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دانلود کتاب Equity Markets, Valuation, and Analysis
دانلود کتاب بازارهای سهام، ارزش گذاری، و تجزیه و تحلیل
مشخصات کتاب
Equity Markets, Valuation, and Analysis
ویرایش: نویسندگان: H. Kent Baker, Greg Filbeck, Halil Kiymaz سری: Wiley Finance Series ISBN (شابک) : 2020021382, 9781119632948 ناشر: John Wiley & Sons سال نشر: 2020 تعداد صفحات: 424 [451] زبان: English فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود) حجم فایل: 5 Mb
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Cover Title Page Copyright Contents Acknowledgments About the Editors About the Chapter Authors CHAPTER 1 Equity Markets, Valuation, and Analysis: An Overview Introduction About This Book Purpose of the Book Distinguishing Features Intended Audience Structure of the Book Part One: Background Part Two: Valuation and Analysis Part Three: Equity Investment Models and Strategies Part Four: Special Equity Topics Summary and Conclusions References PART ONE Background CHAPTER 2 Ownership Structure and Stock Classes Introduction Single‐Class Common Equity Cross‐Listed Stocks Depositary Receipts Dual Listings Tracking Stock Dual‐Class Common Equity Discovery Inc.: A Case Study Summary And Conclusions Discussion Questions References CHAPTER 3 Equity Markets and Performance Introduction The Equity Market and the Economy Market Indicators Good Markets – Liquidity Good Markets – Efficiency Weak Form Efficiency Semi‐Strong Form Efficiency Strong Form Efficiency Studies and Implications Regarding Market Efficiency Good Markets – Trust and Confidence Information Disclosure Enforcement Monetary Policies Investments: Comparative Risk and Return Stocks Versus Bonds: the Issuer's Perspective Summary and Conclusions Discussion Questions References CHAPTER 4 Securities Regulation Introduction Trading Rules and Rules Pertaining to Broker‐Dealer Conduct Insider Trading Rules Market Manipulation Rules False Disclosure Rules Broker‐Agency Conflict Rules Surveillance Enforcement Impact of Trading Rules and Surveillance on Corporate Outcomes Market Manipulation and M&As Market Manipulation and Innovation Summary and Conclusions Discussion Questions References CHAPTER 5 Investor Psychology and Equity Market Anomalies Introduction Investor Psychology: Bounded Rationality Information Limitations Cognitive Limitations Time Limitations Investor Psychology: Prospect Theory Reference Wealth Risk versus Certainty Other Effects of Prospect Theory Equity Market Anomalies: Violations of the EMH Violations of the Weak Form EMH Violations of the Semi‐Strong Form EMH Violations of the Strong Form EMH and Other Critiques of the EMH Summary and Conclusions Discussion Questions References PART TWO Valuation and Analysis CHAPTER 6 Financial Statement Analysis and Forecasting Introduction Background Technical Analysis–Based Forecasting Time Series–Based Forecasting Fundamental Analysis–Based Forecasting Process of Analyzing Financial Statements Evidence on the Usefulness of Financial Statement Analysis Security Analysts and Financial Statement Analysis Limitations of Using Financial Statement Analysis in Forecasting Summary and Conclusion Discussion Questions References CHAPTER 7 Fundamentals of Equity Valuation Introduction What is Equity Valuation? Fundamental Analysis Understanding Financial Statements Understanding Economic and Regulatory Environment Equity Valuation Objectives Who is Interested in Equity Valuation? Equity Valuation Paradigm Equity Valuation Approaches Free Cash Flow–Based Valuation Free Cash Flow to the Firm Model Free Cash Flow to Equity Models Dividend‐Based Valuation The Constant‐Growth DDM Multistage Growth DDM Market‐Based Valuation: Multiples and Ratios Modeling the Required Asset Return Option Theory–Based Valuation Summary and Conclusions Discussion Questions References CHAPTER 8 Company Analysis Introduction Three Steps Linking Business Activities to Equity Prices Accounting Analysis Fundamental Analysis Profitability Economics of Profitability Other Profitability Components Growth Liquidity, Solvency, and Financial Distress Summary and Conclusions Discussion Questions References CHAPTER 9 Technical Analysis Introduction Background Link Between Technical and Fundamental Investment Philosophies Dow Theory: A Foundation Pulling It All Together: Fundamentals, Biases, and Trends Trend Following Moving Averages Momentum Investing Summary and Conclusions Discussion Questions References CHAPTER 10 Discounted Dividend Valuation Introduction The General Model Constant Growth or Gordon Model Multistage Models The Two‐Stage Model The H‐Model The Three‐Stage Model Stochastic Models Binomial Model Trinomial Model Uses of Ddms Empirical Tests of the Dividend Discount Model Summary and Conclusions Discussion Questions Referencesxs CHAPTER 11 Free Cash Flow Valuation Introduction General Approach to FCF Analysis Four Special Cases of FCF Valuation Approaches Weighted Average Cost of Capital (WACC) Adjusted Present Value (APV) Capital Cash Flow (CCF) Free Cash Flow to Equity (FCFE) Summary and Conclusions Discussion Questions References CHAPTER 12 Market‐based Valuation Introduction Widely Used Valuation Multiples and Valuation Steps Selecting Comparable Firms The Efficacy of Different Multiples in Valuation Common Factors Determining Different Multiples Summary and Conclusions Discussion Questions References CHAPTER 13 Residual Income Valuation Introduction History and Foundations of Residual Income Computing Residual Income Equity Valuation Using