Descripciones mejoradas de Syndetics:

From a recognized authority on the valuation process-a powerful guide to valuing private companies, equities, bonds, options, futures, and more Investment Valuation Tools and techniques for determining the value of any asset In this indispensable book, noted valuation authority and acclaimed NYU finance professor Aswath Damodaran gives you expert instruction on how to value virtually any type of asset-private companies, bonds, stocks, real estate, and derivatives. Using real-world examples, he guides you through the theory and application of valuation models and highlights their strengths and weaknesses. He examines cases where the direct application of typical models often breaks down, including high growth, distressed, and private firms. A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation will be a valuable asset to everyone learning about this important investment process.

Tabla de contenidos provista por Syndetics

• Chapter 1 Introduction to Valuation(p. 1)
• A Philosophical Basis for Valuation(p. 1)
• Generalities about Valuation(p. 2)
• The Role of Valuation(p. 6)
• Conclusion(p. 9)
• Questions and Short Problems(p. 9)
• Chapter 2 Approaches to Valuation(p. 11)
• Discounted Cash Flow Valuation(p. 11)
• Relative Valuation(p. 18)
• Contingent Claim Valuation(p. 22)
• Conclusion(p. 24)
• Questions and Short Problems(p. 24)
• Chapter 3 Understanding Financial Statements(p. 26)
• The Basic Accounting Statements(p. 26)
• Asset Measurement and Valuation(p. 28)
• Measuring Financing Mix(p. 34)
• Measuring Earnings and Profitability(p. 41)
• Measuring Risk(p. 46)
• Other Issues in Analyzing Financial Statements(p. 52)
• Conclusion(p. 56)
• Questions and Short Problems(p. 57)
• Chapter 4 The Basics of Risk(p. 60)
• What Is Risk?(p. 60)
• Equity Risk and Expected Return(p. 61)
• A Comparative Analysis of Risk and Return Models(p. 75)
• Models of Default Risk(p. 78)
• Conclusion(p. 82)
• Questions and Short Problems(p. 83)
• Chapter 5 Option Pricing Theory and Models(p. 88)
• Basics of Option Pricing(p. 88)
• Determinants of Option Value(p. 89)
• Option Pricing Models(p. 91)
• Extensions of Option Pricing(p. 108)
• Conclusion(p. 110)
• Questions and Short Problems(p. 110)
• Chapter 6 Market Efficiency--Definition, Tests, and Evidence(p. 112)
• Market Efficiency and Investment Valuation(p. 112)
• What Is an Efficient Market?(p. 113)
• Implications of Market Efficiency(p. 113)
• Necessary Conditions for Market Efficiency(p. 115)
• Propositions about Market Efficiency(p. 115)
• Testing Market Efficiency(p. 117)
• Cardinal Sins in Testing Market Efficiency(p. 121)
• Some Lesser Sins That Can Be a Problem(p. 122)
• Evidence on Market Efficiency(p. 123)
• Time Series Properties of Price Changes(p. 123)
• Market Reaction to Information Events(p. 131)
• Market Anomalies(p. 135)
• Evidence on Insiders and Investment Professionals(p. 143)
• Conclusion(p. 149)
• Questions and Short Problems(p. 151)
• Chapter 7 Riskless Rates and Risk Premiums(p. 154)
• The Risk-Free Rate(p. 154)
• Equity Risk Premium(p. 158)
• Default Spreads on Bonds(p. 175)
• Conclusion(p. 178)
• Questions and Short Problems(p. 179)
• Chapter 8 Estimating Risk Parameters and Costs of Financing(p. 181)
• The Cost of Equity and Capital(p. 181)
• Cost of Equity(p. 182)
• From Cost of Equity to Cost of Capital(p. 207)
• Best Practices at Firms(p. 218)
• Conclusion(p. 218)
• Questions and Short Problems(p. 219)
• Chapter 9 Measuring Earnings(p. 226)
• Accounting versus Financial Balance Sheets(p. 226)
• Adjusting Earnings(p. 227)
• Conclusion(p. 244)
• Questions and Short Problems(p. 246)
• Chapter 10 From Earnings to Cash Flows(p. 247)
• The Tax Effect(p. 247)
• Reinvestment Needs(p. 255)
• Conclusion(p. 265)
• Questions and Short Problems(p. 266)
