Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition
Investment Valuation Tools and Techniques for Determining the Value of Any Asset Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds,...
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Investment ValuationTools and Techniques for Determining the Value of Any AssetRegarded as one of the top experts on investment valuation, NYU Stern Business School professor Aswath Damodaran returns with a completely revised Second Edition of his classic, Investment Valuation. This practical, comprehensive guide covers 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 real-world examples and the most current valuation tools, this Second Edition addresses new sectors such as dot-coms, private companies, and financial service firms that pose complex valuation problems. 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.An invaluable resource for authoritative information, analysis, and insight, Investment Valuation, Second Edition, covers all the key topics in asset valuation, including:* Choosing the right valuation model for any given asset valuation scenario* Applying valuation techniques to start-up firms, unconventional assets, private equity, and real estate* Risk and return-domestically and abroad* Value enhancement measures such as economic value-added (EVA) and cash flow return on investment (CFROI)* Using real option theory and option pricing models in valuing individual assets such as patents as well as entire businessesInvestment Valuation, Second 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 data sets and spreadsheets associated with this book online at www.damodaran.com. In fact, the valuations will be constantly updated online, so you can have a closer link to real-time valuations.Filled with case studies and proven valuation models, this indispensable guide is a must for anyone wishing to gain a better understanding of investment valuation and its methods. Take the insight and advice of a recognized authority on the valuation process and put them to work for you today.
Ch. 1Introduction to Valuation1Ch. 2Approaches to Valuation11Ch. 3Understanding Financial Statements26Ch. 4The Basics of Risk60Ch. 5Option Pricing Theory and Models88Ch. 6Market Efficiency - Definition, Tests, and Evidence112Ch. 7Riskless Rates and Risk Premiums154Ch. 8Estimating Risk Parameters and Costs of Financing181Ch. 9Measuring Earnings226Ch. 10From Earnings to Cash Flows247Ch. 11Estimating Growth268Ch. 12Closure in Valuation: Estimating Terminal Value303Ch. 13Dividend Discount Models322Ch. 14Free Cash Flow to Equity Discount Models351Ch. 15Firm Valuation: Cost of Capital and Adjusted Present Value Approaches382Ch. 16Estimating Equity Value per Share423Ch. 17Fundamental Principles of Relative Valuation453Ch. 18Earnings Multiples468Ch. 19Book Value Multiples511Ch. 20Revenue Multiples and Sector-Specific Multiples543Ch. 21Valuing Financial Service Firms575Ch. 22Valuing Firms with Negative Earnings607Ch. 23Valuing Young or Start-Up Firms637Ch. 24Valuing Private Firms662Ch. 25Acquisitions and Takeovers690Ch. 26Valuing Real Estate729Ch. 27Valuing Other Assets757Ch. 28The Option to Delay and Valuation Implications772Ch. 29The Options to Expand and to Abandon: Valuation Implications796Ch. 30Valuing Equity in Distressed Firms817Ch. 31Value Enhancement: A Discounted Cash Flow Valuation Framework832Ch. 32Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools863Ch. 33Valuing Bonds887Ch. 34Valuing Futures and Forward Contracts926Ch. 35Overview and Conclusion946References961Index977
