Equity Valuation: Models from Leading Investment Banks (The Wiley Finance Series) [Hardcover]

Jan Viebig (Editor), Thorsten Poddig (Editor), Armin Varmaz (Editor)

Book Description

ISBN-10: 0470031492 | ISBN-13: 978-0470031490 | Publication Date: June 11, 2008 | Edition: 1

Equity Valuation: Models from the Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms.  Editors Jan Viebig and Thorsten Poddig bring together expertise from UBS, Morgan Stanley, DWS Investment GmbH and Credit Suisse, providing a unique analysis of leading equity valuation models, from the very individuals who use them.  Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts:

·    estimate cash flows

·    calculate discount rates

·    adjust for accounting distortions

·    take uncertainty into consideration

Written for investment professionals, corporate managers and anyone interested in developing their understanding of this key area, Equity Valuation: Models from the Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.

Editorial Reviews

From the Back Cover

Equity Valuation: Models from Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms. Editors Jan Viebig, Thorsten Poddig and Armin Varmaz bring together expertise from Morgan Stanley, UBS, Credit Suisse, Goldman Sachs and DWS Investment GmbH, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts:

• estimate cash flows
• calculate discount rates
• adjust for accounting distortions
• take uncertainty into consideration

Written for investment professionals, corporate managers, students and anyone interested in developing their understanding of this key area, Equity Valuation: Models from Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.

About the Author

Jan Viebig, CFA, is a Managing Director at DWS Investment GmbH in Frankfurt, Germany, where he manages two long / short equity hedge funds. With EUR 142 billion under management, DWS is the largest asset manager in Germany. DWS is part of Deutsche Asset Management (DeAM). Jan holds a Diploma and a PhD degree in Business Administration from the University of the Armed Forces in Munich and a Master of International Management (Post-MBA) degree from Thunderbird, School of Global Management. He is a lecturer at the University of Bremen. His research interests are in the field of hedge funds and equity valuation.

Thorsten Poddig has studied business administration, economics, and computer sciences. He received his PhD degree at the University of Bamberg. His work on concepts in Artificial Intelligence and its application to decision theory and decision making in business administration was followed by analyzing, modeling and forecasting financial markets with neural networks at the University of Freiburg.  Since 1996, he has been Professor of Business Administration and Finance at the University of Bremen. His research interests cover all aspects of asset management, including financial market modeling and forecasting, portfolio optimization and asset allocation, equity valuation, capital market theory and empirical finance.

Armin Varmaz studied business administration and economics. In his PhD thesis he analyzed the profitability, the competition and the efficiency in the German banking sector, using panel data approaches and data envelopment analysis. Since 2006 he has been a post-doctoral research fellow at the University of Bremen. His main interests and research experience include valuation theory, optimization in economics and empirical finance. He is currently working on advanced quantitative methods for analyzing, modeling and simulating long-term developments in financial markets.

Product Details

• Hardcover: 438 pages
• Publisher: Wiley; 1 edition (June 11, 2008)
• Language: English
• ISBN-10: 0470031492
• ISBN-13: 978-0470031490
• Product Dimensions: 9.6 x 6.9 x 1.2 inches
• Shipping Weight: 2 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #216,728 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful:

5.0 out of 5 stars Must Read Before Your Financial Analyst Interview, December 31, 2010

By 

James Kociuba "James Kociuba" (Boston, Ma) - See all my reviews
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This review is from: Equity Valuation: Models from Leading Investment Banks (The Wiley Finance Series) (Hardcover)

This is the most pratical decent EVA vs. CFROI discussion I have ever seen, complete with examples. Plus, a review of several major valuation models on the street. A must read the night before your financial analyst interview.

Only shortcomming is it does not cover the differences that arise when EVA and CFROI are applied in different sectors.

Still, I give this a 5.