Damodaran on Valuation Security Analysis for Investment and Corporate Finance 2nd edition by Aswath Damodaran ISBN 0470049375 9780470049372

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Product details:

ISBN 10: 0470049375
ISBN 13: 9780470049372
Author: Aswath Damodaran 

“Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do.”
— Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places

In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You’ll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Damodaran on Valuation Security Analysis for Investment and Corporate Finance 2nd Table of contents:

Chapter 1: Introduction to Valuation

A PHILOSOPHICAL BASIS FOR VALUATION

INSIDE THE VALUATION PROCESS

APPROACHES TO VALUATION

ROLE OF VALUATION

CONCLUSION

Chapter 2: Estimating Discount Rates

WHAT IS RISK?

COST OF EQUITY

FROM COST OF EQUITY TO COST OF CAPITAL

CONCLUSION

Chapter 3: Measuring Cash Flows

CATEGORIZING CASH FLOWS

EARNINGS

TAX EFFECT

REINVESTMENT NEEDS

FROM FIRM TO EQUITY CASH FLOWS

CONCLUSION

Chapter 4: Forecasting Cash Flows

STRUCTURE OF DISCOUNTED CASH FLOW VALUATION

LENGTH OF EXTRAORDINARY GROWTH PERIOD

DETAILED CASH FLOW FORECASTS

TERMINAL VALUE

ESTIMATION APPROACHES

CONCLUSION

Chapter 5: Equity Discounted Cash Flow Models

DIVIDEND DISCOUNT MODELS

FCFE (POTENTIAL DIVIDEND) DISCOUNT MODELS

FCFE VERSUS DIVIDEND DISCOUNT MODEL VALUATION

PER SHARE VERSUS AGGREGATE VALUATION

CONCLUSION

Chapter 6: Firm Valuation Models

COST OF CAPITAL APPROACH

ADJUSTED PRESENT VALUE APPROACH

EXCESS RETURN MODELS

CAPITAL STRUCTURE AND FIRM VALUE

CONCLUSION

Chapter 7: Relative Valuation: First Principles

WHAT IS RELATIVE VALUATION?

UBIQUITY OF RELATIVE VALUATION

REASONS FOR POPULARITY AND POTENTIAL PITFALLS

STANDARDIZED VALUES AND MULTIPLES

FOUR BASIC STEPS TO USING MULTIPLES

RECONCILING RELATIVE AND DISCOUNTED CASH FLOW VALUATIONS

CONCLUSION

Chapter 8: Equity Multiples

DEFINITIONS OF EQUITY MULTIPLES

DISTRIBUTIONAL CHARACTERISTICS OF EQUITY MULTIPLES

ANALYSIS OF EQUITY MULTIPLES

APPLICATIONS OF EQUITY MULTIPLES

CONCLUSION

Chapter 9: Value Multiples

DEFINITION OF VALUE MULTIPLES

DISTRIBUTIONAL CHARACTERISTICS OF VALUE MULTIPLES

ANALYSIS OF VALUE MULTIPLES

APPLICATIONS OF VALUE MULTIPLES

CONCLUSION

Chapter 10: Cash, Cross Holdings, and Other Assets

CASH AND NEAR-CASH INVESTMENTS

FINANCIAL INVESTMENTS

HOLDINGS IN OTHER FIRMS

OTHER NONOPERATING ASSETS

CONCLUSION

APPENDIX 10.1: INDUSTRY AVERAGES: CASH RATIOS—JANUARY 2005

Chapter 11: Employee Equity Options and Compensation

EQUITY-BASED COMPENSATION

EMPLOYEE OPTIONS

RESTRICTED STOCK

CONCLUSION

Chapter 12: The Value of Intangibles

IMPORTANCE OF INTANGIBLE ASSETS

INDEPENDENT AND CASH-FLOW-GENERATING INTANGIBLE ASSETS

FIRMWIDE CASH-FLOW-GENERATING INTANGIBLE ASSETS

INTANGIBLE ASSETS WITH POTENTIAL FUTURE CASH FLOWS

CONCLUSION

APPENDIX 12.1: OPTION PRICING MODELS

Chapter 13: The Value of Control

MEASURING THE EXPECTED VALUE OF CONTROL

MANIFESTATIONS OF THE VALUE OF CONTROL

CONCLUSION

Chapter 14: The Value of Liquidity

MEASURING ILLIQUIDITY

COST OF ILLIQUIDITY: THEORY

COST OF ILLIQUIDITY: EMPIRICAL EVIDENCE

DEALING WITH ILLIQUIDITY IN VALUATION

CONSEQUENCES OF ILLIQUIDITY

CONCLUSION

Chapter 15: The Value of Synergy

WHAT IS SYNERGY?

VALUING SYNERGY

DUBIOUS SYNERGIES

EVIDENCE ON SYNERGY—VALUE CREATED AND ADDED

COMMON ERRORS IN VALUING SYNERGY

CONCLUSION

Chapter 16: The Value of Transparency

AN EXPERIMENT

DEFINING COMPLEXITY

SOURCES OF COMPLEXITY

REASONS FOR COMPLEXITY

MEASURING COMPLEXITY

CONSEQUENCES OF COMPLEXITY

DEALING WITH COMPLEXITY

CURES FOR COMPLEXITY

CONCLUSION

APPENDIX 16.1: STANDARD & POOR’S TRANSPARENCY AND DISCLOSURE INDEX: KEY QUESTIONS

APPENDIX 16.2: MEASURING COMPLEXITY WITH A SCORE—AN EXAMPLE

Chapter 17: The Cost of Distress

POSSIBILITY AND CONSEQUENCES OF FINANCIAL DISTRESS

DISCOUNTED CASH FLOW VALUATION

RELATIVE VALUATION

FROM FIRM TO EQUITY VALUE IN DISTRESSED FIRMS

CONCLUSION

Chapter 18: Closing Thoughts

CHOICES IN VALUATION MODELS

WHICH APPROACH SHOULD WE USE?

CHOOSING THE RIGHT DISCOUNTED CASH FLOW MODEL

CHOOSING THE RIGHT RELATIVE VALUATION MODEL

WHEN SHOULD WE USE THE OPTION PRICING MODELS?

TEN STEPS TO BETTER VALUATIONS

CONCLUSION

Index

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Tags: Aswath Damodaran, Security Analysis, Corporate Finance