Investment Valuation: Tools and Techniques for Determining the Value of Any Asset / Edition 3

Investment Valuation: Tools and Techniques for Determining the Value of Any Asset / Edition 3

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by Aswath Damodaran
     
 

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ISBN-10: 111801152X

ISBN-13: 9781118011522

Pub. Date: 04/17/2012

Publisher: Wiley

Since the last edition of Investment Valuation was published over a decade ago, much has changed in the world of finance. For those interested in valuation, these years have been extremely eventful.

Now, in the Third Edition of Investment Valuation, New York University Stern Business School Professor Aswath Damodaran—one of the nation's top business

Overview

Since the last edition of Investment Valuation was published over a decade ago, much has changed in the world of finance. For those interested in valuation, these years have been extremely eventful.

Now, in the Third Edition of Investment Valuation, New York University Stern Business School Professor Aswath Damodaran—one of the nation's top business school professors—returns with a fully updated edition of his classic text.

While written to reflect current market conditions, this reliable resource also stays true to previous editions with coverage of a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more.

Using updated examples and the most current valuation tools, this Third Edition addresses a variety of new issues that pose complex valuation problems. Page by page, Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation.

Engaging and accessible, this revised Third Edition of Investment Valuation:

  • Explores important valuation lessons gleaned from the recent market crisis and provides valuable insights on financial fundamentals—such as risk-free rates, risk premiums, and cash flow estimation—that came to light during this time
  • Offers an increased focus on emerging market companies, which have come to the forefront with the growth of Asia and Latin America
  • Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures such as economic value-added (EVA) and cash flow return on investment (CFROI)
  • Contains a new chapter on probabilistic valuation techniques that includes scenario analysis, decision trees, and simulations
  • Discusses how to choose the right valuation model for any given asset valuation scenario
  • And much more

Investment Valuation, Third Edition thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of datasets and spreadsheets associated with this book online at damodaran.com. In fact, the valuations will constantly be updated online, so you can have a closer link to real-time valuations.

Filled with detailed case studies and proven valuation models, this indispensable guide is a must-read for anyone wishing to gain a better understanding of investment valuation and its 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.

Product Details

ISBN-13:
9781118011522
Publisher:
Wiley
Publication date:
04/17/2012
Series:
Wiley Finance Series, #666
Pages:
992
Sales rank:
381,488
Product dimensions:
7.30(w) x 10.10(h) x 1.70(d)

Table of Contents

Introduction to Valuation.
Approaches to Valuation.
Understanding Financial Statements.
The Basics of Risk.
Option Pricing Theory and Models.
Market Efficiency--Definition, Tests and Evidence.
Riskless Rates and Risk Premiums.
Estimating Risk Parameters and Costs of Financing.
Measuring Earnings.
From Earnings to Cash Flows.
Estimating Growth.
Stable Growth and Firm Value.
Dividend Discount Models.
Free Cash Flow to Equity Discount Models.
Valuing a Firm--The Free Cash Flow to Firm Approach.
Aluing Real Estate in Private Company Valuation?
Fundamental Principles of Relative Valuation.
Earnings Multiples.
Book Value Multiples.
Other Multiples.
Valuing Financial Service Firms.
Valuing Troubled Firms.
Valuing Young or Start-Up Firms.
Valuing Private Firms.
Acquisitions and Takeovers.
Valuing Real Estate.
Valuing Other Assets.
The Option to Delay and Valuation Implications.
The Option to Expand and Valuation Implications.
Valuing Equity in Troubled Firms as Options.
Value Enhancement: A Discounted Cashflow Framework.
Value Enhancement: EVA, CFROI and Other Tools.
Valuing Fixed Income Securities.
Valuing Futures Contracts.
Overview and Conclusion.

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