LEADER 06333nam 22010333u 450 001 9910138907403321 005 20210108004402.0 010 $a1-119-19697-3 010 $a1-118-16075-4 035 $a(CKB)2400000000003257 035 $a(EBL)708507 035 $a(OCoLC)811500859 035 $a(SSID)ssj0000384161 035 $a(PQKBManifestationID)12109466 035 $a(PQKBTitleCode)TC0000384161 035 $a(PQKBWorkID)10338712 035 $a(PQKB)10527327 035 $a(CaSebORM)9780470226407 035 $a(MiAaPQ)EBC708507 035 $a(EXLCZ)992400000000003257 100 $a20130418d2011|||| u|| | 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEquity Valuation, Risk and Investment$b[electronic resource] $eA Practitioner's Roadmap 205 $a1st edition 210 $aChichester $cWiley$d2011 215 $a1 online resource (423 p.) 225 1 $aWiley Finance 300 $aDescription based upon print version of record. 311 $a0-470-22640-4 320 $aIncludes bibliographical references (p. 268-273) and index. 327 $aCover; Contents; Title; Copyright; Dedication; Foreword; Preface; About the Author; Chapter 1: Introduction; Theoretical Precision or Theoretical Resilience?; Practical Difficulties as Well; Overview of Our Analysis; A Quick and Important Note on Mathematical Notation; Chapter 2: Inflation-Protected Bonds as a Valuation Template; Formulas behind the Intuition; TIPS versus Traditional Fixed-Rate Bonds: Measuring the Differences; A Peek Ahead; Chapter 3: Valuing Uncertain, Perpetual Income Streams; Mathematical Development of Unleveraged Firm Valuation 327 $aWhat Does the Valuation Formula Tell Us about Sensitivity to Inflation?Sensitivity to Real Discount Rates and Growth Factors; Comparison with a Traditional Model of Firm Valuation; Chapter 4: Valuing a Leveraged Equity Security; Leverage in the Presence of Corporate Income Taxes; From Theory to Practice; Chapter 4 Supplement: Relationship between Leveraged Equity Discount Rate and Debt-to-Capital Ratio for Highly Leveraged Companies; Chapter 5: Case Studies in Valuation During the Recent Decade; Case 1: Coca-Cola; Case 2: Intel; Case 3: Procter&Gamble 327 $aMarket-Implied, Inflation-Adjusted Discount Rates for Coca-Cola, Intel, and Procter&GambleCase 4: Enron; Tying Up the Package: Practical Lessons from All Four Cases; Chapter 6: Treatment of Mergers and Acquisitions; Generalizing from the P&G/Gillette Example; Applicability of the Results under Alternate Merger Terms; Analytical Postscript 1: Common Stock Buybacks and Issuances Outside the Merger Framework; Analytical Postscript 2: A Word on Executive Stock Option Grants; Chapter 7: A Fair Representation? Broad Sample Testing over a 10-Year Market Cycle; Sample Descriptive Data 327 $aBasic Valuation ResultsPredictive Strength of the Model for the Whole Period; Predictive Strength of the Model for Subperiods; Chapter 8: Price Volatility and Underlying Causes; Deriving the Formula for Price Changes; Translating the Price Change Formula into Volatility Estimates; Digression: Impact of Debt Leverage on Equity Volatility; Obtaining the Volatility of the Underlying Variables; Chapter 9: Constructing Efficient Portfolios; Extracting Expected Equity Returns from Observed Price/Earnings Ratios: Part I; Extracting Expected Equity Returns from Observed Price/Earnings Ratios: Part II 327 $aExtracting Expected Equity Returns from Observed Price/Earnings Ratios: Part IIICreating Efficient Portfolios: Unconstrained Case; Creating Efficient Portfolios: Case Where Asset Weights Are Required to Be Nonnegative; Computing the Variance/Covariance Matrix Inputs; Chapter 10: Selecting among Efficient Portfolios and Making Dynamic Rebalancing Adjustments; Reconciling Portfolio Desirability and Feasibility; Turning Theory into Easily Calculated Results; Adjusting for Changes in Long-Term Expected Returns on Common Equity; Adapting to More General Changes in Risk-Adjusted Expected Returns 327 $aRecapitulation and an Important Caveat 330 $aAuthor Peter Stimes's analysis of the investment process has long been inspired by some of the best minds in the world of finance, yet some of the ways in which he approaches this discipline are truly unique. 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Equivalence for Argumentation in Light of Logic -- Boolean Dependence Logic and Partially-Ordered Connectives -- Extended Modal Dependence Logic EMDL -- Dependence Logic with Generalized Quantifiers: Axiomatizations -- Continuous Truth II: Reflections -- A Simple Separation Logic -- Independence in Database Relations -- Substructural Logic of Proofs -- Full Lambek Hyperdoctrine: Categorical Semantics for First-Order Substructural Logics -- A Finite Model Property for GĻodel Modal Logics -- Model Checking for Modal Dependence Logic: An Approach through Post?s Lattice -- Ockhamist Propositional Dynamic Logic: A Natural Link between PDL and CTL -- Information, Awareness and Substructural Logics. 330 $aEdited in collaboration with FoLLI, the Association of Logic, Language and Information this book constitutes the refereed proceedings of the 20th Workshop on Logic, Language, Information and Communication, WoLLIC 2013, held in Darmstadt, Germany, in August 2013. The 17 contributed papers presented  together with 6 invited lectures were carefully reviewed and selected from 30 submissions. 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