Investment Valuation

Tools and Techniques for Determining the Value of Any Asset
3rd Revised Auflage
ISBN: 978-1-118-01152-2
Verlag: Wiley

Buch, Englisch, 992 Seiten, Format (B × H): 192 mm x 262 mm, Gewicht: 1671 g

Reihe: Wiley Finance Editions

The definitive source of information on all topics related to investment valuation tools and techniques

Valuation 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 investments
* Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROI
* Contains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo Simulation
* Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation

This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and ist 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.

Autoren/Hrsg.

Damodaran, Aswath

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere

Inhaltsverzeichnis

1 Introduction to Valuation
2 Approaches to Valuation
3 Understanding Financial Statements
4 The Basics of Risk
5 Option Pricing Theory and Models
6 Market Efficiency--Definition, Tests, and Evidence
7 Riskless Rates and Risk Premiums
8 Estimating Risk Parameters and Costs of Financing
9 Measuring Earnings
10 From Earnings to Cash Flows
11 Estimating Growth
12 Closure in Valuation: Estimating Terminal Value
13 Dividend Discount Models
14 Free Cash Flow to Equity Discount Models
15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches
16 Estimating Equity Value per Share
17 Fundamental Principles of Relative Valuation
18 Earnings Multiples
19 Book Value Multiples
20 Revenue Multiples and Sector-Specific Multiples
21 Valuing Financial Service Firms
22 Valuing Firms with Negative Earnings
23 Valuing Young or Start-Up Firms
24 Valuing Private Firms
25 Aquisitions and Takeovers
26 Valuing Real Estate
27 Valuing Other Assets
28 The Option to Delay and Valuation Implications
29 The Options to Expand and to Abandon: Valuation Implications
30 Valuing Equity in Distressed Firms
31 Value Enhancement: A Discounted Cash Flow Valuation Framework
32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools
33 Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations
34 Overview and Conclusion

Über Autor(innen)

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.