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eBook Investment Valuation: Tools and Techniques for Determining the Value of any Asset, University Edition epub

by Aswath Damodaran

eBook Investment Valuation: Tools and Techniques for Determining the Value of any Asset, University Edition epub
  • ISBN: 1118130731
  • Author: Aswath Damodaran
  • Genre: Business
  • Subcategory: Finance
  • Language: English
  • Publisher: Wiley; 3 edition (April 17, 2012)
  • Pages: 992 pages
  • ePUB size: 1293 kb
  • FB2 size 1869 kb
  • Formats txt doc rtf azw


Valuation is at the heart of any investment decision . statistics and they are fuzzy about how to apply statistical tools and techniques. This valuable referenc.

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All examples have been updated and new material has been added. ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994.

Any asset can be valued, but some assets are easier to value than others and the details of valuation will vary from case to case.

One valuation book stands out as withstanding the test of time among students of financial markets and investors, Aswath t Valuation.

Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses. Expanded coverage addresses: Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets. Risk in foreign countries and how best to deal with it. Using real option theory and option pricing models in valuing business and equity

Professor Damodaran has gathered together a vast number of valuation techniques and gives us great background and context for applying them and when they will tend to provide good information and when they can mislead us. I think this is tremendously valuable

Professor Damodaran has gathered together a vast number of valuation techniques and gives us great background and context for applying them and when they will tend to provide good information and when they can mislead us. I think this is tremendously valuable. But it requires work on the part of the student or the business person trying to come up with a useful valuation for some asset. In reality, we should use multiple techniques when considering any asset and see how well they agree with each other and where there are divergent valuations.

Investment Valuation book . Investment Valuation Tools and Techniques for Determining the. Aswath Damodaran is a Professor of Finance at the Stern School of Business at New York University (Kerschner Family Chair in Finance Education), where he teaches corporate finance and equity valuation. He is best known as author of several widely used academic and practitioner texts on Valuation, Corporate Finance, and Investment Management.

One valuation book stands out as withstanding the test of time among investors and . BCom, MS (Management), MBA (Finance), PhD (Finance).

One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath t Valuation. All examples have been updated and new material has been added. UCLA, Indian Institute of Management, Madras University.

One valuation book stands out as withstanding the test of time among investors and students of financial markets-Aswath Damodaran's Investment Valuation. It also skillfully outlines essential valuation tools and techniques for determining the value of any asset-including the valuation of stocks, bonds, options, futures, and real assets-and contains refreshed examples and updated case studies. With this reliable resource as your guide, you'll gain important insights on

The definitive source of information on all topics related toinvestment valuation tools and techniques

Valuation is at the heart of any investment decision, whetherthat decision is buy, sell or hold. But the pricing of many assetshas become a more complex task in modern markets, especially afterthe recent financial crisis. In order to be successful at thisendeavor, you must have a firm understanding of the propervaluation techniques. One valuation book stands out as withstandingthe test of time among students of financial markets and investors,Aswath Damodaran'sInvestment Valuation.

Now completely revised and updated to reflect changing marketconditions, this third edition comprehensively introduces studentsand investment professionals to the range of valuation modelsavailable and how to chose the right model for any given assetvaluation scenario. This edition includes valuation techniques fora whole host of real options, start-up firms, unconventionalassets, distressed companies and private equity, and real estate.All examples have been updated and new material has been added.

An expansion of ancillaries include updated online databases,spreadsheets, and other educational support toolsFully revised to incorporate valuation lessons learned from thelast five years, from the market crisis and emerging markets to newtypes of equity investmentsRevised examples of company valuations such as companies fromEastern Europe and Africa, which stress the global nature of modernvaluationAuthor Aswath Damodaran is regarded as one of the besteducators and thinkers on the topic of investment valuation

This indispensable guide is a must read for students wishing togain a better understanding of investment valuation and itsmethods. With it, you can take the insights and advice of arecognized authority on the valuation process and immediately putthem to work for you.

