Peter C. Stimes

Equity Valuation, Risk, and Investment (eBook, ePUB)

A Practitioner's Roadmap

• Format: ePub

Produktbeschreibung

Author Peter Stimes s analysis of the investment process has long been inspired by some of the best minds in the world of finance, yet some of the ways in which he approaches this discipline are truly unique. In Equity Valuation, Risk, and Investment, Stimes shares his extensive expertise with you and reveals how practitioners can integrate and apply both the theory and quantitative analysis found in finance to the day-to-day decisions they must make with regard to important investment issues.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 304
• Erscheinungstermin: 22. Juli 2011
• Englisch
• ISBN-13: 9781118160756
• Artikelnr.: 37358311

Autorenporträt

Peter C. Stimes, CFA, is a retired vice president and principal of Flaherty & Crumrine Incorporated. During his sixteen years with F&C, Stimes acted as a portfolio manager, head of quantitative research and securities analysis, and spent several years as treasurer and CFO of the closed-end funds managed by F&C. Stimes is actively involved with the CFA program and has been part of the CFA Voluntary Continuing Education Program since 1985. He has written and coauthored papers presented before the CFA Institute and various regulatory and legislative bodies. Stimes received both his undergraduate degree and his MBA from the University of Chicago.

Inhaltsangabe

Foreword. Preface. About the Author. Chapter 1. Introduction. Chapter 2.
Inflation Protected Bonds as a Valuation Template. Chapter 3. Valuing
Uncertain, Perpetual Income Streams. Chapter 4. Valuing a Leveraged Equity
Security. Chapter 5. Case Studies in Valuation during the Recent Decade.
Chapter 6. The Treatment of Mergers and Acquisitions. Chapter 7. A Fair
Representation? Broad Sample Testing Over a Ten-Year Market Cycle. Chapter
8. Price Volatility and Underlying Causes. Chapter 9. Constructing
Efficient Portfolios. Chapter 10. Selecting among Efficient Portfolios;
Making Dynamic Rebalancing Adjustments. Chapter 11. How Did We Arrive Here
Historically? Where Might We Go Prospectively? Appendix A. Mathematical
Review of Growth Rates for Earnings, Dividends, and Book Value per Share.
Appendix B. Sustainable and Non-Sustainable Inflation Rates. Appendix C.
Deriving the "Equity Duration" Formula. Appendix D. The Traditional
Growth/Equity Valuation Formula. Appendix E. Adjustments Required to the
Traditional Growth/Equity Valuation Formula in Order to Preserve Inflation
Neutrality. Appendix F. Brief Recapitulation of the Miller 1977 Capital
Structure Irrelevance Theorem. Appendix G. Time Series Charts of
Un-leveraged, Inflation Adjusted Discount Rate Estimates. Appendix H.
Comparison of Volatility of Pre-Tax and After-Tax Income. Appendix I.
Relationship between Observed P/E Ratios and Nominal Interest Rates.
Appendix J. Additional Background on Mathematical Optimization Subject to
Constraint Conditions. Appendix K. Derivation of Asset Class Covariances.
Appendix L. Expected Return and Variance/Covariance Inputs Underlying
Chapter 9 and Chapter 10 Portfolio Examples. Bibliography. Index.