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Autorentext
ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He teaches corporate finance and valuation at leading investment banks. He has been the recipient of numerous awards for outstanding teaching, including the NYU Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek. His publications include Damodaran on Valuation, Applied Corporate Finance, The Little Book of Valuation, Investment Philosophies, and The Dark Side of Valuation.
Klappentext
THE LATEST EDITION OF THE GOLD STANDARD IN VALUATION TEXTS FROM "THE DEAN OF VALUATION" Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Fourth Edition, is the definitive and most up-to-date valuation resource for finance professionals and students seeking to price virtually any fungible asset. Award-winning NYU Professor of Finance, Aswath Damodaran, explains the fundamentals of this nuanced subject before diving deep into more advanced applications, including the valuation of start-up firms, options, cryptocurrencies and other digital assets, real estate, private companies, and more. The book explains the wide array of valuation models and frameworks available to you and how to choose the most suitable one for your particular use case. You'll learn to understand-and implement-the latest evidence-based methods for determining the value of an asset using real-world examples, case studies, and tables filled with data from contemporary companies in a variety of industries and regions. Investment Valuation is an essential resource for business and finance professionals seeking a solid understanding of one of the most complex and critical subjects in commerce. It's perfect for analysts, traders, investors, bankers, entrepreneurs, businesspeople, finance executives, and anyone else who needs to understand what an asset-any asset-is worth.
Inhalt
Preface xv
Chapter 1 Introduction to Valuation 1
A Philosophical Basis for Valuation 1
Pricing versus Valuation 2
The Bermuda Triangle of Valuation 2
Market Efficiency 6
The Role of Valuation 7
Conclusion 10
Questions and Short Problems 10
Chapter 2 Approaches to Valuation 13
Intrinsic Valuation 13
Pricing or Relative Valuation 21
Contingent Claim Valuation 25
Conclusion 27
Questions and Short Problems 27
Chapter 3 Understanding Financial Statements 29
The Basic Accounting Statements 29
Asset Measurement and Valuation 31
Measuring Financing mix 38
Measuring Earnings and Profitability 44
Measuring Risk 50
Other Issues in Analyzing Financial Statements 56
Conclusion 57
Questions and Short Problems 58
Chapter 4 The Basics of Risk 61
What Is Risk? 61
Equity Risk and Expected Return 62
Alternative Models for Equity Risk 74
A Comparative Analysis of Equity Risk Models 80
Models of Default Risk 81
Conclusion 85
Questions and Short Problems 85
Chapter 5 Option Pricing Theory and Models 91
Basics of Option Pricing 91
Option Pricing Models 94
Extensions of Option Pricing 109
Conclusion 110
Questions and Short Problems 111
Chapter 6 Market Efficiency-Definition, Tests, and Evidence 113
Market Efficiency and Investment Valuation 113
What Is an Efficient Market? 114
Testing Market Efficiency 118
Cardinal Sins in Testing Market Efficiency 123
Some Lesser Sins That Can Be a Problem 124
Evidence on Market Efficiency 125
Time Series Properties of Price Changes 125
Market Reaction to Information Events 133
Market Anomalies 137
Evidence on Insiders and Investment Professionals 146
Conclusion 152
Questions and Short Problems 153
Chapter 7 Riskless Rates and Risk Premiums 157
The Risk-Free Rate 157
Equity Risk Premium 162
Default Spreads on Bonds 182
Conclusion 185
Questions and Short Problems 186
Chapter 8 Estimating Risk Parameters and Costs of Financing 189
The Cost of Equity and Capital 189
Cost of Equity 190
From Cost of Equity to Cost of Capital 221
Best Practices at Firms 233
Conclusion 234
Questions and Short Problems 234
Chapter 9 Measuring Earnings 241
The Lead-in: From Accounting Data to Financial Information 241
Adjusting Earnings 243
Measuring Earnings Power: Clean Up and Time Differences 256
Conclusion 266
Questions and Short Problems 267
Chapter 10 From Earnings To Cash Flows 269
The Tax Effect 269
Reinvestment Needs 279
Conclusion 291
Questions and Short Problems 292
Chapter 11 Estimating Growth 295
The Importance of Growth 295
Historical Growth 296
Outsourcing Growth 307
Fundamental Determinants of Growth 311
Top-Down Growth: From Revenue Growth to Free Cash Flows 324
Qualitative Aspects of Growth 336
Conclusion 337
Questions and Short Problems 338
Chapter 12 Closure in Valuation: Estimating Terminal Value 341
Closure in Valuation 341
The Survival Issue 357
Closing Thoughts on Terminal Value 360
Conclusion 361
Questions and Short Problems 361
Chapter 13 Narrative and Numbers - Story to Value 363
Valuation as a Bridge 363
The Importance of Storytelling 364
The Dangers in Storytelling 366
From Story to Numbers: The Process 368
Narrative and Numbers Across the Life Cycle 380
Story Resets, Changes, and Breaks 382
Conclusion 384
Questions and Short Problems 385
Chapter 14 Equity Intrinsic Value Models 387
Equity Valuation 387
The Dividend Discount Model 388
The Augmented Dividend Discount Model 404
Potential Dividend or FCFE Models 408
FCFE Valuation Versus Dividend Discount Model Valuation 428
Conclusion 430
Questions and Short Problems 431
Chapter 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches 437
Free Cash Flow to the Firm 437
Firm Valuation: The Cost of Capital Approach 440
Firm Valuation: The Adjusted Present Value Approach 453
Firm Valuation: Sum of the Parts 458
Effect of Leverage on Firm Value 468
Conclusion 477
Questions and Short Problems 477
Chapter 16 Estimating Equity Value per Share 481
Value of Nonoperating Assets 481
Firm Value and Equity Value 500
Stock-based Compensation 501
Value Per Share When Voting Rights Vary 510
Conclusion 512
Questions and Short Problems 512
Chapter 17 Fundamental Principles of Relative Valuation 515
Use of Relative Valuation 515
Standardized Values and Multiples 516
Four Basic Steps to Using Multiples 518
Reconciling Relative and Discounted Cash Flow Valuations 530
Conclusion 530
Questions and Short Problems 531
Chapter 18 Earnings Multiples 533
Price-Earnings Ratio 533
The PEG Ratio 555
Other Variants on the PE Ratio 565
Enterprise Value to EBITDA Multiple 569
Conclusion 577
Questions and Short Problems 578
Chapter 19 Book Value Multiples 581
Price-to-Book Equity 581
Value-to-Book Ratios 603
Tobin'S Q: Market Value/Replacement Cost 608
Conclusion 610
Questions and Short Problems 610
Chapter 20 Revenue Multiples and Sector-Specific Multiples 613
Revenue Multiples 613
Sector-Specific Multiples 644
Conclusion 653
Questions and Short Problems 653
Chapter 21 Valuing Financial Service Firms 657
Categories of Financial Service Firms 657
What Is Unique About Financial Service Firms? 658
General Framework for Valuation 659
Discounted Cash Flow Valuation 660
Relative Valuation 675
The Crisis Effect 680
Nonbank Financial Service Firms 688
Conclusion 691
Questions and Short Problems 692
Chapter 22 Valuing Money-Losing Firms 695
Negative Earnings: Consequences and Causes 695
Valuing Money-Losing Firms 700
Conclusion 728
Questions and Short Problems 728
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