Download or read book Stock Valuation Models Under Inflation written by Booth, Laurence D and published by . This book was released on 1980 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equity Valuation written by Jan Viebig and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity Valuation: Models from the Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms. Editors Jan Viebig and Thorsten Poddig bring together expertise from UBS, Morgan Stanley, DWS Investment GmbH and Credit Suisse, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts: · estimate cash flows · calculate discount rates · adjust for accounting distortions · take uncertainty into consideration Written for investment professionals, corporate managers and anyone interested in developing their understanding of this key area, Equity Valuation: Models from the Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.
Download or read book An Inflation Specification of an Accounting based Valuation Model with Empirical Evidence from Mexican Accounting Disclosures written by Paquita Yolanda Davis and published by . This book was released on 1996 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Residual Income Valuation Models and Inflation written by David J. Ashton and published by . This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing empirical evidence suggests that residual income valuation models based on historical cost accounting considerably underestimate equity values. One possible explanation is the use of historical cost accounting under inflationary conditions. In this paper, we use a residual income framework to explore theoretically how historical cost accounting numbers need to be adjusted for inflation in forecasting and valuation.We demonstrate that even in a simple setting where inflation is running at a relatively low level, residual income models are likely to produce severe under-valuations if inflation is not properly taken into account. We use simulated data to reinforce our theoretical findings and to illustrate the difficulties that empirical investigators face working within the confines imposed by real data.
Download or read book Equity Valuation written by David F. Hawkins and published by . This book was released on 1978 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Accounting Under Inflationary Conditions RLE Accounting written by Patrick Kirkman and published by Routledge. This book was released on 2014-02-05 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: When first published this volume represented the first concise, accessible UK text that explained the very complex changes that could be involved in an inflation accounting system. The new edition of the book (1978) was restructured and rewritten, with a substantial amount of material added so that it provides a comprehensive and accurate picture of the inflation accounting issues of the 1970s.
Download or read book Models of Inflation written by Charles Edward Swanson and published by . This book was released on 1991 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Note on Estimating Constant Growth Terminal Values with Inflation written by Bradford Cornell and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In path breaking articles, Bradley and Jarrell (2008, 2011), develop an analysis that properly accounts for inflation in the context of constant growth valuation models. They show that many traditional applications of the constant growth model err by failing to properly account for the impact of inflation on the existing capital stock. Despite the publication of the Bradley and Jarrell papers, many leading valuation texts including Damodaran (2012) and Koller, Goedhart and Wessels (2015) still employ variations of the traditional model and there remains a good deal of debate regarding the applicability of the Bradley-Jarrell approach. In that light, this short note offers a particularly simple and intuitive derivation of the Bradley-Jarrell results that makes it clear why the traditional models are in error.
Download or read book Reexamining Stock Valuation and Inflation written by Steven Alan Sharpe and published by . This book was released on 2001 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equity Asset Valuation written by Jerald E. Pinto and published by John Wiley & Sons. This book was released on 2015-10-16 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
Download or read book Inflation Inflation Accounting and Real Stock Returns written by Jon Allan Hooks and published by . This book was released on 1989 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equity Valuation written by Peter O. Christensen and published by Now Publishers Inc. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm's cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows and the accounting policy. Growth, persistence, and mean reversion of residual operating income created by competition in the product markets or by the accounting policy are key determinants of the term structure of risk-adjustments.
Download or read book The Effects of Inflation the Degree of Leveraging and Accounting Practices Upon Common Stock Prices written by Duncan Cameron Bryan and published by . This book was released on 1975 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership of Capital in Monetary Economies and the Inflation Tax on Equity written by Mr.Ralph Chami and published by International Monetary Fund. This book was released on 1999-12-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial instruments are subject to inflation taxes on the wealth they represent and on the nominal income flows they provide. This paper explicitly introduces financial instruments into the standard stochastic growth model with money and production and shows that the value of the firm in this case is equal to the firm’s capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in other papers by the addition of a significant wealth tax.
Download or read book Stock Prices Under Inflation with Taxation of Nominal Gains written by Uzi Yaari and published by . This book was released on 2013 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excess taxation of capital gains is a by-product of inflation in a tax system that uses nominal values as its basis. Studies by Feldstein, Green and Sheshinsky [JPE 1978] and Feldstein and Slemrod [NBER WP 234, 1978] analyze related macroeconomic distortions associated with corporate stock investments by individuals under the U.S. tax system. In a departure from previous works, this study uses a share valuation model [Palmon and Yaari, NYU GSBA, WP No. 78-137, 1978] to examine the interaction between inflation and capital gains tax at the level of the firm, where those distortions are determined. Effects of inflation through this tax are isolated by assuming that other inflation-caused distortions have been removed. (Other inflation-related distortions are treated by Palmon and Yaari [JBF 1981].) Here are the main findings. (a) Under prevailing rates of tax and inflation, and tax deferral practices, the adverse effect of inflation on common equity values is substantial. (b) The contribution of inflation to the overall tax burden is moderate. (c) The adverse effect of inflation on stock prices increases with the real growth rate, while the proportional contribution of this effect to the overall tax burden decreases with the growth rate. (d) The effect of tax deferral on the overall tax burden is likely to be small; its contribution to the (small) impact of capital gains tax and its effect on price may be significant - but smaller than predicted by previous writers. (e) Under prevailing conditions in the U.S., the inflation-produced distortion in capital allocation may be significant.
Download or read book Economic Decisions Under Inflation written by Stephen M. Cross and published by . This book was released on 1982 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
