H. Kent Baker, Greg Filbeck, Halil Kiymaz

Equity Markets, Valuation, and Analysis (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 448
• Erscheinungstermin: 20. August 2020
• Englisch
• ISBN-13: 9781119632924
• Artikelnr.: 60066874

Autorenporträt

H. KENT BAKER, CFA, CMA, is the University Professor of Finance at the Kogod School of Business at American University. Professor Baker is an award-winning author/editor of 36 books. GREG FILBECK, CFA, FRM, CAIA, CIPM, PRM, is the Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend, and serves as the director for the Black School of Business. HALIL KIYMAZ, CFA, is the Bank of America Professor of Finance at the Crummer Graduate School of Business at Rollins College.

Inhaltsangabe

Acknowledgments xiii

About the Editors xv

About the Chapter Authors xvii

Chapter 1 Equity Markets, Valuation, and Analysis: An Overview 1
H. Kent Baker, Greg Filbeck and Halil Kiymaz

Introduction 1

About This Book 3

Structure of the Book 5

Summary and Conclusions 12

References 13

Part One Background

Chapter 2 Ownership Structure and Stock Classes 17
Christopher J. Barnes, Ehsan Nikbakht and Andrew C. Spieler

Introduction 17

Single-Class Common Equity 18

Dual-Class Common Equity 26

Summary and Conclusions 29

Discussion Questions 29

References 29

Chapter 3 Equity Markets and Performance 33
Jay T. Brandi and Xudong Fu

Introduction 33

The Equity Market and the Economy 35

Market Indicators 39

Good Markets - Liquidity 40

Good Markets - Efficiency 41

Information Disclosure 43

Enforcement 43

Monetary Policies 44

Investments: Comparative Risk and Return 44

Stocks Versus Bonds: The Issuer's Perspective 47

Summary and Conclusions 48

Discussion Questions 48

References 48

Chapter 4 Securities Regulation 51
Douglas Cumming and Sofia Johan

Introduction 51

Trading Rules and Rules Pertaining to Broker-Dealer Conduct 52

Surveillance 58

Enforcement 59

Impact of Trading Rules and Surveillance on Corporate Outcomes 59

Summary and Conclusions 60

Discussion Questions 61

References 61

Chapter 5 Investor Psychology and Equity Market Anomalies 63
Hunter M. Holzhauer

Introduction 63

Investor Psychology: Bounded Rationality 64

Investor Psychology: Prospect Theory 65

Equity Market Anomalies: Violations of the EMH 67

Summary and Conclusions 73

Discussion Questions 74

References 74

Part Two Valuation and Analysis

Chapter 6 Financial Statement Analysis and Forecasting 81
Somnath Das and Shailendra Pandit

Introduction 81

Background 82

Technical Analysis-Based Forecasting 83

Time Series-Based Forecasting 83

Fundamental Analysis-Based Forecasting 85

Process of Analyzing Financial Statements 85

Evidence on the Usefulness of Financial Statement Analysis 86

Security Analysts and Financial Statement Analysis 88

Limitations of Using Financial Statement Analysis in Forecasting 90

Summary and Conclusion 91

Discussion Questions 92

References 92

Chapter 7 Fundamentals of Equity Valuation 97
Emmanuel Boutron, Alain Coën and Didier Folus

Introduction 97

What is Equity Valuation? 97

Free Cash Flow-Based Valuation 101

Dividend-Based Valuation 104

Market-Based Valuation: Multiples and Ratios 106

Modeling the Required Asset Return 108

Option Theory-Based Valuation 110

Summary and Conclusions 111

Discussion Questions 111

References 111

Chapter 8 Company Analysis 113
David Craig Nichols

Introduction 113

Three Steps Linking Business Activities to Equity Prices 113

Accounting Analysis 117

Fundamental Analysis 119

Summary and Conclusions 127

Discussion Questions 127

References 127

Chapter 9 Technical Analysis 131
David Lundgren

Introduction 131

Background 131

Pulling It All Together: