Security Analysis And Business Valuation On Wall Street + Companion Web Site, Second Edition: A Comprehensive Guide To Today'S Valuation Methods9780470277348 115盘 下载 pdf txt 电子版 mobi snb docx

　　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

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　　JEFFREY C. HOOKE is a Managing Director at Hooke Associates, LLC, a valuation firm, and FOCUS, LLC, an investment bank. He was formerly director of Emerging Markets Partnership (a $4 billion fund focusing on emerging markets), principal investment officer of the World Bank Group, and an investment banker with Lehman Brothers and Schroder Wertheim. Hooke is also the author of M&A: A Practical Guide to Doing the Deal and Emerging Markets: A Practical Guide for Corporations, Lenders, and Investors, both from Wiley.

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天真地假设负债可以填补未来经营性现金流入和成长所需现金支出之间的差距，这是初级分析师通常会犯的一个错误。新手的错误是使用负债来避免每股盈余未来被不必要的摊薄，但现实世界中并非如此。公开上市的公司中仅有少量满足投资级债券的资格（即可以轻而易举发行债券融资的精英企业）。大多数公开上市公司的信用评级是垃圾债，而且他们的债务融资选择非常有限。

“公司收入来源于有限种类的产品及其相关服务，因此影响这些产品及服务定价或需求的不利因素会对公司经营成果和财务状况产生实质性的负面影响。”

为什么不是实话实说呢？

“公司只经营一种产品。对这种产品需求的减少或价格的降低将给你你的投资带来重大损失。”

媒体评论

　　"A welcome successor to Graham and Dodd's Security

Analysis."

　　—Barron's Advance Praise for the Second Edition

　　"Jeff Hooke has written an excellent overview of the process of

valuing individual equities and entire companies. It is useful for

a variety of readers, ranging from active investors, to financial

advisors, to principals of companies contemplating a sale or public

offering. It has a tremendous amount of material between the covers

of a single volume."

　　—William H. Heyman, Vice Chairman and Chief Investment Officer,

The Travelers Companies, Inc.; and former director, Division of

Market Regulation, U.S. Securities and Exchange Commission

　　"The Second Edition is released at a propitious time. As we

recover from the worst financial crisis in recent memory, the need

for thorough analysis is critical. Hooke's primer is readable and

easily understood, even by those without CFA credentials. It should

help practitioners avoid the mistakes of casual decision

making."

　　—Dennis Flannery, retired executive vice president,

Inter-American Development Bank

　　"This book is more than a textbook for anyone who wants to make a

living as a valuation expert or securities analyst —it is a living,

breathing, 'how to' guide on the latest methods, with plenty of

real-life examples that hit home."

　　—Ron Everett, Managing Partner, Certified Business Appraiser,

Business Valuation Center

　　"The financial crises of the past decade highlight the imperative

for disciplined valuation. Hooke provides a broad array of concepts

and tools to achieve this. He goes beyond a purely formulaic

approach to focus on idiosyncratic characteristics in both public

and private equity contexts."

　　—Alex Triantis, Chair, Finance Department, Robert H. Smith School

of Business, University of Maryland

　　"This book represents an impressive effort to offer comprehensive

coverage of business valuation. It combines the deep insight of an

insider with the rigor of top academics. Jeff is not shy about

giving his opinion, which makes the reading experience unique and

exciting."

　　—Ludovic Phalippou, Professor of Finance, University of

Amsterdam

　　"This is an invaluable reference for the M&A professional.

Hooke provides a view of the forest, in giving the rationale for

the methods in use and how they compare with each other. The text

is punctuated by his own wry commentary and frequent

examples."

　　—Gary Nelson, Chairman, Sigma Federal, former vice chairman of

SRA International

　　"This book is a highly useful resource for any existing or

soon-to-be professional in the financial analysis field. It is a

must-read presentation of the valuation methodologies utilized in

the private equity business."

　　—Matt Newton, Partner, Columbia Capital

　　"Hooke's book provides an insightful approach to both financial

analysis and business valuation. It should be required reading for

anyone involved in the securities industry, from money managers to

investment bankers."

　　—George Konomos, Senior Advisor, Latigo Partners

　　"The new edition of Jeffrey Hooke's (Hooke Associates and FOCUS,

LLC) Security Analysis and Business Valuation on Wall Street

contains fresh insights and updates on the fundamentals of security

analysis and business valuation, new case study examples, and four

new chapters.

　　"Among other reasons, Hooke points out why experts should read

this practitioner-oriented book: "Two market crashes -- and the

attendant fallout -- suggest that business appraisers consider the

use of higher discount rates, the need for recessions in many

forecasts, and the inclusion of political risk in certain US

business evaluations…The validity of each methodology -- be it

guideline companies or discounted cash flow, to give two examples

-- has to be cross checked against its counterparts now more than

ever, or the appraiser can get false readings."

　　— Business Valuation Review, May 5, 2010

书籍介绍

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.