{"product_id":"valuation-techniques-isbn-9781118397435","title":"Valuation Techniques","description":"\u003cp\u003e\u003ci\u003e\u003cb\u003eAnalysis and insights from top thought leaders on a pivotal topic in investing and asset management\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eValuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the “father of value investing,” to Aswath Damodaran, you’ll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis.  \u003c\/p\u003e \u003cul\u003e \u003cli\u003eFeatures the best thinking on valuation from the industry’s masters on the topic, supplemented with dozens of fascinating and instructive real-world examples\u003c\/li\u003e \u003cli\u003eComprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more\u003c\/li\u003e \u003cli\u003eSupplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets\u003c\/li\u003e \u003cli\u003eIs being produced with the full support and input of CFA Institute, the world’s leading association of investment professionals\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e \u003c\/p\u003e  \u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I: VALUATION PERSPECTIVES: THEN AND NOW 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 1 Two Illustrative Approaches to Formula Valuations of Common Stocks 5\u003cbr\u003e \u003ci\u003eBenjamin Graham\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (November 1957):1115.\u003c\/p\u003e \u003cp\u003eCHAPTER 2 Seeking a Margin of Safety and Valuation 17\u003cbr\u003e \u003ci\u003eMatthew B. McLennan, CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from CFA Institute Conference Proceedings Quarterly (June 2011): 2734.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II: VALUATION METHODOLOGIES 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 3 Company Performance and Measures of Value Added 31\u003cbr\u003e \u003ci\u003ePamela P. Peterson, CFA, and David R. Peterson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Research Foundation of CFA Institute (December 1996).\u003c\/p\u003e \u003cp\u003eCHAPTER 4 The Affordable Dividend Approach to Equity Valuation 93\u003cbr\u003e \u003ci\u003eAlfred Rappaport\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (July\/August 1986):5258.\u003c\/p\u003e \u003cp\u003eCHAPTER 5 Discounted-Cash-Flow Approach to Valuation 105\u003cbr\u003e \u003ci\u003eGregory A. Gilbert, CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from ICFA Continuing Education Series (1990):2330.\u003c\/p\u003e \u003cp\u003eCHAPTER 6 Equity Securities Analysis Case Study: Merck \u0026amp; Company 115\u003cbr\u003e \u003ci\u003eRandall S. Billingsley, CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from AIMR Conference Proceedings: Equity Securities Analysis and Evaluation (December 1993):6395.\u003c\/p\u003e \u003cp\u003eCHAPTER 7 Traditional Equity Valuation Methods 155\u003cbr\u003e \u003ci\u003eThomas A. Martin, Jr., CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from AIMR Conference Proceedings (May 1998):2135.\u003c\/p\u003e \u003cp\u003eCHAPTER 8 A Simple Valuation Model and Growth Expectations 177\u003cbr\u003e \u003ci\u003eMorris G. Danielson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (May\/June 1998):5057.\u003c\/p\u003e \u003cp\u003eCHAPTER 9 Franchise Valuation under Q-Type Competition 189\u003cbr\u003e \u003ci\u003eMartin L. Leibowitz\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (November\/December 1998): 6274.\u003c\/p\u003e \u003cp\u003eCHAPTER 10 Value Enhancement and Cash-Driven Valuation Models 209\u003cbr\u003e \u003ci\u003eAswath Damodaran\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from AIMR Conference Proceedings: Practical Issues in Equity Analysis (February 2000):417.\u003c\/p\u003e \u003cp\u003eCHAPTER 11 FEVA: A Financial and Economic Approach to Valuation 229\u003cbr\u003e \u003ci\u003eXavier Adsera` and Pere Vin˜olas\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (March\/April 2003):8087.\u003c\/p\u003e \u003cp\u003eCHAPTER 12 Choosing the Right Valuation Approach 243\u003cbr\u003e \u003ci\u003eCharles M.C. Lee\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from AIMR Conference Proceedings: Equity Valuation in a Global Context (April 2003):414.\u003c\/p\u003e \u003cp\u003eCHAPTER 13 Choosing the Right Valuation Approach 259\u003cbr\u003e \u003ci\u003eRobert Parrino, CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from CFA Institute Conference Proceedings: Analyzing, Researching, and Valuing Equity Investments (June 2005):1528.\u003c\/p\u003e \u003cp\u003eCHAPTER 14 Valuing Illiquid Common Stock 279\u003cbr\u003e \u003ci\u003eEdward A. Dyl and George J. Jiang\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (July\/August 2008):4047.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III: EARNINGS AND CASH FLOW ANALYSIS 291\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 15 Earnings: Measurement, Disclosure, and the Impact on Equity Valuation 293\u003cbr\u003e \u003ci\u003eD. Eric Hirst and Patrick E. Hopkins\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Research Foundation of CFA Institute (August 2000).