Investment Pricing Methods: A Guide for Accounting and Financial Professionals / Edition 1

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Overview

This book on investment pricing methods provides accounting andfinancial professionals and academics with a practicalunderstanding of how investment analysts price common investments,such as commercial mortgages, private placement-bonds,mortgage-backed securities, private and public equities,derivatives, and joint ventures.

Authors Casabona and Traficanti provide explanations andeasy-to-follow illustrations of investment pricings in order toreinforce valuation concepts and help accountants apply thoseconcepts to more complicated investments that are found in themarketplace. They show how investors are compensated for assumingrisks and how this impacts pricing. Such in-depth discussions willallow accountants to understand the inputs used in appropriateinvestment pricing models (including the basic valuation formula),how changing market conditions impact fair values, and why certaininternal control processes are important in arriving at accurateand consistent pricing estimates for investments. The book alsoillustrates common derivative hedging transactions to help thereader understand how derivatives are used to reduce risk andachieve other objectives.

Detailed coverage of the five elements that professionals use toprice private investments is provided:
* Estimation of future cash flows
* Expectation about variations in the amount or timing of futurecash flows
* Time value of money as represented by the risk-free rate ofinterest
* Price for bearing the uncertainty in the asset or liability
* Other factors such as illiquidity and market imperfections

Investment Pricing Methods offers readers a sound understanding ofthe fundamentals of investment pricing procedures and helps themapply these techniques to investment pricing calculations observedin practice. Suitable for professionals and academics of variousexperience levels, the book offers both fundamental concepts inpricing methods and advanced coverage of particular techniques.

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Product Details

  • ISBN-13: 9780471177401
  • Publisher: Wiley
  • Publication date: 12/21/2001
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 384
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.88 (d)

Meet the Author

PATRICK CASABONA, PhD, is Associate Professor in the Department ofAccounting and Taxation at the Peter J. Tobin College of Businessat St. John's University and a consultant to various businessorganizations.
ROBERT M. TRAFICANTI is Director of Accounting Policy at a majorinvestment bank. He coauthored this book while he was a projectmanager at the Financial Accounting Standards Board.

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Table of Contents

Preface.

Acknowledgments.

1 Pricing Concepts and the Term Structure of Interest Rates.

Introduction.

Present Value Formula.

Duration and Other Fixed-Income Pricing Concepts.

Concluding Remarks.

Notes.

Appendix A: Calculation of U.S. Treasury Bond Yield Curve.

Appendix B: Eurodollar Futures Yields.

2 Fixed-Income Pricing Matrix and Decomposing Yields.

Introduction.

Determining the Discount Rate.

Credit Rating Categories and Determination.

Processes for Decomposing Bond Yields.

Normalized-Yield Pricing Matrix.

Concluding Remarks.

Notes.

3 Public Corporate Bonds, Private-Placement Bonds, and WholeCommercial Mortgages.

Introduction.

Key Terminology.

Publicly Issued Corporate Bonds.

Public Corporate Bond Pricing.

Private-Placement Bonds.

Valuing a Private-Placement Bond.

Pricing Bonds that Have Sinking-Fund Payment Requirements.

Pricing Defaulted Bonds.

Whole Commercial Mortgage Loans.

Valuing a Whole Commercial Mortgage Loan.

Monetary Default Scenarios.

Notes.

Appendix C: Bloomberg-Yield to Call Data.

Appendix D: Selected Portions of BondCalc (r) Brochures.

4 Mortgage-Backed and Asset-Backed Securities.

Introduction.

Evolution of the Mortgage-Backed Securities Market.

Mortgage-Backed Securities.

Collateralized Mortgage Obligations.

Bloomberg Median Prepayments.

Stripped Securities.

Private-Placement Asset-Backed Securities.

Concluding Remarks.

Notes.

5 Privately Held Equity.

Introduction.

Equity Volatility.

Pricing Equity Issues.

Common Equity Pricing Models Used by Investment Analysts.

Price-Multiple Equity Pricing Models.

Discounted Cash Flow Approach Equity Pricing Model.

Basic Framework of Private-Equity Investing.

Accountant's Review of Private-Equity Valuations.

Concluding Remarks.

Notes.

6 Public Equity Pricing.

Introduction.

"Fox Rocks" Valuation Illustration.

Discounted Cash Flow Model.

Concluding Remarks.

Notes.

Appendix E: "Fox Rocks" Valuation Illustration.

7 Derivatives.

Introduction.

Forward Contracts.

Futures Contracts.

Option Contracts.

Swaps.

Credit Derivatives.

Forward Rate Agreements.

Notes.

Appendix F: Using Pricing Concepts of Fixed-Income Investments andDerivatives to Illustrate How to Hedge the Base Rate ofInterest.

Appendix G: Fixed Income Option Strategies.

8 Partnerships.

Introduction.

Surfside Condominium Partnership.

Concluding Remarks.

Glossary.

References.

Index.

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  • Anonymous

    Posted January 28, 2002

    Investment Pricing Methods: A Guide for Accounting and Financial Professionals

    A very useful guide for both accounting and financial professionals who must tackle valuation issues on a regular basis. Casabona and Traficanti explain the basics of pricing various types of fixed income securities, equity securities, and the whole gamut of derivatives. I was particularly impressed by the fact that Casabona and Traficanti do not limit themselves to publicly traded instruments; they choose instead to consider both the public and the nonpublic (i.e., private) markets for securities. To those of us involved in private equity--such as venture capital--this material is a godsend. This book is well thought out, well organized, and easy to follow. . . I can easily see it becoming a primary resource for the accounting profession and for Boards of Directors of both issuing institutions and of the investment companies that represent the target investment market for many of the instruments discussed.

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  • Anonymous

    Posted February 27, 2002

    Investment Pricing Methods: A Guide for Accounting and Financial Professionals

    This book explains and illustrates (with real world examples) how to estimate the value of financial instruments that are traded on listed securities exchanges, as well as some that are not actively traded. It provides valuable demonstrations of how wide range practical sources of information can be used to compute prices for commercial mortgages, private-placement bonds, mortgage-backed securities, derivatives, joint ventures, and other financial instruments. Casabona and Traficanti also provide 340 slides to expedite learning on the John Wiley & Sons website (www.wiley.com).

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