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Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition Hardcover – January 18, 2002

ISBN-13: 978-0471414889 ISBN-10: 0471414883 Edition: 2nd

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Product Details

  • Series: Wiley Finance (Book 108)
  • Hardcover: 992 pages
  • Publisher: Wiley; 2nd edition (January 18, 2002)
  • Language: English
  • ISBN-10: 0471414883
  • ISBN-13: 978-0471414889
  • Product Dimensions: 10.1 x 7.3 x 2 inches
  • Shipping Weight: 4.2 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (27 customer reviews)
  • Amazon Best Sellers Rank: #204,380 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

Investment Valuation

Tools and Techniques for Determining the Value of Any Asset

Regarded as one of the top experts on investment valuation, NYU Stern Business School professor Aswath Damodaran returns with a completely revised Second Edition of his classic, Investment Valuation. This practical, comprehensive guide covers a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more.

Using updated real-world examples and the most current valuation tools, this Second Edition addresses new sectors such as dot-coms, private companies, and financial service firms that pose complex valuation problems. Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation.

An invaluable resource for authoritative information, analysis, and insight, Investment Valuation, Second Edition, covers all the key topics in asset valuation, including:
* Choosing the right valuation model for any given asset valuation scenario
* Applying valuation techniques to start-up firms, unconventional assets, private equity, and real estate
* Risk and return-domestically and abroad
* Value enhancement measures such as economic value-added (EVA) and cash flow return on investment (CFROI)
* Using real option theory and option pricing models in valuing individual assets such as patents as well as entire businesses

Investment Valuation, Second Edition, thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of data sets and spreadsheets associated with this book online at www.damodaran.com. In fact, the valuations will be constantly updated online, so you can have a closer link to real-time valuations.

Filled with case studies and proven valuation models, this indispensable guide is a must for anyone wishing to gain a better understanding of investment valuation and its methods. Take the insight and advice of a recognized authority on the valuation process and put them to work for you today.

From the Back Cover

Investment Valuation

Tools and Techniques for Determining the Value of Any Asset

Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.

Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.

Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated

A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.

More About the Author

Aswath Damodaran is a professor of finance and David Margolis teaching fellow at the Stern School of Business at New York University. He teaches the corporate finance and equity valuation courses in the MBA program. He received his MBA and PhD from the University of California at Los Angeles. His research interests lie in valuation, portfolio management, and applied corporate finance. He has been published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has written three books on equity valuation (Damodaran on Valuation, Investment Valuation, and The Dark Side of Valuation) and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A User's Manual). He has coedited a book on investment management with Peter Bernstein (Investment Management) and has written a book on investment philosophies (Investment Philosophies). His newest book on portfolio management is titled Investment Fables and was published in 2004. He was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at NYU since 1986 and received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) in 1988, 1991, 1992, 1999, 2001, and 2007, and was the youngest winner of the University-wide Distinguished Teaching Award (in 1990). He was profiled in Business Week as one of the top 12 business school professors in the United States in 1994.

Customer Reviews

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I purchased this book as an adjunct to my masters degree work in finance and to assist personal investment valuations.
Michael B. Rizik Jr.
This book may help you consider the value of assets using all 3 methods to arrive at a true valuation for your purchase or divestment.
J. Bradt
After reading this very long and detailed book, the reader should have a solid grasp of the theoretical underpinnings of valuation.
guy on the west coast

