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Equity Markets, Valuation, and Analysis

Release Date: 2020/09/01
ISBN: 9781119632931
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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.

Table of Contents

  1. Cover
  2. Acknowledgments
  3. About the Editors
  4. About the Chapter Authors
  5. CHAPTER 1: Equity Markets, Valuation, and Analysis: An Overview
    1. INTRODUCTION
    2. ABOUT THIS BOOK
    3. STRUCTURE OF THE BOOK
    4. SUMMARY AND CONCLUSIONS
    5. REFERENCES
  6. PART One: Background
    1. CHAPTER 2: Ownership Structure and Stock Classes
    2. INTRODUCTION
    3. SINGLE-CLASS COMMON EQUITY
    4. DUAL-CLASS COMMON EQUITY
    5. SUMMARY AND CONCLUSIONS
    6. DISCUSSION QUESTIONS
    7. REFERENCES
    8. CHAPTER 3: Equity Markets and Performance
    9. INTRODUCTION
    10. THE EQUITY MARKET AND THE ECONOMY
    11. MARKET INDICATORS
    12. GOOD MARKETS – LIQUIDITY
    13. GOOD MARKETS – EFFICIENCY
    14. INFORMATION DISCLOSURE
    15. ENFORCEMENT
    16. MONETARY POLICIES
    17. INVESTMENTS: COMPARATIVE RISK AND RETURN
    18. STOCKS VERSUS BONDS: THE ISSUER'S PERSPECTIVE
    19. SUMMARY AND CONCLUSIONS
    20. DISCUSSION QUESTIONS
    21. REFERENCES
    22. CHAPTER 4: Securities Regulation
    23. INTRODUCTION
    24. TRADING RULES AND RULES PERTAINING TO BROKER-DEALER CONDUCT
    25. SURVEILLANCE
    26. ENFORCEMENT
    27. IMPACT OF TRADING RULES AND SURVEILLANCE ON CORPORATE OUTCOMES
    28. SUMMARY AND CONCLUSIONS
    29. DISCUSSION QUESTIONS
    30. REFERENCES
    31. CHAPTER 5: Investor Psychology and Equity Market Anomalies
    32. INTRODUCTION
    33. INVESTOR PSYCHOLOGY: BOUNDED RATIONALITY
    34. INVESTOR PSYCHOLOGY: PROSPECT THEORY
    35. EQUITY MARKET ANOMALIES: VIOLATIONS OF THE EMH
    36. SUMMARY AND CONCLUSIONS
    37. DISCUSSION QUESTIONS
    38. REFERENCES
  7. PART Two: Valuation and Analysis
    1. CHAPTER 6: Financial Statement Analysis and Forecasting
    2. INTRODUCTION
    3. BACKGROUND
    4. TECHNICAL ANALYSIS–BASED FORECASTING
    5. TIME SERIES–BASED FORECASTING
    6. FUNDAMENTAL ANALYSIS–BASED FORECASTING
    7. PROCESS OF ANALYZING FINANCIAL STATEMENTS
    8. EVIDENCE ON THE USEFULNESS OF FINANCIAL STATEMENT ANALYSIS
    9. SECURITY ANALYSTS AND FINANCIAL STATEMENT ANALYSIS
    10. LIMITATIONS OF USING FINANCIAL STATEMENT ANALYSIS IN FORECASTING
    11. SUMMARY AND CONCLUSION
    12. DISCUSSION QUESTIONS
    13. REFERENCES
    14. CHAPTER 7: Fundamentals of Equity Valuation
    15. INTRODUCTION
    16. WHAT IS EQUITY VALUATION?
    17. FREE CASH FLOW–BASED VALUATION
    18. DIVIDEND-BASED VALUATION
    19. MARKET-BASED VALUATION: MULTIPLES AND RATIOS
    20. MODELING THE REQUIRED ASSET RETURN
    21. OPTION THEORY–BASED VALUATION
    22. SUMMARY AND CONCLUSIONS
    23. DISCUSSION QUESTIONS
    24. REFERENCES
    25. CHAPTER 8: Company Analysis
    26. INTRODUCTION
    27. THREE STEPS LINKING BUSINESS ACTIVITIES TO EQUITY PRICES
    28. ACCOUNTING ANALYSIS
    29. FUNDAMENTAL ANALYSIS
    30. SUMMARY AND CONCLUSIONS
    31. DISCUSSION QUESTIONS
    32. REFERENCES
    33. CHAPTER 9: Technical Analysis
    34. INTRODUCTION
    35. BACKGROUND
    36. PULLING IT ALL TOGETHER: FUNDAMENTALS, BIASES, AND TRENDS
    37. SUMMARY AND CONCLUSIONS
    38. DISCUSSION QUESTIONS
    39. REFERENCES
    40. CHAPTER 10: Discounted Dividend Valuation
