Investors can benefit greatly from a good understanding of valuation models. Unfortunately, the comprehensive valuation models used by leading investment banks are often not well understood by investors, portfolio managers and academia. Working for a large asset manager, DWS Investment GmbH with over EUR 100 billion under management, the authors asked colleagues at leading investment banks to explain their proprietary valuation models. Having access as a client to the research of almost all large investment banks, they selected the three most sophisticated models used by analysts to value stocks. Equity Valuation gives an overview about these models. Conceptually rigorous, but practical, it explains how professionals value stocks. The book will be richly endowed with real hands-on examples. The authors are all experts working for leading global investment banks and explain the methodology of their proprietary valuation models used by analysts and portfolio managers to value stocks and give answers how analysts really: (1) estimate cash flows; (2) calculate discount rates; (3) adjust for accounting distortions; (4) take uncertainty into consideration etc.
Book Details:
- Author: Jan Viebig
- ISBN: 9780470031490
- Year Published: 2008
- Pages: 438
- BISAC: BUS027000, BUSINESS & ECONOMICS/Finance
About the Book and Topic:
Investors can benefit greatly from a good understanding of valuation models. Unfortunately, the comprehensive valuation models used by leading investment banks are often not well understood by investors, portfolio managers and academia. Working for a large asset manager, DWS Investment GmbH with over EUR 100 billion under management, the authors asked colleagues at leading investment banks to explain their proprietary valuation models. Having access as a client to the research of almost all large investment banks, they selected the three most sophisticated models used by analysts to value stocks. Equity Valuation gives an overview about these models. Conceptually rigorous, but practical, it explains how professionals value stocks. The book will be richly endowed with real hands-on examples. The authors are all experts working for leading global investment banks and explain the methodology of their proprietary valuation models used by analysts and portfolio managers to value stocks and give answers how analysts really: (1) estimate cash flows; (2) calculate discount rates; (3) adjust for accounting distortions; (4) take uncertainty into consideration etc.
Investors can benefit greatly from a good understanding of valuation models. Unfortunately, the comprehensive valuation models used by leading investment banks are often not well understood by investors, portfolio managers and academia.
· Compares and contracts the three most sophisticated valuation models used by top investment banks · Explains how the professionals actually value stocks · CD-ROM with graphics and spread sheets illustrating the three models from Credit Suisse First Boston, Morgan Stanley and UBS.
About the Author
Dr Jan Viebig, Director of Equity Hedge Funds, DWS Investment, Frankfurt, Germany Professor Thorsten Poddig, University of Bremen, Bremen, Germany At DWS Investment, Jan launched and manages the first two equity hedge funds. Previously, he was Portfolio Manager at the same company, working mainly in the Asian, Indian and Chinese markets. He took his doctoral degree in Business Administration and Economics at the University of the Armed Forces Munich, and his post-MBA at The American Graduate School of International Management, Glendale. Torsten Poddig is Professor of Financial Systems at Bremen University. He is on the Program Committee for the 2005 International Conference in Operational Research and has published 3 books (in German) on portfolio management. He is on the Editorial Board of International Quarterly Journal of Finance.