Quantitative Business Valuation
Quantitative Business Valuation

Author: Jay B. Abrams

Publisher: John Wiley & Sons

Published: 2010-03-29

Total Pages: 672

ISBN-13: 0470390166

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Quantitative Business Valuation A Mathematical Approach for Today's Professionals Essential reading for the serious business appraiser, Quantitative Business Valuation, Second Edition is the definitive guide to quantitative measurements in the valuation process. No other book written on business valuation is as well researched, innovative, and bottom-line beneficial to you as a practitioner. Written by leading valuation and litigation economist Jay B. Abrams, this text is a rigorous and eye-opening treatment filled with applications for a wide variety of scenarios in the valuation of your privately held business. Substantially revised for greater clarity and logical flow, the Second Edition includes new coverage of: Converting forecast net income to forecast cash flow Damages in manufacturing firms Regressing scaled y-variables as a way to control for heteroscedasticity Mathematical derivation of the Price-to-Sales (PS) ratio Monte Carlo Simulation (MCS) and Real Options (RO) Analysis Venture capital and angel investor rates of return Lost inventory and lost profits damage formulas in litigation Organized into seven sections, the first three parts of this book follow the chronological sequence of performing a discounted cash flow. The fourth part puts it all together, covering empirical testing of Abrams' valuation theory and measuring valuation uncertainty and error. Parts five to seven round it all out with discussion of litigation, valuing ESOPs and partnership buyouts, and probabilistic methods including valuing start-ups. The resulting work, solidly grounded in economic theory and including all necessary mathematics, integrates existing science into the valuation profession and develops valuation formulas and models that you will find useful on a daily basis.

Portfolio Design
Portfolio Design

Author: Richard C. Marston

Publisher: John Wiley & Sons

Published: 2011-01-31

Total Pages: 374

ISBN-13: 1118007050

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Portfolio Design – choosing the right mix of assets appropriate to a particular investor – is the key to successful investing. It can help you accumulate wealth over time, while cushioning the blow of possible economic downturns. But in order to successfully achieve this goal, you need to be familiar with all of the major asset classes that go into modern portfolios and learn how much they add to portfolio diversification. Thoughtful asset allocation provides discipline to the investment process and gives you the best chance of building and safeguarding wealth. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association’s prestigious Matthew R. McArthur Award, will guide you through the major decisions that need to be made when designing a portfolio and will put you in the best position to balance the risk-reward relationship that is part of this endeavor. Portfolio Design is to be read by investment advisors. The book is rich in information about individual asset classes, including both traditional assets like stocks and bonds as well as alternative assets such as hedge funds, private equity, real estate, and commodities. So it should appeal to all sophisticated advisors whether or not they are trying to qualify for one of the major investment designations. In fact, the book is designed to be read by any advisor who is as fascinated as Marston by the investment process.

Portfolio Theory and Management
Portfolio Theory and Management

Author: H. Kent Baker

Publisher: Oxford University Press

Published: 2013-01-07

Total Pages: 798

ISBN-13: 019931151X

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Portfolio management is an ongoing process of constructing portfolios that balances an investor's objectives with the portfolio manager's expectations about the future. This dynamic process provides the payoff for investors. Portfolio management evaluates individual assets or investments by their contribution to the risk and return of an investor's portfolio rather than in isolation. This is called the portfolio perspective. Thus, by constructing a diversified portfolio, a portfolio manager can reduce risk for a given level of expected return, compared to investing in an individual asset or security. According to modern portfolio theory (MPT), investors who do not follow a portfolio perspective bear risk that is not rewarded with greater expected return. Portfolio diversification works best when financial markets are operating normally compared to periods of market turmoil such as the 2007-2008 financial crisis. During periods of turmoil, correlations tend to increase thus reducing the benefits of diversification. Portfolio management today emerges as a dynamic process, which continues to evolve at a rapid pace. The purpose of Portfolio Theory and Management is to take readers from the foundations of portfolio management with the contributions of financial pioneers up to the latest trends emerging within the context of special topics. The book includes discussions of portfolio theory and management both before and after the 2007-2008 financial crisis. This volume provides a critical reflection of what worked and what did not work viewed from the perspective of the recent financial crisis. Further, the book is not restricted to the U.S. market but takes a more global focus by highlighting cross-country differences and practices. This 30-chapter book consists of seven sections. These chapters are: (1) portfolio theory and asset pricing, (2) the investment policy statement and fiduciary duties, (3) asset allocation and portfolio construction, (4) risk management, (V) portfolio execution, monitoring, and rebalancing, (6) evaluating and reporting portfolio performance, and (7) special topics.

The Decline of the Traditional Pension
The Decline of the Traditional Pension

Author: G. A. (Sandy) Mackenzie

Publisher: Cambridge University Press

Published: 2010-06-21

Total Pages:

ISBN-13: 1139488724

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The traditional (final or average salary) pension that employers have provided their employees has suffered a huge decline in labor force coverage in the United Kingdom and the United States, and less severe declines in Canada and elsewhere. The traditional pension provides a precious measure of retirement security by paying retirees an annuity for life. This study compares developments in the countries just named and in Australia, Denmark, Germany, Japan, Netherlands, Sweden, and Switzerland to explain the forces behind the decline of the traditional pension and to contrast the experience of public sector employer-provided plans, where it remains dominant. Given the great value of the longevity insurance that the traditional plan provides, and the risks its diminished coverage entails, the book proposes a set of measures that either stem the decline or endow defined contribution pensions with some of the attributes of the traditional plan.