Comments: (7)
Kagda
I have great admiration and respect for Prof. Damodaran, and I don't know anyone who doesn't. I have attended some of his conferences and they are usually packed. Not only does he explain things with great clarity, but he delivers his conferences with gusto and humor.
This is a fabulous reference text. The author covers practically every aspect of valuation: big firms, small ones, private cos., real estate, m&a, etc. What I really liked were his methods for including option theory and use of options formulae for calculating value when there is no cash-flow, such as oil or mining reserves, or some sort of contingent claim on an asset.
The section on use of estimates for cost of equity and capital are highly detailed, and don't miss any of the many aspects that can affect the variables involved: country risk, default risk, etc.
Although the book is readable, and very clear and organized in the layout of the methodology, it is heavy reading. I for one, read at most one or two chapters at a time, because of the high level of detail, and the many sub-themes within the broad chapters. Also, I have had to read quite a few chapters once or twice because the material is abundant and the many formulae are easy to forget. That is why i would consider it a reference text, as opposed to other books of Damodaran on this subject, which are much more synthetic. His most recent book: "Narratives and Numbers" complements this text very well.
Eseve
As a businessman and a student of business, I consider this one of the most important business books that I own. I consult it regularly and use it in every consideration I have involving valuation. This is a complex and subtle topic. I know people wish it were a straightforward topic that you could simply apply inputs and crank the handle and receive a sure valuation that everyone could agree to. But real life isn’t like that. This is why every deal has a buyer and a seller. We each have different approaches, different needs, different desires, and different expectations about what tomorrow will bring.

Professor Damodaran has gathered together a vast number of valuation techniques and gives us great background and context for applying them and when they will tend to provide good information and when they can mislead us. I think this is tremendously valuable. But it requires work on the part of the student or the business person trying to come up with a useful valuation for some asset.

In reality, we should use multiple techniques when considering any asset and see how well they agree with each other and where there are divergent valuations. We should then consider what is causing those differences and see if that analysis yields some valuable insight.

So, if you want to think deeply and seriously about valuation, this is a great resource. If you want a simple machine to crank out a number, this is not valuation for dummies.

I recommend this book strongly.

Reviewed by Craig Matteson, Saline, MI
Danrad
Many of the numbers have been updated since the 2nd edition of this book was published some 10 years ago. That is, many charts and tables have data going through as late as 2011 (although some still use old data). To be fair, it is very hard to find really good examples of things, so I don't really blame him for not updating some of the examples. Most of the topics though are still pretty much the same as the 2nd edition (this is also to be expected), but, in some instances, the discussion is updated to cover recent events.

Overall, this is still an excellent valuation book. Especially for someone that has not read the 2nd edition, this is an excellent resource. I would describe Damodaran's writing style as "honest," which means that he gives you both the good and the bad. He acknowledges that valuation is inherently a subjective process, which, in my opinion, can only be really done well with experience. I find this book as kind of a road map to good valuation fundamentals, as Damodaran shows you what alternatives you can do and what things to avoid.
Kuve
Aswath Damodaran is the master when it comes to valuing companies.
No one does a better job than he does.
Small growing companies making losses, large behemoths lumbering to extinction, Mr Damodaran has a way to value them all.
His blog is really good and the fact that he makes his spreadsheets available to download is literally priceless.
Deals with all kinds of issues in valuation such as Net Operating Losses, Operating Leases, Research and Development Expenses, Stock Options, RSUs, and Cost of Capital Calculations.
Invaluable.
Nahelm
I bought this book to replace an older valuation book also by Damodoran. I'm a professional analyst and am quite familiar with valuations, and this book provides a very thorough and comprehensive guide. I bought it just in time to serve as guidance through a very heavy and comprehensive research project.
Everything I needed for the project was in the book, however one thing surprised and disappointed me: the organization. I simply don't see much of a logical flow in the chapter structure, so I think it would be more difficult to someone who wasn't already familiar with the basic structure of the valuation process. Why is market efficiency jammed between unrelated chapters? Why is the discussion and examples of the pro-forma capitalization of R&D split between distant chapters? Throughout a single project, one would have to keep the book marked in several diffent places, not neccessarily in the order that one would have to deal with the questions if one were doing a valuation. The result is that this book is less easy to use as a practical guidebook than it could be, and will keep one busy in the index looking for where subjects are addressed.
This is nit-picking however. Professor Damodoran is to be congratulated for producing such a high quality and comprehensive text on valuation.
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