Investment Valuation

Aswath Damodaran 지음

Wiley 2012년 03월 16일 출간

작품소개

책소개

The definitive source of information on all topics related to investment valuation tools and techniquesValuation 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. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath Damodaran'sInvestment Valuation.Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces investment professionals and students to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added.Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investmentsIncludes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROIContains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo SimulationAuthor Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuationThis indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.

목차

CHAPTER 1 Introduction to Valuation 1A Philosophical Basis for Valuation 1Generalities about Valuation 2The Role of Valuation 6Conclusion 9Questions and Short Problems 9CHAPTER 2 Approaches to Valuation 11Discounted Cash Flow Valuation 11Relative Valuation 19Contingent Claim Valuation 23Conclusion 25Questions and Short Problems 25CHAPTER 3 Understanding Financial Statements 27The Basic Accounting Statements 27Asset Measurement and Valuation 29Measuring Financing Mix 36Measuring Earnings and Profitability 42Measuring Risk 47Other Issues in Analyzing Financial Statements 53Conclusion 55Questions and Short Problems 55CHAPTER 4 The Basics of Risk 58What is Risk? 58Equity Risk and Expected Return 59Alternative Models for Equity Risk 71A Comparative Analysis of Equity Risk Models 76Models of Default Risk 77Conclusion 81Questions and Short Problems 82CHAPTER 5 Option Pricing Theory and Models 87Basics of Option Pricing 87Determinants of Option Value 89Option Pricing Models 90Extensions of Option Pricing 107Conclusion 109Questions and Short Problems 109CHAPTER 6 Market Efficiency&-Definition, Tests, and Evidence 111Market Efficiency and Investment Valuation 111What Is an Efficient Market? 112Implications of Market Efficiency 112Necessary Conditions for Market Efficiency 114Propositions about Market Efficiency 114Testing Market Efficiency 116Cardinal Sins in Testing Market Efficiency 120Some Lesser Sins That Can Be a Problem 121Evidence on Market Efficiency 122Time Series Properties of Price Changes 122Market Reaction to Information Events 130Market Anomalies 134Evidence on Insiders and Investment Professionals 142Conclusion 149Questions and Short Problems 150CHAPTER 7 Riskless Rates and Risk Premiums 154The Risk-Free Rate 1

출판사 서평

"Aswath Damodaran's work is always worth reading.... For investors and students of the financial markets who want to embark on serious fundamental analysis, it is critical to understand how to go about valuing stocks and other instruments. There is no short cut.... Damodaran's Investment Valuation explains the hard work part." (Seeking Alpha, May 2012)

작가정보

저자(글) Aswath Damodaran

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Investment Valuation; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.