PDF-Aswath Damodaran Stern School of Business July 2005

illiquid assets In this paper we argue that it is a mistake to think of some assets as illiquid and others as liquid and that liquidity is a continuum where some assets are more liquid than others. ! ! ! ! ! ! Aswath Damodaran!7!The Four Steps to Understanding Multiples!!!De Aswath Damodaran Aswath Damodaran Aswath Damodaran Aswath Damodaran Aswath Damodaran Aswath Damodaran $ 60"$ 40"""$ 100"3""$ 68"$ 40"""$ 108"4 $ 1603.0""""$ 2363.008" Aswath Damodaran (83.49+1603)/1.1 Review. Aswath Damodaran. Updated: . March . 2013. Aswath Damodaran. 1. Key topics covered. Valuation Approaches. What are the three approaches to valuation?. From a big picture perspective, what are the key differences between the different valuation approaches?. Aswath Damodaran5Figure 1.1: The Investment ProcessThe ClientRisk Tolerance/AversionTax StatusInvestment HorizonThe Portfolio Manager ! ! ! ! ! ! Aswath Damodaran!7!The Four Steps to Understanding Multiples!!!De 2. 016. . The Stern-. Gerlach. Experiment. and . the Discovery(?) of. the Electron Spin. Sandip. . Pakvasa. University of Hawaii. Honolulu. Hawaii. . In many textbooks, we learn about. the Stern-. ‹#›. Aswath Damodaran. 1. The Closing Argument. Aswath Damodaran. 2. Back to the very beginning:. Approaches to Valuation. Discounted Cashflow Valuation. , where we try (sometimes desperately) to estimate the intrinsic value of an asset by using a mix of theory, guesswork and prayer.. ‹#›. Aswath Damodaran. 1. The Closing Argument. Aswath Damodaran. 2. Back to the very beginning:. Approaches to Valuation. Discounted Cashflow Valuation. , where we try (sometimes desperately) to estimate the intrinsic value of an asset by using a mix of theory, guesswork and prayer.. ‹#›. Aswath Damodaran. 1. Valuing Financial Service Companies. Aswath Damodaran. 2. The Questions. Aswath Damodaran. 3. Aswath Damodaran. 4. Aswath Damodaran. 5. Lesson 1: Financial service companies are opaque…. 18: Book Value Multiples. ‹#›. Aswath Damodaran. 1. Accounting Value... Aswath Damodaran. 2. III. Price to Book Ratio. Going back to a simple dividend discount model,. Defining the return on equity (ROE) = EPS0 / Book Value of Equity, the value of equity can be written as:. PROGRAM STUDI AKUNTANSI. FAKULTAS . EKONOMI DAN BISNIS. UNIVERSITAS ESA UNGGUL. E. BA 919. PENILAIAN . A. SSET & BISNIS. PERTEMUAN . #. 8. 1. Damodaran. Employee Options, Restricted Stock and . V. Aswath Damodaran. Aswath Damodaran. 1. Baby steps... Aswath Damodaran. 2. Some Initial Thoughts. 3. Misconceptions about Valuation. Valuation is not a science.. All valuations are biased. The degree of bias is determined by who pays you to do the valuation. Stern Review Richard S. J. Tol & Gary W. Yohe 1. Introduction The Stern Review on the Economics of Climate Change (Stern et al. , 2006) was delivered to the Prime Minister and the Chancellor of the Corporate Finance What is it? Aswath Damodaran 0 What is corporate finance? Every decision that a business makes has financial implications, and any decision which affects the finances of a business is a corporate finance decision. Defined