Residual Income Numerical Example Applying RI to Equity Valuation Evaluation and Critique of Residual Income Summary and Conclusions Discussion Questions References CHAPTER 14 Private Company Valuation Introduction DCF Valuation Methods for Private Companies The Capital Cash Flow Method The Adjusted Present Value Method The Free Cash Flow Method Scenario Analysis in DCF Valuation Methods The Comparable Firms Approach in Private Company Valuation The Choice of Valuation Metrics in the Comparable Firms Approach The Choice of Comparable Companies The Venture Capital Method for High‐Growth Private Companies Exit Valuation Target Rate of Return and Discounted Exit Valuation The Venture Capitalist's Expected Retention Ratio The Venture Capitalist's Required Equity Stake Option Valuation for Private Companies Summary and Conclusions Discussion Questions References PART THREE Equity Investment Models and Strategies CHAPTER 15 Equity Investing Strategies Introduction Value Investing Growth Investing Growth at a Reasonable Price Income Investing Dividends Index Investing Quantitative Trading Technical Analysis Options Strategies Esg Investing Summary And Conclusions Discussion Questions References CHAPTER 16 Factor Investing Introduction History Factors of Prominence Value Size Momentum Recent Factor Discoveries Low Volatility Profitability (Quality) Portfolio Implementation Considerations Factor Definitions Sector Or Industry Weights Multi‐Factor Portfolios Top‐Down Versus Bottom‐Up Multi‐Factor Construction From Theory To Practice Summary And Conclusions Discussion Questions References CHAPTER 17 Smart Beta Strategies versus Alpha Strategies Introduction What is Smart Beta? Empirical Evidence from Factor Investing and Smart Beta Studies Recent Empirical Evidence from the U.S. ETF Market Data Pairwise Comparisons Of Mean Returns And Sharpe Ratios Summary And Conclusions Discussion Questions References CHAPTER 18 Activist And Impact Investing Introduction Methods Of Activism Shareholder Proposals Public Attacks Proxy Fights Private Negotiation (Jawboning) Institutional Activists Public Pension Funds Insurance Companies, Banks, And Mutual Funds Hedge Funds Individual Activists High Profile Activists Gadflies Impact Investing ESG Principles Effectiveness of Impact Investing Social Impact Bonds Green Bonds Summary and Conclusions Discussion Questions References CHAPTER 19 Socially Responsible Investing Introduction A Brief History of SRI in the United States Esg Growth in Pooled Investment Vehicles Responsible Investing Growth by Institutional Investors The Performance of Sustainable Investments Lack of Guidelines on Voluntary Nonfinancial Disclosure ESG Disclosure and Asset Manager Valuation Methodology ESG Disclosure Lacks Usefulness Methods for Operationalizing ESG Issues Divestment Negative (Exclusionary) Screening Positive/Best‐in‐class Active Ownership Thematic Investing Impact Investing Fiduciary Duty and ESG Investing ESG Integration ESG Integration for Equities Considerations for Integrating Esg Case Study Summary And Conclusions Discussion Questions References CHAPTER 20 Pooled Investment Vehicles Introduction Open‐End Mutual Funds Share Creation and Redemption Process Costs Associated with Open‐End Mutual Funds Closed‐End Funds Structure and Trading Sources of Return and Tax Implications Unit Investment Trusts Structure and Trading Sources of Return and Tax Implications Exchange‐Traded Funds Basic Overview of ETF Share Creation and Redemption Purchase/Sale of ETF Shares by Investors Related Benefits of the ETF Structure Summary and Conclusions Discussion Questions References PART FOUR Special Equity Topics CHAPTER 21 Investing in Private Equity Introduction Performance of PE Funds Performance Persistence Factors Driving PE Performance Risk Factors of PE Funds Summary and Conclusions Discussion Questions References CHAPTER 22 Investing in Emerging Markets Introduction Capital Flows to Emerging Markets Issues Related to Capital Market Integration Return Characteristics Capital Market Integration Cultural Distance and Stock Market Returns Emerging Asset Classes Institutional Strategies for Better Investment Decisions Understanding the Value of a Relational Strategy Relevance of an Infrastructure‐building Strategy Focusing on a Sociocultural Bridging Strategy Political Connections, Investment Decisions, and Performance Corporate Governance and Performance Valuation Practices in Emerging Markets Summary and Conclusions Discussion Questions References CHAPTER 23 Disclosure Regulations in Emerging Economies and Their Impact on Equity Markets Introduction Various Disclosure Regulation Approaches Voluntary Disclosure Mandatory Disclosure Comply or Explain Disclosure Environmental and CSR Disclosure in Emerging Markets Disclosure in China Disclosure in Other Emerging Markets Insider Trading, Disclosures, and Related Regulation Insider Trading in China Insider Trading in India Insider Trading in Thailand Information Disclosure Through Private In‐House Meetings Regulatory Environment: Private In‐house Meetings Empirical Evidence: Private In‐house Meetings Summary and Conclusions Discussion Questions References CHAPTER 24 Equity Crowdfunding Investments Introduction Types of Crowdfunding The Jobs Act of 2012 Who Can Invest? Jobs 3.0 Crowdfund Investment Opportunities and Incentives Crowdfund Investment Challenges and Disincentives Academic Research Summary and Conclusions Discussion Questions References Discussion Questions and Answers (Chapters 2–24) Index EULA