Most Helpful Customer Reviews

192 of 194 people found the following review helpful By Strawmen on June 8, 2003
Format: Hardcover
For investors subscribed to discounted cash flows valuation (DCF), there is no other books that offer the kind of in-depth anlaysis (both in step-by-step description and available scenarios using real companies) like this book does. Plus, Professor Damodaran maintains a free website where Excel-based valuation models and industry data are periodically updated. These features make the book invaluable. In short, if I am allowed to buy only one investment book, this is the one.
But since I can buy as many books as I want, it would be more important to tell what this book does not do. First, it's always important to get a second opinion. In this case, it would be something other than DCF. Currently, DCF and relative valuation (such as PE and PV) are the dominent valuation methods used in the U.S. And yes, they are both covered in-depth by this book, in addition to the Economic Value Addded method which is gaining momentum in recent years. But this book essentially dismisses the income statements in favor of cash flows statements for valuing securities, preferring DCF to relative valuation. This is certainly understandable in lights of recent manipulation of GAAP income by offenders like Enron, WorldCom and Tyco. But I believe it's important for investors to hear the voice for income statements valuation method. For that investors should get James English's Applied Equity Analysis - another must-have - as a second valuation reference book. Secondly, this book uses CAPM model for finding the discount rate. Again, it is true that CAPM is the most widely used model in the U.S.
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75 of 75 people found the following review helpful By Andrew West on October 18, 2002
Format: Hardcover Verified Purchase
I bought this book to replace an older valuation book also by Damodoran. I'm a professional analyst and am quite familiar with valuations, and this book provides a very thorough and comprehensive guide. I bought it just in time to serve as guidance through a very heavy and comprehensive research project.
Everything I needed for the project was in the book, however one thing surprised and disappointed me: the organization. I simply don't see much of a logical flow in the chapter structure, so I think it would be more difficult to someone who wasn't already familiar with the basic structure of the valuation process. Why is market efficiency jammed between unrelated chapters? Why is the discussion and examples of the pro-forma capitalization of R&D split between distant chapters? Throughout a single project, one would have to keep the book marked in several diffent places, not neccessarily in the order that one would have to deal with the questions if one were doing a valuation. The result is that this book is less easy to use as a practical guidebook than it could be, and will keep one busy in the index looking for where subjects are addressed.
This is nit-picking however. Professor Damodoran is to be congratulated for producing such a high quality and comprehensive text on valuation.
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44 of 45 people found the following review helpful By Craig Matteson HALL OF FAMETOP 500 REVIEWER on March 27, 2002
Format: Hardcover
This is one of the very best books I have used while working on an MBA. It will occupy a prominent place on my business resources bookshelf. What makes it so special is that it covers the field of investment valuation very broadly, but each topic is handled concisely and with clarity. The author also supplies a healthy amount of context and supporting information as well as the technical matters around valuation.
Another virtue is that it is laid out very well. If you are interested in a specific topic, for example valuing a company with negative earnings or a private company or even contracts for natural resources, it is easy to look up the specific information and study what is relevant to the task at hand.
Plus the author has a wonderful website with supporting spreadsheets and valuable information on companies that can help a great deal in thinking through the topics raised in the book.
If I could only have two or three books of all those I have used during my work at the University of Michigan Business School, this would be one of the keepers.
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24 of 24 people found the following review helpful By guy on the west coast on February 21, 2006
Format: Hardcover
This was a worthwhile purchase, but there are definitely some limitations with this book.

Positives - Damodaran has his very excellent web-site to complement this book. He does a very thorough job of breaking down the fundamental determinants of investments from both a DCF and relative valuation viewpoint. After reading this very long and detailed book, the reader should have a solid grasp of the theoretical underpinnings of valuation.

In terms of actual content, I think he does his best work in the chapters on relative valuation, fundamental growth projections, betas, risk, and the whole process of deriving cost of equity, cost of debt, and the WACC.

Negatives - There are quite a few, but it doesn't diminish from my overall recommendation to purchase this book. Among the most glaring issues:

- Calculation errors. This is my biggest gripe with the book. It is so mathematical and technically-oriented, and it is absolutely vital that the numbers are calculated properly. I can't tell you how many times Damodaran miscalculates his own examples. And even the answers to the problem sets that he posts on his web-site have some flagrant errors. This is simply UNACCEPTABLE because of the nature of this book.

- Expository style is meandering at times. I feel that a lot of the chapters could be shortened, and sometimes, it seems like the professor goes on a tangent for the sake of being overly thorough. Very rarely, there are a some key sentences that require re-reading; and after doing so, you think he could have written it a lot more simply. But maybe the topic itself is pretty complex, making his job more difficult.
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