    41. INTRODUCTION
    42. THE GENERAL MODEL
    43. CONSTANT GROWTH OR GORDON MODEL
    44. MULTISTAGE MODELS
    45. STOCHASTIC MODELS
    46. USES OF DDMS
    47. EMPIRICAL TESTS OF THE DIVIDEND DISCOUNT MODEL
    48. SUMMARY AND CONCLUSIONS
    49. DISCUSSION QUESTIONS
    50. REFERENCES
    51. CHAPTER 11: Free Cash Flow Valuation
    52. INTRODUCTION
    53. GENERAL APPROACH TO FCF ANALYSIS
    54. FOUR SPECIAL CASES OF FCF VALUATION APPROACHES
    55. SUMMARY AND CONCLUSIONS
    56. DISCUSSION QUESTIONS
    57. REFERENCES
    58. CHAPTER 12: Market-based Valuation
    59. INTRODUCTION
    60. WIDELY USED VALUATION MULTIPLES AND VALUATION STEPS
    61. SELECTING COMPARABLE FIRMS
    62. THE EFFICACY OF DIFFERENT MULTIPLES IN VALUATION
    63. COMMON FACTORS DETERMINING DIFFERENT MULTIPLES
    64. SUMMARY AND CONCLUSIONS
    65. DISCUSSION QUESTIONS
    66. REFERENCES
    67. CHAPTER 13: Residual Income Valuation
    68. INTRODUCTION
    69. HISTORY AND FOUNDATIONS OF RESIDUAL INCOME
    70. COMPUTING RESIDUAL INCOME
    71. EQUITY VALUATION USING RESIDUAL INCOME
    72. NUMERICAL EXAMPLE
    73. APPLYING RI TO EQUITY VALUATION
    74. EVALUATION AND CRITIQUE OF RESIDUAL INCOME
    75. SUMMARY AND CONCLUSIONS
    76. DISCUSSION QUESTIONS
    77. REFERENCES
    78. CHAPTER 14: Private Company Valuation
    79. INTRODUCTION
    80. DCF VALUATION METHODS FOR PRIVATE COMPANIES
    81. THE COMPARABLE FIRMS APPROACH IN PRIVATE COMPANY VALUATION
    82. THE VENTURE CAPITAL METHOD FOR HIGH-GROWTH PRIVATE COMPANIES
    83. OPTION VALUATION FOR PRIVATE COMPANIES
    84. SUMMARY AND CONCLUSIONS
    85. DISCUSSION QUESTIONS
    86. REFERENCES
  8. PART Three: Equity Investment Models and Strategies
    1. CHAPTER 15: Equity Investing Strategies
    2. INTRODUCTION
    3. VALUE INVESTING
    4. GROWTH INVESTING
    5. GROWTH AT A REASONABLE PRICE
    6. INCOME INVESTING
    7. INDEX INVESTING
    8. QUANTITATIVE TRADING
    9. TECHNICAL ANALYSIS
    10. OPTIONS STRATEGIES
    11. ESG INVESTING
    12. SUMMARY AND CONCLUSIONS
    13. DISCUSSION QUESTIONS
    14. REFERENCES
    15. CHAPTER 16: Factor Investing
    16. INTRODUCTION
    17. HISTORY
    18. FACTORS OF PROMINENCE
    19. RECENT FACTOR DISCOVERIES
    20. PORTFOLIO IMPLEMENTATION CONSIDERATIONS
    21. SUMMARY AND CONCLUSIONS
    22. DISCUSSION QUESTIONS
    23. REFERENCES
    24. CHAPTER 17: Smart Beta Strategies versus Alpha Strategies
    25. INTRODUCTION
    26. WHAT IS SMART BETA?
    27. EMPIRICAL EVIDENCE FROM FACTOR INVESTING AND SMART BETA STUDIES
    28. RECENT EMPIRICAL EVIDENCE FROM THE U.S. ETF MARKET
    29. SUMMARY AND CONCLUSIONS
    30. DISCUSSION QUESTIONS
    31. REFERENCES
    32. CHAPTER 18: Activist and Impact Investing
    33. INTRODUCTION
    34. METHODS OF ACTIVISM
    35. INSTITUTIONAL ACTIVISTS
    36. INDIVIDUAL ACTIVISTS
    37. IMPACT INVESTING
    38. SUMMARY AND CONCLUSIONS
    39. DISCUSSION QUESTIONS
    40. REFERENCES
    41. CHAPTER 19: Socially Responsible Investing
    42. INTRODUCTION
    43. A BRIEF HISTORY OF SRI IN THE UNITED STATES
    44. ESG GROWTH IN POOLED INVESTMENT VEHICLES
    45. RESPONSIBLE INVESTING GROWTH BY INSTITUTIONAL INVESTORS
    46. THE PERFORMANCE OF SUSTAINABLE INVESTMENTS
    47. LACK OF GUIDELINES ON VOLUNTARY NONFINANCIAL DISCLOSURE
    48. ESG DISCLOSURE AND ASSET MANAGER VALUATION METHODOLOGY
    49. ESG DISCLOSURE LACKS USEFULNESS
    50. METHODS FOR OPERATIONALIZING ESG ISSUES
    51. FIDUCIARY DUTY AND ESG INVESTING
    52. ESG INTEGRATION FOR EQUITIES
    53. CONSIDERATIONS FOR INTEGRATING ESG
    54. CASE STUDY
    55. SUMMARY AND CONCLUSIONS
    56. DISCUSSION QUESTIONS
    57. REFERENCES
    58. CHAPTER 20: Pooled Investment Vehicles
    59. INTRODUCTION
    60. OPEN-END MUTUAL FUNDS
    61. CLOSED-END FUNDS
    62. UNIT INVESTMENT TRUSTS
    63. EXCHANGE-TRADED FUNDS
    64. SUMMARY AND CONCLUSIONS
    65. DISCUSSION QUESTIONS
    66. REFERENCES
  9. PART Four: Special Equity Topics
    1. CHAPTER 21: Investing in Private Equity
    2. INTRODUCTION
    3. PERFORMANCE OF PE FUNDS
    4. PERFORMANCE PERSISTENCE
    5. FACTORS DRIVING PE PERFORMANCE
    6. RISK FACTORS OF PE FUNDS
    7. SUMMARY AND CONCLUSIONS
    8. DISCUSSION QUESTIONS
    9. REFERENCES
    10. CHAPTER 22: Investing in Emerging Markets
    11. INTRODUCTION
    12. CAPITAL FLOWS TO EMERGING MARKETS
    13. ISSUES RELATED TO CAPITAL MARKET INTEGRATION
    14. INSTITUTIONAL STRATEGIES FOR BETTER INVESTMENT DECISIONS
    15. POLITICAL CONNECTIONS, INVESTMENT DECISIONS, AND PERFORMANCE
    16. CORPORATE GOVERNANCE AND PERFORMANCE
    17. VALUATION PRACTICES IN EMERGING MARKETS
    18. SUMMARY AND CONCLUSIONS
    19. DISCUSSION QUESTIONS
    20. REFERENCES
    21. CHAPTER 23: Disclosure Regulations in Emerging Economies and Their Impact on Equity Markets
    22. INTRODUCTION
    23. VARIOUS DISCLOSURE REGULATION APPROACHES
    24. ENVIRONMENTAL AND CSR DISCLOSURE IN EMERGING MARKETS
    25. INSIDER TRADING, DISCLOSURES, AND RELATED REGULATION
    26. INFORMATION DISCLOSURE THROUGH PRIVATE IN-HOUSE MEETINGS
    27. SUMMARY AND CONCLUSIONS
    28. DISCUSSION QUESTIONS
    29. REFERENCES
    30. CHAPTER 24: Equity Crowdfunding Investments
    31. INTRODUCTION
    32. TYPES OF CROWDFUNDING
    33. THE JOBS ACT OF 2012
    34. CROWDFUND INVESTMENT OPPORTUNITIES AND INCENTIVES
    35. CROWDFUND INVESTMENT CHALLENGES AND DISINCENTIVES
    36. ACADEMIC RESEARCH
    37. SUMMARY AND CONCLUSIONS
    38. DISCUSSION QUESTIONS
    39. REFERENCES
  10. Discussion Questions and Answers (Chapters 2–24)
    1. CHAPTER 2 OWNERSHIP STRUCTURE AND STOCK CLASSES
    2. CHAPTER 3 EQUITY MARKETS AND PERFORMANCE
    3. CHAPTER 4 SECURITIES REGULATION
    4. CHAPTER 5 INVESTOR PSYCHOLOGY AND EQUITY MARKET ANOMALIES
    5. CHAPTER 6 FINANCIAL STATEMENT ANALYSIS AND FORECASTING
    6. CHAPTER 7 FUNDAMENTALS OF EQUITY VALUATION
    7. CHAPTER 8 COMPANY ANALYSIS
    8. CHAPTER 9 TECHNICAL ANALYSIS
    9. CHAPTER 10 DISCOUNTED DIVIDEND VALUATION
    10. CHAPTER 11 FREE CASH FLOW VALUATION
    11. CHAPTER 12 MARKET-BASED VALUATION
    12. CHAPTER 13 RESIDUAL INCOME VALUATION
    13. CHAPTER 14 PRIVATE COMPANY VALUATION
    14. CHAPTER 15 EQUITY INVESTING STRATEGIES
    15. CHAPTER 16 FACTOR INVESTING
    16. CHAPTER 17 SMART BETA STRATEGIES VERSUS ALPHA STRATEGIES
    17. CHAPTER 18 ACTIVIST AND IMPACT INVESTING
    18. CHAPTER 19 SOCIALLY RESPONSIBLE INVESTING
    19. CHAPTER 20 POOLED INVESTMENT VEHICLES
    20. CHAPTER 21 INVESTING IN PRIVATE EQUITY
    21. CHAPTER 22 INVESTING IN EMERGING MARKETS
    22. CHAPTER 23 DISCLOSURE REGULATIONS IN EMERGING ECONOMIES AND THEIR IMPACT ON EQUITY MARKETS
    23. CHAPTER 24 EQUITY CROWDFUNDING INVESTMENTS
  11. Index
  12. End User License Agreement
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