金融运营服务风险管理手册.pdf

Aswath Damodaran
INVESTMENT VALUATION:
SECOND EDITION

Chapter 1: Introduction to Valuation 3
Chapter 2: Approaches to Valuation 16
Chapter 3: Understanding Financial Statements 37
Chapter 4: The Basics of Risk 81
Chapter 5: Option Pricing Theory and Models 121
Chapter 6: Market Efficiency: Theory and Models 152
Chapter 7: Riskless Rates and Risk Premiums 211
Chapter 8: Estimating Risk Parameters and Costs of Financing 246
Chapter 9: Measuring Earnings 311
Chapter 10: From Earnings to Cash Flows 341
Chapter 11: Estimating Growth 373
Chapter 12: Closure in Valuation: Estimating Terminal Value 425
Chapter 13: Dividend Discount Models 450
Chapter 14: Free Cashflow to Equity Models 487
Chapter 15: Firm Valuation: Cost of Capital and APV Approaches 533
Chapter 16: Estimating Equity Value Per Share 593
Chapter 17: Fundamental Principles of Relative Valuation 637
Chapter 18: Earnings Multiples 659
Chapter 19: Book Value Multiples 718
Chapter 20: Revenue and Sector-Specific Multiples 760
Chapter 21: Valuing Financial Service Firms 802
Chapter 22: Valuing Firms with Negative Earnings 847
Chapter 23: Valuing Young and Start-up Firms 891
Chapter 24: Valuing Private Firms 928
Chapter 25: Acquisitions and Takeovers 969
Chapter 26: Valuing Real Estate 1028
Chapter 27: Valuing Other Assets 1067
Chapter 28: The Option to Delay and Valuation Implications 1090
Chapter 29: The Option to Expand and Abandon: Valuation Implications 1124
Chapter 30: Valuing Equity in Distressed Firms 1155
Chapter 31: Value Enhancement: A Discounted Cashflow Framework 1176
Chapter 32: Value Enhancement: EVA, CFROI and Other Tools 1221
Chapter 33: Valuing Bonds 1256
Chapter 34: Valuing Forward and Futures Contracts 1308
Chapter 35: Overview and Conclusions 1338
References 1359
1
CHAPTER 1
INTRODUCTION TO VALUATION
Every asset, financial as well as real, has a value. The key to essfully investing
in and managing these asset