# Equity models

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• ### Advanced Modelling in Finance using Excel and VBA

When asked why they tackled Mount Everest, climbers typically reply “Because it was there”. Our motivation for writing Advanced Modelling in Finance is for exactly the opposite reason. There were then, and still are now, almost no books that give due prominence to and explanation of the use of VBA functions within Excel. There is an almost similar lack of books that capture the true vibrant spirit of numerical methods in finance.

• ### STOCK MARKET OVERREACTION TO BAD NEWS IN GOOD TIMES: A RATIONAL EXPECTATIONS EQUILIBRIUM MODEL

The model used–an extension of the log-linear dividend-price ratio model of Campbell and Shiller (1988, 1989)–facilitates a straightforward test of these alternatives in a linear regression with the log price-earnings ratio as dependent variable. The regression results suggest that the correlation between the price-earnings ratio and expected inflation is the result of both effects; that is, an increase in expected inflation reduces equity prices because it is associated with both lower expected real earnings growth and higher required real returns.

• ### Analyzing Health Equity Using Household Survey Data

This volume has a simple aim: to provide researchers and analysts with a step-bystep practical guide to the measurement of a variety of aspects of health equity. Each chapter includes worked examples and computer code. We hope that these guides, and the easy-to-implement computer routines contained in them, will stimulate yet more analysis in the fi eld of health equity, especially in developing countries.

• ### Lecture Equity asset valuation - Chapter 1: Equity valuation applications and processes

Chapter 1 provides the introduction to the rest of the text. This chapter discuss the terms and framework necessary to understand the more complex subjects that appear later in the book. The focus in this chapter and the rest of the text is on equity valuation. Chapter 1 will also discuss the various definitions of value, the valuation process, the application of valuation models, and the roles and responsibilities of analysts.

• ### Lecture Equity asset valuation - Chapter 2: Return concepts

This chapter discusses the various forms of return encountered in investment management. Among the return types discussed are required returns, which will be used later in the text for equity valuation. The required return is what the investor expects to earn on an investment, given the investment’s risk. To determine the required return, we will use several different models, such as the capital asset pricing model (CAPM).

• ### Lecture Equity asset valuation - Chapter 3: Discounted dividend valuation

In this chapter, we assume that the appropriate measure of future equity cash flows is dividends. We will use dividend discount models (DDMs) and the discount rates discussed in Chapter 2 to determine the common stock value. The topics discussed in this chapter are: An overview of present value models, the general form of the DDM, the Gordon growth model, multistage dividend discount models, and the determinants of dividend growth rates.

• ### Lecture Investments: Principles of portfolio and equity analysis: Chapter 6 - CFA Institute

Chapter 6 - Portfolio risk and return (Part II). The topics discussed in this chapter are: Portfolio risk and return, optimal risky portfolio and the capital market line (CML), return-generating models and the market model, systematic and non-systematic risk, capital asset pricing model (CAPM) and the security market line (SML), performance measures, arbitrage pricing theory (APT) and factor models.

• ### Lecture Investments: Principles of portfolio and equity analysis: Chapter 9 - CFA Institute

Chapter 9 - Introduction to industry and company analysis. The topics discussed in this chapter are: Uses of industry analysis; industry classification systems; establishing a peer group; strategic analysis: Porter’s five forces; industry and product life cycles; demographic, governmental, social, and technological influences; company analysis; cost and differentiation strategies; spreadsheet modeling.

• ### Lecture Investments: Principles of portfolio and equity analysis: Chapter 10 - CFA Institute

Chapter 10 - Equity valuation: Concepts and basic tools. This lecture introduces equity valuation models used to estimate the intrinsic value (synonym: fundamental value) of a security; intrinsic value is based on an analysis of investment fundamentals and characteristics.

• ### Lecture Essentials of corporate finance - Chapter 7: Equity markets and stock valuation

The topics discussed in this chapter are equity markets and stock valuation. After completing this unit, you should be able to: Understand how share prices depend on future dividends and dividend growth, be able to compute share prices using the dividend growth model, understand how share markets work, understand how share prices are quoted.

• ### Capital Markets and Portfolio Theory

The CAPM rattled investment professionals in the 1960s and its commanding importance still reverberates today." --Dow Jones Asset Management. Nearly 30 years ago, PORTFOLIO THEORY AND CAPITAL MARKETS laid the groundwork for such investment standards as modern portfolio theory, derivatives pricing and investment, and equity index funds, among others.

• ### Equity Valuation: Models from Leading Investment Banks

Every student of finance or applied economics learns the lessons of Franco Modigliani and Merton Miller. Their landmark paper, published in 1958, laid out the basic underpinnings of modern finance and these two distinguished academics were both subsequently awarded the Nobel Prize in Economics. Simply stated, companies create value when they generate returns that exceed their costs. More specifically, the returns of successful companies will exceed the risk-adjusted cost of the capital used to run the business.

• ### Implementing Models in Quantitative Finance: Methods and Cases

This book presents and develops major numerical methods currently used for solving problems arising in quantitative finance. Our presentation splits into two parts. Part I is methodological, and offers a comprehensive toolkit on numerical methods and algorithms. This includes Monte Carlo simulation, numerical schemes for partial differential equations, stochastic optimization in discrete time, copula functions, transform-based methods and quadrature techniques. Part II is practical, and features a number of self-contained cases.

• ### Handbook of Transportation Policy and Administration

The past three decades have brought sweeping changes to the i eld of transportation. In the United States and other developed nations, deregulation and greater reliance on markets and the private sector has helped to reconi gure the transport industries. The rise of intermodal goods movements and global commerce has produced efi ciencies of operation and a greater interdependence among transport modes.

• ### INVESTMENT VALUATION: SECOND EDITION

I will be putting my entire second edition online, while the book goes through the printing process – it will be available at the end of the year. This may seem like a bit of a free lunch, and I guess it is. I hope, though, that you can do me a favor as you go through the manuscript. If you find any mistakes – mathematical or grammatical – could you please let me know? It would help me ensure that the typos do not find their way into the final version.

• ### IN THIS ISSUE: LIABILITY VS EQUITY CLASSIFICATION FOR FINANCIAL INSTRUMENTS ISSUED BY INVESTMENT FUNDS

The study aims at indicating determinants for Thai mutual fund growth based on two disciplines. The first discipline is the exploratory of Thai mutual funds via descriptive study or fact finding which indicates Thai mutual funds structure in terms of product concentration and the competitive situation as discussed in the last section. The second discipline is econometric model namely fixed effect model testing whether management fees, administrative fees, and other determinants affect the mutual fund growth.

• ### Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than \$150 Million in Assets Under Management, and Foreign Private Advisers

One issue with using portfolio holdings to evaluate fund performance is that the disclosed data reveal information about the major equity positions at particular dates but do not indicate the exact purchase and sale dates. As a result, the exact holding period of securities is unknown. Furthermore, some funds may window-dress their portfolios to hide their actual investment strategy from their investors or from competing funds, as shown byMeier and Schaumburg (2004).

• ### The Performance of Socially Responsible Mutual Funds: The Role of Fees and Management Companies ∗

Zheng (1999) further develops the analyses of Gruber (1996), expanding the data set to cover the universe of all equity funds between 1970 and 1993. She finds that funds that enjoy positive net f lows subsequently perform better on a risk-adjusted basis than funds that experience negative net f lows. She also examines whether a trading strategy could be devised based on the predictive ability of net f lows and finds evidence that information on net f lows into smal funds could be used to make risk-adjusted profits....

• ### Investing in Equity Mutual Funds

We construct optimal portfolios of equity funds by combining historical returns on funds and passive indexes with prior views about asset pricing and skill. By including both benchmark and nonbenchmark indexes, we distinguish pricing-model inaccuracy from managerial skill. Even modest con¯dence in a pricing model helps construct portfolios with high Sharpe ratios. Investing in active mutual funds can be optimal even for investors who believe active managers cannot outperform passive indexes. Optimal portfolios exclude hot-hand funds even for investors who believe momentum is priced.