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Financial Analysts Journal

Опубликовано на портале: 21-06-2006
Xavier Adsera, Pere Vinolas Financial Analysts Journal. 2003.  Vol. 59. No. 2.
This paper presents a financial and economic approach to valuation. In addition to traditional discounted cash flow methods, one family of valuation models, economic value added (EVA) and other franchise factor approaches, has become a favorite methodology for corporate valuation. In EVA approaches, the key value driver is the spread between the return on the existing investments and their average cost of capital. Therefore, this approach focuses on the left-hand side of the balance sheet. The important aspect of this issue is not its technical interest or which of the different values of a company is correct, but what the value drivers are that each method identifies
Опубликовано на портале: 21-06-2006
Pere Vinolas, Xavier Adsera Financial Analysts Journal. 2003.  Vol. 59. No. 2.
This paper presents a financial and economic approach to valuation. In addition to traditional discounted cash flow methods, one family of valuation models, economic value added (EVA) and other franchise factor approaches, has become a favorite methodology for corporate valuation. In EVA approaches, the key value driver is the spread between the return on the existing investments and their average cost of capital. Therefore, this approach focuses on the left-hand side of the balance sheet. The important aspect of this issue is not its technical interest or which of the different values of a company is correct, but what the value drivers are that each method identifies
Опубликовано на портале: 02-10-2003
Michael J. Barclay, Craig G. Dunbar Financial Analysts Journal. 1996.  Vol. 52. No. 6. P. 75-84. 
No one wants to trade those who have better information. In markets where trades have asymmetric information, however, both informed and uninformed trades must make strategic trading decisions. Because public announcements can affect the information asymmetry between traders, these strategic decisions are likely to be most important around public announcements. How concerned should uniformed trades be about the potential information asymmetry when trading around public announcements? Surprisingly, whether for large-block trades or for the entire order flow, there is no evidence that the uniformed can trade on more favorable terms by varying the timing of their trades in relation to a quarterly earnings announcement.
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