Equity Valuation, Risk and Investment: A Practitioner’s by Peter C. Stimes

By Peter C. Stimes

Writer Peter Stimes’s research of the funding method has lengthy been encouraged through the very best minds on this planet of finance, but a number of the ways that he methods this self-discipline are actually specified. In Equity Valuation, danger, and Investment, Stimes stocks his wide services with you and divulges how practitioners can combine and observe either the idea and quantitative research present in finance to the daily judgements they need to make in regards to special funding matters.

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Sample text

This consideration of TIPS gives us a potentially useful long-run asset allocation tool and is consistent with the empirical findings by Jeremy Siegel and others that, over almost two centuries in the United States, equity securities protected against purchasing power erosion in the long run much better than did traditional fixed-rate bonds. The last implication arising from our study of TIPS is that the traditional volatility and correlation analysis, and/or Value at Risk (VAR), will be woefully incomplete unless we attempt to discriminate between those price changes attributable to real yield changes and those due simply to changes in the expected inflation rate.

We will find this to be useful in dealing with difficulties encountered in any or all of (1) valuing high-growth companies, (2) evaluating the impact of common stock buybacks and other leveraged recapitalizations, and (3) assessing mergers/acquisitions. In addition to selected case studies, we test the model cross-sectionally at several points in time for a robust sample of common equities. Doing this will help us draw inferences about expected returns in general and draw specific inferences regarding market efficiency and portfolio management.

Our expositional model has been heavily shaped by the writings of Benjamin Graham, particularly the classic Security Analysis. As a result, this work is likely to be useful more to the practitioner than to the scholarly community. Where possible, I have tried throughout to present the arguments and discussion in three different forms: textual, pictorial, and mathematical. Much of the math must be included in the textual part of the exposition. However, the more formal mathematical treatment is relegated to appendices and footnotes for those who desire to pursue the topic with greater rigor.

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