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Equity Asset Valuation (CFA Institute Investment Series) Hardcover – 5 Mar 2010
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From the Inside Flap
As part of the CFA Institute Investment Series, the Second Edition of Equity Asset Valuation has been designed for a wide range of individuals, from graduate–level students focused on finance to practicing investment professionals. This globally relevant guide outlines the essential methods used to evaluate modern equity investments including those traded outside North America.
In this latest edition, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe returns to provide you with the most up–to–date information associated with this important discipline. Blending theory with practice, they detail the contemporary techniques used to determine the intrinsic value of an equity security, and show you how to successfully apply these techniques in both foreign and domestic markets.
The Second Edition of Equity Asset Valuation clearly integrates finance and accounting concepts into the discussion providing the evenness of subject matter treatment, consistency of notation, and continuity of topic coverage that is so critical to the learning process. Valuable for self–study and general reference, this revised guide contains clear, example–driven coverage of many of today′s most important valuation issues, including:
Equity valuation applications and processes
Return concepts essential for evaluating an investment
Discounted dividend valuation
Free cash flow valuation
Market–based valuation including price and enterprise value multiples
Residual income valuation
Private company valuation
And to further enhance your understanding of the tools and techniques presented, Equity Asset Valuation Workbook, Second Edition an essential study guide that contains challenging problems and solutions related to the concepts developed here is also available.
With the authors bringing their own unique experiences and perspectives to the equity analysis process, this book distills the knowledge, skills, and abilities you need to succeed in today′s dynamic financial environment. Filled with in–depth insights and practical advice, the Second Edition of Equity Asset Valuation does not simply examine a collection of valuation models for you to use, it challenges you to determine which models are most appropriate for specific companies and situations.
From the Back Cover
"The second edition of Equity Asset Valuation provides well written, accessible, comprehensive coverage of important concepts in the valuation of firms and the claims against their cash flows. The topical coverage and rigor are well suited for practitioners or university students who want to learn more about equity valuation concepts and applications or who want a reliable reference book in this area. I highly recommend it."
Robert Parrino, Lamar Savings Centennial Professor of Finance, McCombs School of Business, The University of Texas at Austin
"Superior equity research requires more than insightful business analysis it requires effective company valuation. This book provides a thorough introduction to asset valuation, offering a survey of tools, practice and application."
Scott Stewart, PhD, CFA, former Fidelity Fund Manager and Faculty Director of Boston University′s Investment Management Program
"Equity Asset Valuation, Second Edition clearly explains the critical concepts and approaches to valuing stocks in a single, easily digestible book. It is sure to be useful to both students approaching the subject with relatively little experience and to more experienced practitioners looking to refresh knowledge and stay up to date. As is now typical of CFA publications, Equity Asset Valuation, Second Edition sets out a body of practical ′how to′ knowledge, while at the same time drawing on and absorbing, when appropriate, more recent academic research and views. This is a very useful book."
Steve Christie, PhD, Associate Professor, Applied Finance Centre, Macquarie University
"Equity Asset Valuation, Second Edition is comprehensive, highly readable, and replete with useful examples. It is a must read for stock market professionals and serious students of investment decision making."
Stephen E. Wilcox, PhD, CFA, Professor of Finance and Department Chair, Minnesota State University
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Most helpful customer reviews on Amazon.com
That's all fine with me. It's basically what I was looking for. However, my main issue with this book is that there are no solutions to the end-of-chapter questions. This is bewildering. The actual CFA exam books do have the solutions provided. I suppose it is because this book series is used as a textbook for college courses, and for some reason textbooks are made with the dubious belief that withholding information from students will help them somehow, but that's a different topic.
Because all of my CFA exam books are digital versions, I wanted to have them in paper format. I like how this book series organizes the material by topic instead of by exam level. But it's a major flaw the the solutions are not included. Meaning I have to refer to my digital versions sometimes.
These books are not formatted in the way that the exam books are. The exam books resemble a typical textbook, meaning they include rich graphics for examples, ample white space, and large headlines. This book is more like a typical hardcover book, with much more simplified text and graphic treatments, smaller size, and a dust jacket.
The layout is very logical, basically covering the four important aspects of equity valuation: DDM, Free cash flow models, price multiples, and residual income. Under each of these, the reading builds up to form a bigger picture of what needs to be understood. Examples are very clear and do not rely on specific methods of solving, such as being only relegated to math equations, spreadsheets, or financial calculators. You basically can approach any of the problems in whatever way you want. The emphasis is on understanding rather than route "do it my way" methods. The book appears to have been very well proofread, so you don't find numerical errors that can make you pull your hair out as with other books.
There is also a workbook for this series but at my time of writing, it has yet to be released. When it is out, I would give this book series six stars in strength.