• Chapter 11 Estimating Growth(p. 268)
• The Importance of Growth(p. 268)
• Historical Growth(p. 269)
• Analyst Estimates of Growth(p. 279)
• Fundamental Determinants of Growth(p. 283)
• Qualitative Aspects of Growth(p. 300)
• Conclusion(p. 301)
• Questions and Short Problems(p. 301)
• Chapter 12 Closure in Valuation: Estimating Terminal Value(p. 303)
• Closure in Valuation(p. 303)
• The Survival Issue(p. 317)
• Closing Thoughts on Terminal Value(p. 319)
• Conclusion(p. 320)
• Questions and Short Problems(p. 320)
• Chapter 13 Dividend Discount Models(p. 322)
• The General Model(p. 322)
• Versions of the Model(p. 323)
• Issues in Using the Dividend Discount Model(p. 344)
• Tests of the Dividend Discount Model(p. 345)
• Conclusion(p. 348)
• Questions and Short Problems(p. 349)
• Chapter 14 Free Cash Flow to Equity Discount Models(p. 351)
• Measuring What Firms Can Return to Their Stockholders(p. 351)
• FCFE Valuation Models(p. 357)
• FCFE Valuation versus Dividend Discount Model Valuation(p. 373)
• Conclusion(p. 379)
• Questions and Short Problems(p. 379)
• Chapter 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches(p. 382)
• Free Cash Flow to the Firm(p. 382)
• Firm Valuation: The Cost of Capital Approach(p. 385)
• Firm Valuation: The Adjusted Present Value Approach(p. 400)
• Effect of Leverage on Firm Value(p. 404)
• Adjusted Present Value and Financial Leverage(p. 416)
• Conclusion(p. 419)
• Questions and Short Problems(p. 420)
• Chapter 16 Estimating Equity Value per Share(p. 423)
• Value of Nonoperating Assets(p. 423)
• Firm Value and Equity Value(p. 438)
• Management and Employee Options(p. 440)
• Value per Share When Voting Rights Vary(p. 449)
• Conclusion(p. 450)
• Questions and Short Problems(p. 451)
• Chapter 17 Fundamental Principles of Relative Valuation(p. 453)
• Use of Relative Valuation(p. 453)
• Standardized Values and Multiples(p. 454)
• Four Basic Steps to Using Multiples(p. 456)
• Reconciling Relative and Discounted Cash Flow Valuations(p. 466)
• Conclusion(p. 467)
• Questions and Short Problems(p. 467)
• Chapter 18 Earnings Multiples(p. 468)
• Price-Earnings Ratio(p. 468)
• The PEG Ratio(p. 487)
• Other Variants on the PEG Ratio(p. 497)
• Conclusion(p. 508)
• Questions and Short Problems(p. 508)
• Chapter 19 Book Value Multiples(p. 511)
• Price-to-Book Equity(p. 511)
• Applications of Price-Book Value Ratios(p. 521)
• Use in Investment Strategies(p. 531)
• Value-to-Book Ratios(p. 534)
• Tobin's Q: Market Value/Replacement Cost(p. 538)
• Conclusion(p. 540)
• Questions and Short Problems(p. 540)
• Chapter 20 Revenue Multiples and Sector-Specific Multiples(p. 543)
• Revenue Multiples(p. 543)
• Sector-Specific Multiples(p. 565)
• Conclusion(p. 571)
• Questions and Short Problems(p. 572)
• Chapter 21 Valuing Financial Service Firms(p. 575)
• Categories of Financial Service Firms(p. 575)
• What Is Unique about Financial Service Firms?(p. 576)
• General Framework for Valuation(p. 579)
• Discounted Cash Flow Valuation(p. 580)
• Asset-Based Valuation(p. 595)
• Relative Valuation(p. 595)
• Issues in Valuing Financial Service Firms(p. 601)
• Conclusion(p. 603)
• Questions and Short Problems(p. 605)
• Chapter 22 Valuing Firms with Negative Earnings(p. 607)
• Negative Earnings: Consequences and Causes(p. 607)
• Valuing Negative Earnings Firms(p. 611)
• Conclusion(p. 633)
• Questions and Short Problems(p. 634)
• Chapter 23 Valuing Young or Start-Up Firms(p. 637)
• Information Constraints(p. 637)
• New Paradigms or Old Principles: A Life Cycle Perspective(p. 638)
• Venture Capital Valuation(p. 640)
• General Framework for Analysis(p. 642)
• Value Drivers(p. 654)
• Estimation Noise(p. 656)
• Implications for Investors(p. 656)
• Implications for Managers(p. 657)
• The Expectations Game(p. 657)
• Conclusion(p. 660)
