIMATION NOISE
    • IMPLICATIONS FOR INVESTORS
    • IMPLICATIONS FOR MANAGERS
    • THE EXPECTATIONS GAME
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 24: Valuing Private Firms
    • WHAT MAKES PRIVATE FIRMS DIFFERENT?
    • ESTIMATING VALUATION INPUTS AT PRIVATE FIRMS
    • VALUATION MOTIVES AND VALUE ESTIMATES
    • VALUING VENTURE CAPITAL AND PRIVATE EQUITY STAKES
    • RELATIVE VALUATION OF PRIVATE BUSINESSES
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 25: Aquisitions and Takeovers
    • BACKGROUND ON ACQUISITIONS
    • EMPIRICAL EVIDENCE ON THE VALUE EFFECTS OF TAKEOVERS
    • STEPS IN AN ACQUISITION
    • TAKEOVER VALUATION: BIASES AND COMMON ERRORS
    • STRUCTURING THE ACQUISITION
    • ANALYZING MANAGEMENT AND LEVERAGED BUYOUTS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 26: Valuing Real Estate
    • REAL VERSUS FINANCIAL ASSETS
    • DISCOUNTED CASH FLOW VALUATION
    • COMPARABLE/RELATIVE VALUATION
    • VALUING REAL ESTATE BUSINESSES
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 27: Valuing Other Assets
    • CASH-FLOW-PRODUCING ASSETS
    • NON-CASH-FLOW-PRODUCING ASSETS
    • ASSETS WITH OPTION CHARACTERISTICS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 28: The Option to Delay and Valuation Implications
    • THE OPTION TO DELAY A PROJECT
    • VALUING A PATENT
    • NATURAL RESOURCE OPTIONS
    • OTHER APPLICATIONS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 29: The Options to Expand and to Abandon: Valuation Implications
    • THE OPTION TO EXPAND
    • WHEN ARE EXPANSION OPTIONS VALUABLE?
    • VALUING A FIRM WITH THE OPTION TO EXPAND
    • VALUE OF FINANCIAL FLEXIBILITY
    • THE OPTION TO ABANDON
    • RECONCILING NET PRESENT VALUE AND REAL OPTION VALUATIONS
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 30: Valuing Equity in Distressed Firms
    • EQUITY IN HIGHLY LEVERED DISTRESSED FIRMS
    • IMPLICATIONS OF VIEWING EQUITY AS AN OPTION
    • ESTIMATING THE VALUE OF EQUITY AS AN OPTION
    • CONSEQUENCES FOR DECISION MAKING
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 31: Value Enhancement: A Discounted Cash Flow Valuation Framework
    • VALUE-CREATING AND VALUE-NEUTRAL ACTIONS
    • WAYS OF INCREASING VALUE
    • VALUE ENHANCEMENT CHAIN
    • CLOSING THOUGHTS ON VALUE ENHANCEMENT
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 32: Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools
    • ECONOMIC VALUE ADDED
    • CASH FLOW RETURN ON INVESTMENT
    • A POSTSCRIPT ON VALUE ENHANCEMENT
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 33: Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations
    • SCENARIO ANALYSIS
    • DECISION TREES
    • SIMULATIONS
    • AN OVERALL ASSESSMENT OF PROBABILISTIC RISK-ASSESSMENT APPROACHES
    • CONCLUSION
    • QUESTIONS AND SHORT PROBLEMS
  • Chapter 34: Overview and Conclusion
    • CHOICES IN VALUATION MODELS
    • WHICH APPROACH SHOULD YOU USE?
    • CHOOSING THE RIGHT DISCOUNTED CASH FLOW MODEL
    • CHOOSING THE RIGHT RELATIVE VALUATION MODEL
    • WHEN SHOULD YOU USE THE OPTION PRICING MODELS?
    • CONCLUSION
  • References
  • Index

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