Read e-book online The Dark Side of Valuation: Valuing Young, Distressed, and PDF

By Aswath Damodaran

ISBN-10: 0137126891

ISBN-13: 9780137126897

Popular valuation specialist Aswath Damodaran reports the center instruments of valuation, examines today’s so much tricky estimation questions and matters, after which systematically addresses the valuation demanding situations that come up all through a firm’s lifecycle at nighttime aspect of Valuation: Valuing younger, Distressed and intricate Businesses.

In this completely revised variation, he broadens his viewpoint to contemplate all businesses that withstand effortless valuation, highlighting particular sorts of hard-to-value companies, together with commodity organisations, cyclical businesses, monetary providers businesses, corporations depending on intangible resources, and worldwide organizations working various companies. He covers the full company lifecycle, from “idea” and “nascent growth” businesses to these in decline and misery, and provides particular assistance for valuing know-how, human capital, commodity, and cyclical organisations. Damodaran locations precise emphasis at the monetary quarter, illuminating the consequences of today’s extensively replaced credits markets for valuation and addresses valuation questions that experience unexpectedly received urgency, starting from “Are U.S. treasuries danger free?” to “How do you price resources in hugely illiquid markets?” Readers will achieve perception into:

· Overcoming the temptation to take advantage of unrealistic or simplistic valuation methods
· secure premiums, threat rates and different macroeconomic assumptions
· clever research for angel and early enterprise capital investing
· Projecting the effect of regulatory changes
· The levels of the company lifecycle
· Valuing monetary companies and commodities companies

Damodaran’s insights can be essential to every body interested by valuation: monetary pros, traders, M&A experts, and marketers alike.

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Extra resources for The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses (2nd Edition)

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Event-driven Distressed debt Distressed debt managers invest in bonds or loans issued by companies that are in trouble. Traditionally, they hope to exploit the fact that investors generally panic when companies look in danger of default, and that drives the bond price down to depressed levels. indb 28 8/11/07 16:38:46 HEDGE FUND TAXONOMY It is a sector where managers often need a lot of expertise and a fair amount of stubbornness, fighting their corner against other classes of creditors when companies get into trouble.

The purchase has been phenomenally successful, with funds under management growing from less than $7 billion at the time of acquisition to more than $33 billion as of March 2007. As a result, JP Morgan is perhaps one of the biggest manager of hedge fund assets in the world. However, the initial omens were not good. One of Highbridge’s main strategies was convertible arbitrage, which suffered horribly in 2005; the first quarter after the JP Morgan acquisition was the worst in the fund’s history.

Firms are highly dependent on “black box” models – computer programmes that scour the market for profitable opportunities. If a manager gives away how the model works, his business could be destroyed since another manager could copy it. But that limits what they can tell clients. The best they can say is: “We have a system that has beaten the market in the past. Here are the results. ” Not everyone is comfortable about this arrangement. ”5 So what are the systems trying to do? 6 There is a tendency for trends to persist and there is a tendency for investors to act as a herd.

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The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses (2nd Edition) by Aswath Damodaran

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