Price and Value: A Guide to Equity Market Valuation Metrics
暫譯: 價格與價值：股票市場估值指標指南

Calhoun, George

Price and Value: A Guide to Equity Market Valuation Metrics
  • 出版商: Apress
  • 出版日期: 2020-02-04
  • 售價: $1,740
  • 貴賓價: 9.5 折 $1,653
  • 語言: 英文
  • 頁數: 391
  • 裝訂: Quality Paper - also called trade paper
  • ISBN: 1484255518
  • ISBN-13: 9781484255513

    • 海外代購書籍(需單獨結帳)

商品描述

Understand how to use equity market metrics such as the price/earnings ratio (and other multiples) to value public and private enterprises--identify and qualify investments and assess business strategy and performance.
Author George Calhoun, Founding Director of the Quantitative Finance Program at Stevens Institute of Technology, shows you how to use metrics to appraise mergers, acquisitions, and spin-offs. You will be able to shed light on financial market conditions, benchmark fair value assessments, and check and calibrate complex cash flow models.

While multiples are easy to construct, they can be difficult to interpret. The field has become more complex and the question of which metrics perform best can be a source of controversy.

What You Will Learn

  • Know the definitions, interpretations, and applications of all major market ratios, including: price/earnings (trailing and forward), cyclically adjusted price/earnings, cash-adjusted price/earnings, EV/EBITDA, price/sales, dividend yield, and many more
  • Examine the factors that drive the values of ratios from firm level (such as earnings growth, leverage, and governance) to market level (such as inflation, tax and fiscal policy, monetary policy, and international characteristics)
  • Apply metrics in: investment analysis, index construction, factor models, sum-of-the-parts analysis of corporate structures, and detection of asset bubbles

Who This Book Is For

Professionals at all levels working in the finance industry, especially in fields related to investment management, trading, and investment banking who are involved with valuation and assessing and advising on corporate transactions and interpreting market trends, and university students in finance-related programs at the undergraduate and graduate levels

商品描述(中文翻譯)

了解如何使用股市指標，例如本益比（price/earnings ratio）及其他倍數，來評估公共和私人企業——識別和評估投資，並評估商業策略和績效。作者喬治·卡爾霍恩（George Calhoun），史蒂文斯科技學院（Stevens Institute of Technology）量化金融計畫的創始主任，將向您展示如何使用這些指標來評估併購、收購和分拆。您將能夠洞察金融市場狀況，基準公平價值評估，並檢查和校準複雜的現金流模型。

雖然倍數容易構建，但解釋起來可能會很困難。這個領域變得更加複雜，哪種指標表現最佳的問題可能會引發爭議。

您將學到的內容：
- 知道所有主要市場比率的定義、解釋和應用，包括：本益比（trailing 和 forward）、循環調整本益比、現金調整本益比、企業價值/息稅折舊攤銷前利潤（EV/EBITDA）、價格/銷售（price/sales）、股息收益率等多個指標
- 檢視驅動比率值的因素，從公司層面（如盈餘增長、槓桿和治理）到市場層面（如通脹、稅收和財政策、貨幣政策及國際特徵）
- 在以下方面應用指標：投資分析、指數構建、因子模型、企業結構的部分總和分析，以及資產泡沫的檢測

本書適合對象：
所有在金融行業工作的專業人士，特別是在與投資管理、交易和投資銀行相關的領域，涉及企業估值、評估和建議企業交易及解釋市場趨勢的專業人士，以及本科和研究生階段的金融相關專業大學生。

作者簡介

George Calhoun is a professor, and founding director of the Quantitative Finance Program at the Stevens Institute of Technology. He is also is executive director of the Hanlon Financial Systems Center at Stevens, and area coordinator for the graduate and undergraduate finance programs at Stevens. George is the series editor for the Stevens Series in Quantitative Finance & Data Sciences, a book series launched in 2014 with Springer/Apress. He has a PhD from the Wharton School. George has 30 years of experience in the technology industry: in executive and board-level positions at several public companies, including as CEO, chairman of the board (two companies), and audit committee chairman (four companies). He has extensive experience in capital acquisition through public offerings (five), convertible and straight debt offerings, private placements, joint ventures, and venture capital transactions. And he is the author of three books on advanced signal processing technology and applications to the telecommunications field.

作者簡介(中文翻譯)

喬治·卡爾霍恩是史蒂文斯科技學院的教授及量化金融計畫的創始主任。他同時也是史蒂文斯的漢隆金融系統中心的執行主任，以及史蒂文斯研究所的研究生和本科金融計畫的區域協調員。喬治是史蒂文斯量化金融與數據科學系列的系列編輯，這是一個於2014年與Springer/Apress合作推出的書籍系列。他擁有華頓商學院的博士學位。喬治在科技產業擁有30年的經驗，曾在多家上市公司擔任高層及董事會職位，包括首席執行官、董事會主席（兩家公司）及審計委員會主席（四家公司）。他在透過公開發行（五次）、可轉換及普通債務發行、私募、合資企業及風險投資交易進行資本獲取方面擁有豐富的經驗。此外，他還是三本關於先進信號處理技術及其在電信領域應用的書籍的作者。

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