Damodaran on Valuation: Security Analysis for Investment and Corporate Finance (Wiley Professional Banking and Finance Series) - Hardcover

Damodaran, Aswath

Hardcover

ISBN 10: 0471014508 ISBN 13: 9780471014508

Verlag: John Wiley & Sons Inc, 1994

Inhaltsangabe

Pick the right model for the right moment every time. Whatever your investment philosophy and goals, you?ve probably had trouble at one time or another in measuring the value of a particular asset. Maybe you?ve been wary of the effectiveness of all the valuation models out there and relied on the "guesstimate" approach or simply picked the wrong model for the asset under consideration. Whatever past problems you may have encountered, Damodaran on Valuation will not only convince you of the vitality of the many valuation models available to you, it will help ensure that you develop the acumen needed to select the right model for any valuation scenario. Written by a gifted teacher and respected valuation authority, Damodaran on Valuation offers an overview of the three basic valuation approaches?discounted cash flow, relative, and contingent claim valuation?and the models within these classes. Using plenty of real-world case studies, it explains the purpose of each model, its pros and cons, the steps involved in applying it, and the types of firms to which it is most suited. Soon, you?ll have a solid, practical grasp of tools designed to help you estimate the cost of equity, estimate growth rates, value equity, measure free cash flows to equity, value firms, estimate the value of assets via pricing of comparable assets, and measure the value of assets with option-like characteristics. No model is foolproof. And every valuation is vulnerable to changes in the environment, the economy, and the asset itself. But with Damodaran on Valuation at your side, you can be certain that you?ll have every weapon at your disposal in the battle to accurately determine the value of an asset and to make the right financial decisions under pressure

Über diesen Titel

Über die Autorin bzw. den Autor

About the author ASWATH DAMODARAN is an Associate Professor of Finance at New York University?s Leonard N. Stern School of Business. He has received several awards, including, the NYU Distinguished Teaching Award in 1990, Stern?s Outstanding Teacher Award in 1988, and the Professor of the Year Award in 1988, 1991, and 1992. Mr. Damodaran also offers training programs in corporate finance and valuation at Deutsche Bank, Swiss Bank, Credit Suisse, J. P. Morgan, and Smith Barney. A former instructor at the University of California at Berkeley, he has written several articles for many of the nation?s leading financial journals.

Aus dem Klappentext

Damodaran on Valuation Ideally, the price paid for any asset should reflect the expected cash flow on that asset?but there are two problems that arise in every valuation. The first is that estimating cash flows is an exercise fraught with uncertainty, and the second is that picking the right model to use in valuing an asset is seldom easy. This can lead to significant errors in valuation. Sophisticated practitioners can accurately and consistently determine the value of all types of assets, when they rely on the seasoned advice found in Damodaran on Valuation. This applications-oriented tool covers the full range of available valuation models. It also presents the common elements within these models as well as the subtle variations, debunks the myth concerning their utility, and provides a framework for selecting the right model for any valuation scenario. Damodaran on Valuation systematically examines the three basic approaches to valuation?discounted cash-flow valuation, relative valuation, and contingent claim valuation?and the various models within these broad categories. With the help of numerous real-world examples involving both U.S. and international firms, the book illuminates the purpose of each particular model, its advantages and limitations, the step-by-step process involved in putting the model to work, and the kinds of firms to which it is best applied. Among the tools presented are those designed to:

• Estimate the cost of equity?including the capital cost pricing model and arbitrage pricing model
• Estimate growth rates?with coverage of how to arrive at a weighted average of growth rates by blending three separate approaches
• Value equity?focusing on the Gordon Growth Model and the two- and three-stage dividend discount model
• Measure free cash flows to equity?assets that are carefully delineated from the dividends of most firms
• Value firms?including free cash flow to firm models, which are especially suited to highly leveraged firms
• Estimate the value of assets by looking at the pricing of comparable assets?with insight into the use and misuse of price/earning and price/book value ratios, and underutilized price-to-sales ratios
• Measure the value of assets that share option characteristics?including a comparative look at the classic Black-Scholes and simpler binomial models

Supported by an optional IBM-compatible disk, which consists of spreadsheet programs designed to help users apply the models highlighted in the book, Damodaran on Valuation provides practitioners involved in securities analysis, portfolio management, M&A, and corporate finance with the knowledge they need to value any asset.

Details zur Ausgabe

• Verlag: John Wiley & Sons Inc
• Erscheinungsdatum: 1994
• Sprache: Englisch
• ISBN 10: 0471014508
• ISBN 13: 9780471014508
• Einband: Gebundene Ausgabe
• Anzahl der Seiten: 464
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar