Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition
Digital Download: You will receive a download link via your order email
Buy Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition Course at esyGB. You will have immediate access to the digital downloads in your account or your order email.
Security Analysis and Business Valuation on Wall Street
A Comprehensive Guide to Today’s Valuation Methods, + Companion Web Site, 2nd Edition
By: Jeffrey C. Hooke
Publisher: Wiley; 2 edition (2010)
Format: Ebook (PDF)
An insider’s look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses
Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron’s as a “welcome successor to Graham and Dodd” and used in the global CFA exam.
This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd’s bestselling Security Analysis – for decades considered the definitive word on the subject – leaves off. Providing a practical viewpoint, Security Analysis on Wall Street shows how the values of common stock are really determined in today’s marketplace. Incorporating dozens of real-world examples, and spotlighting many special analysis cases – including cash flow stocks, unusual industries and distressed securities – this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street.
The Second Edition of Security Analysis on Wall Street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today’s highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor.
- Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions
- Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process
- Covers how Internet and computing power automate portions of the research and analytical effort
- Includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers
- Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation
Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The Second Edition of Security Analysis on Wall Street is an important book for anyone who needs a solid grounding in these critical finance topics.
Table of contents
What Is Security Analysis? xiv
Recent Trends xv
Why Study Security Analysis and Business Valuation? xvii
Overview of the Contents xviii
What’s New in the Second Edition xviii
PART ONE The Investing Environment 1
CHAPTER 1 Why Analyze a Security? 3
The Origins of Security Analysis 3
No Profit Guarantee 5
Day-to-Day Trading and Security Analysis 6
Herd Psychology and Security Analysis 6
Momentum Investors 7
Game Theory and Security Analysis 8
The Premise of Security Analysis 9
Scientific Method 10
Security Analysis Techniques 12
Basic Valuation Approaches 12
Other Valuation Approaches 14
CHAPTER 2 Who’s Practicing Security Analysis and Business Valuation? 17
Securities Firms and Their Analysts 18
Major Institutional Investors 20
A Dying Art? 21
Index Funds and Exchange-Traded Funds 24
Small Money Management Firms 25
Rating Agencies 26
Individual Investors: A Special Category 26
Business Valuation 28
CHAPTER 3 Seeking a Level Playing Field 29
Brief History of Securities Regulation 30
The Chief Regulator: The Securities and Exchange Commission 32
Sales and Trading Practices 34
Margin Regulation 37
The Life Cycle of a New Security Issue 37
CHAPTER 4 Other Sources of Information 51
The Business Media 51
The Free Internet 53
The Fee-for-Service Internet 53
Trade Associations, Consulting Firms, Government Publications, and Financial Organizations 54
Credit Rating Agencies 54
Securities Firm Research 55
Independent Expert Services 56
PART TWO Performing the Analysis and Writing the Research Report 59
CHAPTER 5 Starting the Analysis 61
The Security Analysis Process 62
Model Research Report 63
The Analyst’s Responsibility 64
The Cascade of Projections 66
Selecting Stocks for Study: Top-Down versus Bottom-Up 67
Limited Time and Resources 68
The Margin of Safety 69
CHAPTER 6 Industry Analysis 73
Organizing an Industry Analysis 75
Industry Classification 75
External Factors 81
Demand Analysis 86
Supply Analysis in the Industry Study 92
Profitability, Pricing, and the Industry Study 94
International Competition and Markets 95
CHAPTER 7 Company-Specific Analysis 99
Systematic Approach of a Business Analysis 101
Overview and Business Description 106
Products and Markets Section 106
Production and Distribution 110
Other Topics Included in the Business Review114
CHAPTER 8 Financial Statement Analysis of an Established Business 119
Beginning the Investigation 120
The Raw Materials of an Analysis 121
Evolution of the Approach to Financial Statements 122
Illustration of the Basic Approach 123
Review of Neiman Marcus Financial Analysis 135
CHAPTER 9 The Limitations of Accounting Data 139
Basic Accounting Issues 141
Global Issues 141
Company-Specific Accounting Issues 145
The Fundamental Objective of Public Companies 149
Case Study: Stability Corporation 150
CHAPTER 10 Financial Analysis and Company Classification 165
Company Classifications 166
The Mature Company 166
The Growth Company 167
The Cyclical Company 169
The Declining Company 175
The Turnaround 175
The Pioneer 175
Financial Games 176
Extra Shares Outstanding? 180
CHAPTER 11 Financial Projection Pointers 181
The Cascade of Projections 182
The Typical Financial Projection 182
Alternate Means of Forecasting 183
Critiquing the Huntsman Chemical Projection 185
Preparing Projections 186
Cyclical Company Forecast 189
Hockey Stick Phenomenon 190
PART THREE Valuation and the Investment Decision 193
CHAPTER 12 Valuation Methodologies 195
Assessing Each Methodology 196
Applying Multiple Methodologies 197
CHAPTER 13 Intrinsic Value and Discounted Cash Flow 199
Issues in Applying Discounted Cash Flow 200
Discounted Cash Flow versus Relative Value 203
Discounted Cash Flow and the P/E Ratio 203
The Discounted Cash Flow Valuation Process 205
CHAPTER 14 Discounted Cash Flow: Choosing the Right Discount Rate 209
The Buildup Method for the Equity Rate of Return 212
Special Cases 213
CHAPTER 15 The Relative Value Approach 217
Real Estate Analogy 218
What’s the Right P/E Ratio? 218
Case Study: Temporary Staffing Services 219
Valuing an Initial Public Offering 222
Balance Sheet Items and Relative Value 223
How High Is Up? 223
CHAPTER 16 Marginal Performers 225
Defining the Problem Company 226
Small Companies and Relative Value 232
CHAPTER 17 The Mergers and Acquisitions Market, Security Analysis, and Valuation 233
Understanding Leveraged Buyouts 235
LBO Mechanics 236
Case Study: Keane, Inc. 237
How Much Can the PE Firm Pay? 237
LBO Valuation and the Security Analysis of a Publicly Traded Company 239
Strategic Takeover Values 240
CHAPTER 18 Sum-of-the-Parts Analysis 243
Taxes Favor Spin-Offs versus Cash Sales 244
Sample Sum-of-the-Parts Analysis 245
Business Division Valuation 245
Nonoperating Corporate Assets and Liabilities 250
Unlocking Sum-of-the-Parts Values 250
CHAPTER 19 The Investment Recommendation 253
Summary Top-Down Analysis 255
Discounted Cash Flow Valuation 257
Relative Value/Sum-of-the-Parts Valuation Approach 259
Acquisition Value 261
Leveraged Buyout Method 262
Investment Recommendation 265
PART FOUR Special Cases 267
CHAPTER 20 Private Equity 269
Industry Segmentation and Size 269
Fee Structure 270
Private Equity Does Not Beat the S&P 500 271
Private Equity Funds and Information Collection 271
Private Equity Changes to the Public Company
Valuation Methodology 272
Liquidity and Control Adjustments 273
CHAPTER 21 Natural Resource Companies 279
General Methodology 279
The Financial Reporting of Natural Resource Companies 281
Case Study: Encore Acquisition Company 284
Mining Companies 290
CHAPTER 22 Financial Industry Stocks 293
Product Lines 295
The Nature of Financial Assets 296
Two Sets of Skills 298
Large Commercial Banks 304
CHAPTER 23 Insurance Companies 309
General Background 309
Principal Functions of an Insurance Company 311
Insurance Company Regulation 312
Financial Statement Analysis: Property and Casualty Company 313
Financial Statement Ratios 317
Life Insurance Companies 317
CHAPTER 24 Highly Speculative Stocks 321
Discounted Cash Flow 323
Case Study: Ballard Power Systems 324
Venture Capital Markups and IPOs 328
Historical Perspective 329
Security Analysis, Technology Stocks, and Portfolio 329
CHAPTER 25 Distressed Securities and Turnarounds 331
Investment Opportunities 332
Screening Technique 333
Recognize the Options of an Unsuccessful Turnaround 334
Financial Analysis of a Company with Leverage Problems 335
The Investment Decision 338
Evaluating Turnarounds 339
CHAPTER 26 International Stocks 343
The Role of Security Analysis 343
American Depositary Receipts 345
Developed Country Markets 346
Relative Value Multiples 349
CHAPTER 27 The Emerging Markets 351
Emerging Markets and Security Analysis 353
Stock Pricing Guidelines 357
Financial Projections 360
Emerging Market Equity Discount Rate 361
Relative Value in the Emerging Markets 364
PART FIVE In Conclusion 367
CHAPTER 28 Asset Booms and Busts 369
The 2008 Crash: Contributing Causes 369
Collapse of the U.S. Housing Bubble 370
Failure of the Referees 371
The Certainty of Another Crash 375
How Might Security Analysis and Business Valuation Change? 377
CHAPTER 29 Closing Thoughts 379
About the Author 385
Get Download Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition at Forimc.net right now!
– After your purchase, you’ll see a View your orders link which goes to the Downloads page. Here, you can download all the files associated with your order.
– Downloads are available once your payment is confirmed, we’ll also send you a download notification email separate from any transaction notification emails you receive from esy[GB].
– Since it is a digital copy, our suggestion is to download and save it to your hard drive. In case the link is broken for any reason, please contact us and we will resend the new download link.
– If you cannot find the download link, please don’t worry about that. We will update and notify you as soon as possible at 8:00 AM – 8:00 PM (UTC+8).
Thank You For Shopping With Us!
Buy the Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition course at the best price at esy[GB]. Upon completing your purchase, you will gain immediate access to the downloads page. Here, you can download all associated files from your order. Additionally, we will send a download notification email to your provided email address.
Unlock your full potential with Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition courses. Our meticulously designed courses are intended to help you excel in your chosen field.
Why wait? Take the first step towards greatness by acquiring our Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition courses today. We offer a seamless and secure purchasing experience, ensuring your peace of mind. Rest assured that your financial information is safeguarded through our trusted payment gateways, Stripe and PayPal.
Stripe, known for its robust security measures, provides a safe and reliable payment process. Your sensitive data remains confidential throughout the transaction thanks to its encrypted technology. Your purchase is fully protected.
PayPal, a globally recognized payment platform, adds an extra layer of security. With its buyer protection program, you can make your purchase with confidence. PayPal ensures that your financial details are safeguarded, allowing you to focus on your learning journey.
Is it secure? to Use of?
- Your identity is kept entirely confidential. We do not share your information with anyone. So, it is absolutely safe to buy the Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition course.
- 100% Safe Checkout Privateness coverage
- Communication and encryption of sensitive data.
- All card numbers are encrypted using AES with a 256-bit key at rest. Transmitting card numbers occurs in a separate hosting environment and does not share or store any data.
How can this course be delivered?
- After your successful payment this “Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition course”, Most of the products will come to you immediately. But for some products were posted for offer. Please wait for our response, it might take a few hours due to the time zone difference.
- If this occurs, please be patient. Our technical department will process the link shortly after, and you will receive notifications directly via email. We appreciate your patience.
What Shipping Methods Are Available?
- You will receive a download link in the invoice or YOUR ACCOUNT.
- The course link is always accessible through your account. Simply log in to download the Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition course whenever you need it.
- You only need to visit a single link, and you can get all the Jeffrey C. Hooke – Security Analysis and Business Valuation on Wall Street 2nd Edition course content at once.
- You can choose to learn online or download for better results, and you can study anywhere on any device. Please ensure that your system does not enter sleep mode during the download.
How Do I Track Order?
- We promptly update the status of your order after your payment is completed. If, after 7 days, there is no download link, the system will automatically process a refund.
- We value your feedback and are eager to hear from you. Please do not hesitate to reach out via email us with any comments, questions and suggestions.
The Art of Fermentation: An In-Depth Exploration of Essential Concepts and Processes – Around the World0 out of 5(0)
$38.00$11.00Status : Available
$297.00$4.00Status : Available
Matt Diggity & Others – The LAB 2019 (FULL UPDATES)0 out of 5(0)
$2,497.00$228.00Status : Available