\u003c\/p\u003e \u003cp\u003eCHAPTER 16 Cash Flow Analysis and Equity Valuation 349\u003cbr\u003e \u003ci\u003eJames A. Ohlson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from AIMR Conference Proceedings: Equity Research and Valuation Techniques (May 1998):3643.\u003c\/p\u003e \u003cp\u003eCHAPTER 17 Accounting Valuation: Is Earnings Quality an Issue? 361\u003cbr\u003e \u003ci\u003eBradford Cornell and Wayne R. Landsman\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (November\/December 2003): 2028.\u003c\/p\u003e \u003cp\u003eCHAPTER 18 Earnings Quality Analysis and Equity Valuation 375\u003cbr\u003e \u003ci\u003eRichard G. Sloan\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from CFA Institute Conference Proceedings Quarterly (September 2006): 5260.\u003c\/p\u003e \u003cp\u003eCHAPTER 19 Is Cash Flow King in Valuations? 389\u003cbr\u003e \u003ci\u003eJing Liu, Doron Nissim, and Jacob Thomas\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (March\/April 2007):5668.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV: OPTION VALUATION 407\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 20 Employee Stock Options and Equity Valuation 409\u003cbr\u003e \u003ci\u003eMark Lang\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Research Foundation of CFA Institute (July 2004).\u003c\/p\u003e \u003cp\u003eCHAPTER 21 Employee Stock Option Valuation with an Early Exercise Boundary 465\u003cbr\u003e \u003ci\u003eNeil Brisley and Chris K. Anderson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (September\/October 2008): 88100.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART V: REAL OPTIONS VALUATION 483\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 22 Real Options and Investment Valuation 485\u003cbr\u003e \u003ci\u003eDon M. Chance, CFA, and Pamela P. Peterson, CFA\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Research Foundation of CFA Institute (July 2002).\u003c\/p\u003e \u003cp\u003eCHAPTER 23 Real-Options Valuation for a Biotechnology Company 573\u003cbr\u003e \u003ci\u003eDavid Kellogg and John M. Charnes\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReprinted from the Financial Analysts Journal (May\/June 2000):7684.\u003c\/p\u003e \u003cp\u003eAbout the Contributors 587\u003c\/p\u003e \u003cp\u003eIndex 589\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDAVID T. LARRABEE, CFA,\u003c\/b\u003e is director of member and corporate products at CFA Institute, where he also serves as a content director in the areas of portfolio management and equity investments. Prior to joining CFA Institute, Mr. Larrabee spent two decades in the asset management industry as a portfolio manager and analyst. He earned a BA in economics from Colgate University and an MBA in finance from Fordham University.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eJASON A. VOSS, CFA,\u003c\/b\u003e is a content director at CFA Institute, where he focuses on fixed income, behavioral finance, and corporate finance. He is the author of \u003ci\u003eThe Intuitive Investor\u003c\/i\u003e, and he also authored the \u003ci\u003eWhat My Intuition Tells Me Now\u003c\/i\u003e investment blog. Previously, he was a portfolio manager at Davis Selected Advisers, L.P., where he built an impressive track record co-managing the Davis Appreciation and Income Fund. Mr. Voss earned a BA in economics and an MBA in finance and accounting from the University of Colorado.  \u003c\/p\u003e\u003cp\u003eValuation is the cornerstone of investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Properly applied, valuation techniques can help investors distinguish between price and value, a critical distinction from which excess returns flow. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the “father of value investing,” to Aswath Damodaran, you’ll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis. As you read the chapters in this book, you will gain an appreciation for the evolution of valuation thought, and in the process, you will acquire a framework for understanding future innovations in the field.\u003c\/p\u003e \u003cul\u003e\n\u003cli\u003eFeatures the best thinking on valuation from the industry’s masters on the topic, supplemented with dozens of fascinating and instructive real-world examples\u003c\/li\u003e \u003cli\u003eProvides a breadth of perspectives on valuation theory and applications to ensure that it becomes a tool that matches every fundamental investor’s way of looking at the world\u003c\/li\u003e \u003cli\u003eComprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more\u003c\/li\u003e \u003cli\u003eSupplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets\u003c\/li\u003e \u003cli\u003eIs being produced with the full support and input of CFA Institute, the world’s leading association of investment professionals\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990444425445,"sku":"NP9781118397435","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118397435.jpg?v=1761787854","url":"https:\/\/k12savings.com\/es\/products\/valuation-techniques-isbn-9781118397435","provider":"K12savings","version":"1.0","type":"link"}