• Questions and Short Problems(p. 660)
• Chapter 24 Valuing Private Firms(p. 662)
• What Makes Private Firms Different?(p. 662)
• Estimating Valuation Inputs at Private Firms(p. 663)
• Valuation Motives and Value Estimates(p. 682)
• Valuing Private Equity(p. 686)
• Conclusion(p. 688)
• Questions and Short Problems(p. 688)
• Chapter 25 Acquisitions and Takeovers(p. 690)
• Background on Acquisitions(p. 690)
• Empirical Evidence on the Value Effects of Takeovers(p. 693)
• Steps in an Acquisition(p. 693)
• Takeover Valuation: Biases and Common Errors(p. 712)
• Structuring the Acquisition(p. 713)
• Analyzing Management and Leveraged Buyouts(p. 720)
• Conclusion(p. 724)
• Questions and Short Problems(p. 725)
• Chapter 26 Valuing Real Estate(p. 729)
• Real versus Financial Assets(p. 729)
• Discounted Cash Flow Valuation(p. 730)
• Comparable/Relative Valuation(p. 750)
• Valuing Real Estate Businesses(p. 752)
• Conclusion(p. 754)
• Questions and Short Problems(p. 754)
• Chapter 27 Valuing Other Assets(p. 757)
• Cash-Flow-Producing Assets(p. 757)
• Non-Cash-Flow-Producing Assets(p. 767)
• Assets with Option Characteristics(p. 769)
• Conclusion(p. 769)
• Questions and Short Problems(p. 770)
• Chapter 28 The Option to Delay and Valuation Implications(p. 772)
• The Option to Delay a Project(p. 772)
• Valuing a Patent(p. 780)
• Natural Resource Options(p. 787)
• Other Applications(p. 793)
• Conclusion(p. 793)
• Questions and Short Problems(p. 794)
• Chapter 29 The Options to Expand and to Abandon: Valuation Implications(p. 796)
• The Option to Expand(p. 796)
• When Are Expansion Options Valuable?(p. 804)
• Valuing a Firm with the Option to Expand(p. 806)
• Value of Financial Flexibility(p. 808)
• The Option to Abandon(p. 811)
• Reconciling Net Present Value and Real Option Valuations(p. 814)
• Conclusion(p. 815)
• Questions and Short Problems(p. 815)
• Chapter 30 Valuing Equity in Distressed Firms(p. 817)
• Equity in Highly Levered Distressed Firms(p. 817)
• Implications of Viewing Equity as an Option(p. 819)
• Estimating the Value of Equity as an Option(p. 822)
• Consequences for Decision Making(p. 827)
• Conclusion(p. 830)
• Questions and Short Problems(p. 830)
• Chapter 31 Value Enhancement: A Discounted Cash Flow Valuation Framework(p. 832)
• Value Creating and Value-Neutral Actions(p. 832)
• Ways of Increasing Value(p. 833)
• Value Enhancement Chain(p. 855)
• Closing Thoughts on Value Enhancement(p. 857)
• Conclusion(p. 859)
• Questions and Short Problems(p. 859)
• Chapter 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools(p. 863)
• Economic Value Added(p. 864)
• Cash Flow Return on Investment(p. 878)
• A Postscript on Value Enhancement(p. 883)
• Conclusion(p. 884)
• Questions and Short Problems(p. 884)
• Chapter 33 Valuing Bonds(p. 887)
• Bond Prices and Interest Rates(p. 887)
• Determinants of Interest Rates(p. 892)
• Special Features in Bonds and Pricing Effects(p. 906)
• Conclusion(p. 922)
• Questions and Short Problems(p. 923)
• Chapter 34 Valuing Futures and Forward Contracts(p. 826)
• Futures, Forward, and Option Contracts(p. 926)
• Traded Futures Contracts--Institutional Details(p. 928)
• Pricing of Futures Contracts(p. 934)
• Effects of Special Features in Futures Contracts(p. 943)
• Conclusion(p. 944)
• Questions and Short Problems(p. 944)
• Chapter 35 Overview and Conclusion(p. 946)
• Choices in Valuation Models(p. 946)
• Which Approach Should You Use?(p. 947)
• Choosing the Right Discounted Cash Flow Model(p. 950)
• Choosing the Right Relative Valuation Model(p. 954)
• When Should You Use the Option Pricing Models?(p. 958)
• Conclusion(p. 959)
• References(p. 961)
• Index(p. 977)

Notas de autor provistas por Syndetics

Aswath Damodaran is Professor of Finance at New York University's Leonard N. Stern School of Business