Investment valuation : tools and techniques for determining the value of any asset

Publication date 2002 Topics Corporations -- Valuation -- Mathematical models Publisher New York : Wiley Collection internetarchivebooks; printdisabled Contributor Internet Archive Language English Item Size 2.3G

xvi, 992 p. : 26 cm

Includes bibliographical references and index

Introduction to Valuation -- A Philosophical Basis for Valuation -- Generalities about Valuation -- The Role of Valuation -- Approaches to Valuation -- Discounted Cash Flow Valuation -- Relative Valuation -- Contingent Claim Valuation -- 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 -- The Basics of Risk -- What Is Risk? -- Equity Risk and Expected Return -- A Comparative Analysis of Risk and Return Models -- Models of Default Risk -- Option Pricing Theory and Models -- Basics of Option Pricing -- Determinants of Option Value -- Option Pricing Models -- Extensions of Option Pricing -- 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 -- Riskless Rates and Risk Premiums -- The Risk-Free Rate -- Equity Risk Premium -- Default Spreads on Bonds -- 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 -- Measuring Earnings -- Accounting versus Financial Balance Sheets -- Adjusting Earnings -- From Earnings to Cash Flows -- The Tax Effect -- Reinvestment Needs -- Estimating Growth -- The Importance of Growth -- Historical Growth -- Analyst Estimates of Growth -- Fundamental Determinants of Growth -- Qualitative Aspects of Growth -- Closure in Valuation: Estimating Terminal Value -- Closure in Valuation -- The Survival Issue -- Closing Thoughts on Terminal Value -- Dividend Discount Models -- The General Model -- Versions of the Model -- Issues in Using the Dividend Discount Model -- Tests of the Dividend Discount Model -- 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 -- 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 -- 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 -- 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 -- Earnings Multiples -- Price-Earnings Ratio -- The PEG Ratio -- Other Variants on the PEG Ratio -- 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 -- Revenue Multiples and Sector-Specific Multiples -- Revenue Multiples -- Sector-Specific Multiples -- 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 -- Valuing Firms with Negative Earnings -- Negative Earnings: Consequences and Causes -- Valuing Negative Earnings Firms -- 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 -- Valuing Private Firms -- What Makes Private Firms Different? -- Estimating Valuation Inputs at Private Firms -- Valuation Motives and Value Estimates -- Valuing Private Equity -- Acquisitions 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 -- Valuing Real Estate -- Real versus Financial Assets -- Discounted Cash Flow Valuation -- Comparable/Relative Valuation -- Valuing Real Estate Businesses -- Valuing Other Assets -- Cash-Flow-Producing Assets -- Non-Cash-Flow-Producing Assets -- Assets with Option Characteristics -- The Option to Delay and Valuation Implications -- The Option to Delay a Project -- Valuing a Patent -- Natural Resource Options -- Other Applications -- 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 -- 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 -- 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 -- 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 -- Valuing Bonds -- Bond Prices and Interest Rates -- Determinants of Interest Rates -- Special Features in Bonds and Pricing Effects -- Valuing Futures and Forward Contracts -- Futures, Forward, and Option Contracts -- Traded Futures Contracts--Institutional Details -- Pricing of Futures Contracts -- Effects of Special Features in Futures Contracts -- 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?

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