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Security Analysis And Business Valuation On Wall Street + Companion Web Site, Second Edition: A Comprehensive Guide To Today'S Valuation Methods9780470277348书籍详细信息
- ISBN:9780470277348
- 作者:暂无作者
- 出版社:暂无出版社
- 出版时间:2010-05
- 页数:480
- 价格:565.80
- 纸张:胶版纸
- 装帧:精装
- 开本:大32开
- 语言:未知
- 丛书:暂无丛书
- TAG:暂无
- 豆瓣评分:暂无豆瓣评分
内容简介:
An insider's look at security analysis and business valuation,
as practiced by Wall Street, Corporate America, and international
businesses
Two major market crashes, numerous financial and accounting
scandals, growth in private equity and hedge funds, Sarbanes Oxley
and related regulations, and international developments changed
security analysis and business valuation substantially over the
last fourteen years. These events necessitated a second edition of
this modern classic, praised earlier by Barron's as a "welcome
successor to Graham and Dodd" and used in the global CFA
exam.
This authoritative book shows the rational, rigorous analysis is
still the most successful way to evaluate securities. It picks up
where Graham and Dodd's bestselling Security Analysis - for decades
considered the definitive word on the subject - leaves off.
Providing a practical viewpoint, Security Analysis on Wall Street
shows how the values of common stock are really determined in
today's marketplace. Incorporating dozens of real-world examples,
and spotlighting many special analysis cases - including cash flow
stocks, unusual industries and distressed securities - this
comprehensive resources delivers all the answers to your questions
about security analysis and corporate valuation on Wall
Street.
The Second Edition of Security Analysis on Wall Street examines
how mutual funds, private equity funds, hedge funds, institutional
money managers, investment banks, business appraisers, and
corporate acquirers perform their craft of security analysis and
business valuation in today's highly charged environment.
Completely updated to reflect the latest methodologies, this
reliable resource represents the most comprehensive book written by
someone who has actually worked as an investment banker, private
equity executive, and international institutional investor.
Shows the methodical process that practitioners use to value
common stocks and operating companies and to make buy/sell
decisions
Discusses the impact of the two stock market crashes, the
accounting and financial scandals, and the new regulations on the
evaluation process
Covers how Internet and computing power automate portions of the
research and analytical effort
Includes new case study examples representative of valuation
issues faced daily by mutual funds, private equity funds, hedge
funds, institutional investors, investment banks, business
appraisers, and corporate acquirers
Is a perfect tool for professors wishing to show their MBA
students the essential tools of equity and business valuation
Security analysis and business valuation are core financial
disciplines for Wall Streeters, corporate acquirers, and
international investors. The Second Edition of Security Analysis on
Wall Street is an important book for anyone who needs a solid
grounding in these critical finance topics
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作者介绍:
JEFFREY C. HOOKE is a Managing Director at Hooke Associates, LLC, a valuation firm, and FOCUS, LLC, an investment bank. He was formerly director of Emerging Markets Partnership (a $4 billion fund focusing on emerging markets), principal investment officer of the World Bank Group, and an investment banker with Lehman Brothers and Schroder Wertheim. Hooke is also the author of M&A: A Practical Guide to Doing the Deal and Emerging Markets: A Practical Guide for Corporations, Lenders, and Investors, both from Wiley.
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原文赏析:
天真地假设负债可以填补未来经营性现金流入和成长所需现金支出之间的差距,这是初级分析师通常会犯的一个错误。新手的错误是使用负债来避免每股盈余未来被不必要的摊薄,但现实世界中并非如此。公开上市的公司中仅有少量满足投资级债券的资格(即可以轻而易举发行债券融资的精英企业)。大多数公开上市公司的信用评级是垃圾债,而且他们的债务融资选择非常有限。
“公司收入来源于有限种类的产品及其相关服务,因此影响这些产品及服务定价或需求的不利因素会对公司经营成果和财务状况产生实质性的负面影响。”
为什么不是实话实说呢?
