Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
growthperiodthatemergewillresultinalowervalueforthe firm. Apply a Complexity Discount We could do a conventional valuation of a ...
ratios to expected growth rates, betas, payout ratios, and numberofpagesin the10-Kfor eachofthesefirms(asa measure of complexity ...
Asinthecaseofdiscountedcashflowvaluation,we coulddoaconventionalrelativevaluation(with no adjustment for complexity) and then d ...
usuallynoble, laws areblunt instruments thatoften create newproblemsintheprocessofsolvingoldones.Restrictions onthegranting ofop ...
3.Firmsshouldnotbeallowedtomaintaindifferentbooksfor taxandreportingpurposes.Thedifferentrulesfollowedinthe twosetsofbooksfordep ...
and thus have become cheerleaders for firms rather than questioning analysts. Itistheresponsibilityofanalyststodemandinformation ...
shouldpushforsmallerboardswithmoreoutsidedirectors, selected not by the CEO but by an independent group representing stockholder ...
businessesbecauseof accountingdecisionstheymake.We developed a number of potential measures of complexity, ranging from a measur ...
38 Transparency of Ownership Does the company provide a description of share classes? Doesthecompanyprovideareviewofshareholder ...
Describe procedure for proposals at shareholder meetings. How do shareholders convene an extraordinary general meeting? How do ...
Does thecompany give an output forecast of any kind? Does the company give characteristics of assets employed? Does the company ...
Does the company disclose methods of asset valuation? Doesthecompanydiscloseinformationonitsmethod of fixed assets depreciation ...
Are theredetails aboutdirectors (otherthanname/ title)? Are details about current employment/position of directors provided? Ar ...
Does the company disclose whether it provides director training? Doesthecompanydisclosethenumberofsharesin the company held by ...
...
...
1 Since the firms havesimilar risk exposure and financial leverage,theyshould havethe samecost ofcapital. Since theirreturnoncap ...
valueshowsupasgoodwillonthecombinedfirm’sbalance sheet and is amortized over time. 7 See Chapter 3 for a fuller discussion of ho ...
13 The incentive to provide more complete financial statements tends to be greatest for those emerging market companiesthathavel ...
20 R.G.GelosandS.Wei,“TransparencyandInternational Investor Behavior,” working paper, SSRN, 2003. 21 B. Villalonga, “Does Divers ...
«
52
53
54
55
56
57
58
59
60
61
»
Free download pdf