The Investment Advisor Body of Knowledge + Test Bank
The Investment Advisor Body of Knowledge + Test Bank

Author: IMCA

Publisher: John Wiley & Sons

Published: 2015-03-16

Total Pages: 1155

ISBN-13: 1118912322

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The complete body of knowledge for CIMA candidates and professionals The 2015 Certified Investment Management Analyst Body of Knowledge + Test Bank will help any financial advisor prepare for and pass the CIMA exam, and includes key information and preparation for those preparing to take the test. CIMA professionals integrate a complex body of investment knowledge, ethically contributing to prudent investment decisions by providing objective advice and guidance to individual and institutional investors. The CIMA certification program is the only credential designed specifically for financial professionals who want to attain a level of competency as an advanced investment consultant. Having the CIMA designation has led to more satisfied careers, better compensation, and management of more assets for higher-net-worth clients than other advisors. The book is laid out based on the six domains covered on the exam: I. Governance II. Fundamentals (statistics, finance, economics) III. Portfolio Performance and Risk Measurements IV. Traditional and Alternative Investments V. Portfolio Theory and Behavioral Finance VI. Investment Consulting Process

Bonds
Bonds

Author: Hildy Richelson

Publisher: John Wiley & Sons

Published: 2011-08-15

Total Pages: 567

ISBN-13: 1118106547

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Updated edition of the established classic on investing in bonds In Bonds: The Unbeaten Path to Secure Investment Growth, Second Edition, the fully revised and updated edition of the classic guide to demystifying the bonds market, veteran investor husband and wife team Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that will ensure positive returns. Designed to educate novice and sophisticated investors alike, as well as to serve as a tool for financial advisers, the book explains why and when bonds can be the right choice. Case studies, detailed bond strategies, and a financial planning overview bring home the value of bonds in achieving financial goals. Presenting a broad spectrum of bond-investment options, and describing how to purchase bonds at the best prices, the book shows how to make real money by investing in bonds. The strategies presented here are designed to help the reader determine how to use bonds to take control of their own financial destiny. New edition includes information on corporate bonds, emerging market bonds, municipal bonds, the new global ratings, and how to protect against municipal defaults Looks at how bond portfolios protected against market volatility in the 2007-2008 crash and how they can do the same in the future Includes information on how the bond market has changed The wealthiest investors and financial advisers use the bond strategies outlined in this book to maximize the return on their portfolios while providing security of principal With more bond options available than ever before, Bonds continues to be a must-have for anyone looking to understand the investment opportunities available to them.

Social Security
Social Security

Author: Jagadeesh Gokhale

Publisher: University of Chicago Press

Published: 2010-05-15

Total Pages: 378

ISBN-13: 0226300366

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Many of us suspect that Social Security faces eventual bankruptcy. But the government projects its future finances using long outdated methods. Employing a more up-to-date approach, Jagadeesh Gokhale here argues that the program faces insolvency far sooner than previously thought. To assess Social Security’s fate more accurately under current and alternative policies, Gokhale constructs a detailed simulation of the forces shaping American demographics and the economy to project their future evolution. He then uses this simulation to analyze six prominent Social Security reform packages—two liberal, two centrist, and two conservative—to demonstrate how far they would restore the program’s financial health and which population groups would be helped or hurt in the process. Arguments over Social Security have raged for decades, but they have taken place in a relative informational vacuum; Social Security provides the necessary bedrock of analysis that will prove vital for anyone with a stake in this important debate.

Higher Returns from Safe Investments
Higher Returns from Safe Investments

Author: Marvin Appel

Publisher: FT Press

Published: 2010-03-03

Total Pages: 238

ISBN-13: 013708336X

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Today, many risk-averse investors simply can’t meet their income needs with conventional bank CDs, money market funds, or bonds. This book reveals how you can earn more, without exposing yourself to excessive risk or the costs of a highly active trading strategy. Dr. Marvin Appel shows how to take advantage of high-yield bond funds and income-producing equity strategies...when to purchase individual bonds, when to use bond mutual funds, and which bond funds are best...how to finally make diversification work again. Step by step, you’ll build a master portfolio for the coming years: one that can deliver attractive long-term returns more safely than you ever thought possible! Safer strategies for boosting fixed income returns Smarter ways to mix bond ladders, investment-grade taxable bonds, municipal bonds, and high-yield bond mutual funds Stock strategies that create new income streams at lower risk Simple ways to use high-dividend stocks and covered call writing Building the right income portfolio for your situation Practical choices that reflect your temperament, goals, and needs You can’t survive on what CDs and money markets are paying these days--but you can’t live with high risk, either. Fortunately, with this book’s powerful, proven strategies, you can earn more income without losing sleep! Dr. Marvin Appel reveals smarter, safer ways to use bonds and bond funds...derive more cash from stocks at surprisingly low risk...safely supplement your returns with preferred shares and options...plan for income you can actually live on!