The dark side of valuation : valuing young, distressed and complex businesses
著者
書誌事項
The dark side of valuation : valuing young, distressed and complex businesses
FT Press, c2010
2nd ed
- : hbk
- : pbk
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注記
Includes bibliographical references and index
内容説明・目次
- 巻冊次
-
: pbk ISBN 9780134431185
内容説明
Financial professionals have long faced the challenge of accurately valuing companies that are difficult to value using conventional methodologies. Years ago, this challenge was most keenly felt in the "dot-com" industries, and many professionals fell victim to the "dark side," creating values that were simply unsustainable. Now, amidst today's global financial crisis, the same challenge applies to a far wider spectrum of enterprises and assets, ranging from Asian equities to mortgage-backed securities, financial services firms like Lehman to real estate firms like Sears. In The Dark Side of Valuation, the world's top expert on valuation brings together today's best practices for accurately valuing young, distressed, and complex businesses. Aswath Damodaran has thoroughly revised this book, broadening its perspective to consider all companies that resist easy valuation. He covers the entire corporate lifecycle, from "idea" and "nascent growth" companies to those in decline and distress; and offers specific guidance for valuing infrastructure, real estate, technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today's radically changed credit markets for valuation. Along the way, he addresses valuation questions that have suddenly gained urgency, ranging from "Are US treasuries risk-free?" to "How do you value assets in highly illiquid markets?"
- 巻冊次
-
: hbk ISBN 9780137126897
内容説明
Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today's most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm's lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses.
In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from "idea" and "nascent growth" companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today's radically changed credit markets for valuation and addresses valuation questions that have suddenly gained urgency, ranging from "Are U.S. treasuries risk free?" to "How do you value assets in highly illiquid markets?" Readers will gain insight into:
* Overcoming the temptation to use unrealistic or simplistic valuation methods
* Risk-free rates, risk premiums and other macroeconomic assumptions
* Intelligent analysis for angel and early venture capital investing
* Projecting the impact of regulatory changes
* The stages of the corporate lifecycle
* Valuing financial services and commodities companies
Damodaran's insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.
目次
Preface vi
Chapter 1 The Dark Side of Valuation 1
Chapter 2 Intrinsic Valuation 22
Chapter 3 Probabilistic Valuation: Scenario Analysis, Decision Trees, and Simulations 64
Chapter 4 Relative Valuation 90
Chapter 5 Real Options Valuation 114
Chapter 6 A Shaky Base: A "Risky" Risk-Free Rate 144
Chapter 7 Risky Ventures: Assessing the Price of Risk 168
Chapter 8 Macro Matters: The Real Economy 194
Chapter 9 Baby Steps: Young and Start-Up Companies 213
Chapter 10 Shooting Stars? Growth Companies 263
Chapter 11 The Grown-Ups: Mature Companies 312
Chapter 12 Winding Down: Declining Companies 361
Chapter 13 Ups and Downs: Cyclical and Commodity Companies 417
Chapter 14 Mark to Market: Financial Services Companies 449
Chapter 15 Invisible Investments: Firms with Intangible Assets 476
Chapter 16 Volatility Rules: Emerging-Market Companies 505
Chapter 17 The Octopus: Multibusiness Global Companies 535
Chapter 18 Going Over to the Light: Vanquishing the Dark Side 568
Index 576
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