Corporate valuation for portfolio investment : analyzing assets, earnings, cash flow, stock price, governance, and special situations /
A detailed guide to the discipline of corporate valuation Designed for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, ca...
| Main Authors: | , |
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| Other Authors: | |
| Format: | eBook |
| Language: | English |
| Language Notes: | English. |
| Published: |
Hoboken, N.J. :
John Wiley and Sons,
[2011]
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| Series: | Bloomberg Financial.
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| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
Table of Contents:
- Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations; Contents; Foreword; Preface; Acknowledgments; Chapter 1: Corporate Valuation for Portfolio Investment; Valuation Defined; The Importance of Equity; Equity Defined; Articles of Faith Undermined: Securitization at Risk; Benefits of the Equity Marketplace; The Flexible Nature of Equity Capital; Long-Term Superiority of Equity over Debt-with a Caution about Volatility; The Focused Nature of Valuation for Investment; Two Main Sources of Information about Equity.
- Financial Reports: Issues with GAAP and IFRS/IASSources of Complexity in Accounting for Company Value; Reforming GAAP and IFRS; The Problem of Fair Market Value: Reporting Values for Securities with No Current Market; Three Studies; The Need to Read between the Lines; Human Nature Complicates (but Also Informs) Equity Valuation; George Soros's Concept of Reflexivity; Other Paradoxes in Equity Investing; The Observer Effect; Human Nature as the Key to Equity Value; Need for Expression in Currency Values; On Financial Mathematics; In Closing: About This Book; A Range of Approaches; Notes.
- Chapter 2: Valuation Based on AssetsOverview of Assets as a Unit of Valuation; An Opening Caveat: The Limitations of Accounting Numbers; Accounting Numbers: Why Assets as a Starting Point?; Definition of an Asset; Flow-Dominant vs. Value-Dominant Assets; The Market Premium and Nonmarket Discount; Bear Stearns: A Cautionary Tale; The Asset-Focused Investor; Current Asset Value; Taking Clues from Assets; The Sykes Model; Beyond Assets: Clues from Liabilities and Equity on the Balance Sheet; The Role of the Appraiser and Appraisal Standards in Valuing Assets; Fair Market Value Treatment Assets.
- Fair Value of Assets Under FASB (GAAP) and IASB (IFRS)Valuing Intangible Assets on the Balance Sheet; Valuing Intangible Assets That Are Not on the Balance Sheet; Using the MD & A for Insights on Assets; Improvements in Fair Value Disclosures: A Checklist for Investors; Asset-Based Valuation by Industry; Special Topics in Asset Valuations: Valuing Assets in Pension Plans; Lens Check; Conclusion: Asset Values in Bailouts; Appendix 2.1: Common Ratios, Multiples, Averages, and Algorithms Based on Assets
- and Examples of Their Use.
- Appendix 2.2: Asset -Based Approach to Business Valuation (American Society of Appraisers)Notes; Chapter 3: Valuation Based on Earnings (Income); Earnings Defined; Types of Earnings; Operating Earnings Are Key to Value; Earnings Are Relative to Revenues and Expenses; Earnings Are Ultimately Based on Assets; Hard Times Reveal Earnings-Asset Connection; How the Standard Setters Currently Define Earnings; A Brief Pause to Look at Our Compass; The Other Side of the Equation: Revenues Minus Expenses; How XBRL Can Connect the Dots between Earnings and Assets; Earnings Management and Fraud.