“公司只经营一种产品。对这种产品需求的减少或价格的降低将给你你的投资带来重大损失。”
其它内容:
媒体评论
"A welcome successor to Graham and Dodd's Security
Analysis."
—Barron's Advance Praise for the Second Edition
"Jeff Hooke has written an excellent overview of the process of
valuing individual equities and entire companies. It is useful for
a variety of readers, ranging from active investors, to financial
advisors, to principals of companies contemplating a sale or public
offering. It has a tremendous amount of material between the covers
of a single volume."
—William H. Heyman, Vice Chairman and Chief Investment Officer,
The Travelers Companies, Inc.; and former director, Division of
Market Regulation, U.S. Securities and Exchange Commission
"The Second Edition is released at a propitious time. As we
recover from the worst financial crisis in recent memory, the need
for thorough analysis is critical. Hooke's primer is readable and
easily understood, even by those without CFA credentials. It should
help practitioners avoid the mistakes of casual decision
making."
—Dennis Flannery, retired executive vice president,
Inter-American Development Bank
"This book is more than a textbook for anyone who wants to make a
living as a valuation expert or securities analyst —it is a living,
breathing, 'how to' guide on the latest methods, with plenty of
real-life examples that hit home."
—Ron Everett, Managing Partner, Certified Business Appraiser,
Business Valuation Center
"The financial crises of the past decade highlight the imperative
for disciplined valuation. Hooke provides a broad array of concepts
and tools to achieve this. He goes beyond a purely formulaic
approach to focus on idiosyncratic characteristics in both public
and private equity contexts."
—Alex Triantis, Chair, Finance Department, Robert H. Smith School
of Business, University of Maryland
"This book represents an impressive effort to offer comprehensive
coverage of business valuation. It combines the deep insight of an
insider with the rigor of top academics. Jeff is not shy about
giving his opinion, which makes the reading experience unique and
exciting."
—Ludovic Phalippou, Professor of Finance, University of
Amsterdam
"This is an invaluable reference for the M&A professional.
Hooke provides a view of the forest, in giving the rationale for
the methods in use and how they compare with each other. The text
is punctuated by his own wry commentary and frequent
examples."
—Gary Nelson, Chairman, Sigma Federal, former vice chairman of
SRA International
"This book is a highly useful resource for any existing or
soon-to-be professional in the financial analysis field. It is a
must-read presentation of the valuation methodologies utilized in
the private equity business."
—Matt Newton, Partner, Columbia Capital
"Hooke's book provides an insightful approach to both financial
analysis and business valuation. It should be required reading for
anyone involved in the securities industry, from money managers to
investment bankers."
—George Konomos, Senior Advisor, Latigo Partners
"The new edition of Jeffrey Hooke's (Hooke Associates and FOCUS,
LLC) Security Analysis and Business Valuation on Wall Street
contains fresh insights and updates on the fundamentals of security
analysis and business valuation, new case study examples, and four
new chapters.
"Among other reasons, Hooke points out why experts should read
this practitioner-oriented book: "Two market crashes -- and the
attendant fallout -- suggest that business appraisers consider the
use of higher discount rates, the need for recessions in many
forecasts, and the inclusion of political risk in certain US
business evaluations…The validity of each methodology -- be it
guideline companies or discounted cash flow, to give two examples
-- has to be cross checked against its counterparts now more than
ever, or the appraiser can get false readings."
— Business Valuation Review, May 5, 2010
书籍介绍
An insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses
Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron's as a "welcome successor to Graham and Dodd" and used in the global CFA exam. This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd's bestselling Security Analysis - for decades considered the definitive word on the subject - leaves off. Providing a practical viewpoint, Security Analysis on Wall Street shows how the values of common stock are really determined in today's marketplace. Incorporating dozens of real-world examples, and spotlighting many special analysis cases - including cash flow stocks, unusual industries and distressed securities - this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street.
The Second Edition of Security Analysis on Wall Street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor. Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process Covers how Internet and computing power automate portions of the research and analytical effort
Includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation
Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The Second Edition of Security Analysis on Wall Street is an important book for anyone who needs a solid grounding in these critical finance topics.
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