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Corporate Valuation

Author: Mario Massari
Publisher: John Wiley & Sons
ISBN: 1119003334
Size: 14.76 MB
Format: PDF, Mobi
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The value of a business is essneitally related to three main factors: its current operations, its future prospects and its embedded risk. The recent financial crisis completely reshaped the framework for each of these elements with a major impact on the concept of "value" and on the metrics to measure it. Corporations now do business in a context becoming progressively faster, more diverse and more interconnected so that also valuing their current operations is increasingly more complex. Secondly, forecasting future macro and business related dynamics is getting less standardized in a busines environment characterized by difficult-to-predict changes, both on the upside and on the downside, and by constant innovation. Thirdly, new types of risks and competition, so far unknown, are shaping both the operational and the financial side of enterprises, redfining the importance to manage uncertainty as a key element to achieve success. In this context, Corporate Valuation offers investment bankers and equity analysts many new insights. First, the book provides a more modern and thorough analysis of the idea of value. In an environment characterized by an increased complexity where the concept itself of value is challenged, the first part of the book provides a multidisciplinary perspective on valuation, which considers both accounting and financial principles. Second, the book introduce several new models and valuation techniques not featured in main valuation manuals, including the scenario-based valuation, the Montecarlo analysis, the advanced tools to perform relative valuation (eg harmonic mean, adjustments to take into account the leverage degree, structuring of deal multiples…). Finally, an ad hoc chapter will cover valuations in litigation and restructuring settings. The approach will be eminently practical with cases and numerical examples. The book will walk the reader through a map of the valuation approaches to use in the post–financial crisis explaining how to choose the models and how to enhance with advanced tools their accuracy. In particular, the book will specifically describe several sophisticated techniques which explicitly consider the centrality of the risk element, including: Scenario analysis Monte Carlo simulation Risk adjusted valuation multiples Cyclically adjusted valuation multiples Analysis and decomposition of deal multiples Valuations for litigation and restructuring purposes

Research Handbook Of Finance And Sustainability

Author: Sabri Boubaker
Publisher: Edward Elgar Publishing
ISBN: 1786432633
Size: 40.14 MB
Format: PDF, Mobi
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The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.

La Valutazione Delle Banche

Author: Michele Rutigliano
Publisher: EGEA spa
ISBN: 8823815894
Size: 19.35 MB
Format: PDF, Kindle
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Il volume, a cura del prof. Michele Rutigliano, propone un’analisi critica dei metodi per la valutazione di banche e altri intermediari finanziari, aggiornata sotto il profilo teorico e fondata sull’esperienza professionale degli autori. Un’analisi che ha beneficiato del contributo di accademici e operatori, profondi conoscitori delle specificità del settore finanziario, che richiede approcci alla valutazione che non possono prescindere, in tutti i casi esaminati, dalla normativa di vigilanza, con particolare riferimento a quella inerente al capitale regolamentare degli istituti. Nell’ambito della vastissima letteratura nazionale e internazionale sulla valutazione d’azienda, il libro mira a colmare, almeno parzialmente, una evidente lacuna nel panorama editoriale dal quale gli intermediari finanziari, soprattutto in una prospettiva volta ad approfondire le peculiarità delle diverse categorie di soggetti, hanno ricevuto una minore attenzione rispetto alle imprese industriali. I singoli capitoli quindi, dopo aver fornito un quadro di insieme sui criteri di valutazione in generale, trattano di banche, SIM, SGR, società di leasing e di factoring, e in premessa sviluppano i temi dell’adeguatezza patrimoniale, degli indicatori e dei modelli di analisi per la valutazione di rischi e performance, della pianificazione e della formazione dei piani industriali nelle banche e nei gruppi bancari.

Contemporary Strategy Analysis

Author: Robert M. Grant
Publisher: Wiley-Blackwell
ISBN:
Size: 53.25 MB
Format: PDF, Kindle
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The pre-eminent strategy text in the field on both sides of the Atlantic has been significantly updated and revised in its latest edition. Introducing students, especially MBA candidates, to the core concepts and principles of strategy, the text combines a rigorous approach to business strategy analysis with lively examples of current practice. Now includes thorough coverage of internet-based strategies, fresh examples of resource-based competitive advantage, additional case illustrations in every chapter, and new self-study questions Features a new two-colour design throughout with high-spec artwork Introduces students to the core concepts and principles of strategy, and offers them the tools they need to formulate and implement these Combines Grant’s renowned rigorous approach to business strategy analysis with lively examples of current practice Supported by a range of online resources, including a guide for instructors and downloadable PowerPoint slides for students, available at www.blackwellpublishing.com/grant

Value Based Metrics

Author: Frank J. Fabozzi, CFA
Publisher: John Wiley & Sons
ISBN: 9781883249762
Size: 13.84 MB
Format: PDF, ePub, Docs
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Investors, shareholders, and corporate leaders looking for an edge in today's New Economy are moving beyond traditional accounting yardsticks toward new means of gauging performance and profitability. An increasing number of Wall Street analysts and corporate boards are adopting value-based metrics such as EVA, MVA, and CFROI as a measure of a firm's profitability because these standards adjust for all of the firm's cost of capital - equity as well as debt. James Grant tackled the issue of economic value added in its infancy with Foundations of Economic Value Added - one of the first primers on the topic, endorsed by its creator, G. Bennett Stewart. Now, in Value Based Metrics: Foundations and Practice, he and Frank Fabozzi head a team of some of the leading proponents of value based metrics on both the investment management side and the corporate side. This comprehensive reference outlines how corporations and analysts can use value based metrics to more accurately measure the financial performance of individual companies, industries, and economies, as well as how to get an edge in today's turbulent market.