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By:Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas
Published on 2017-12-27 by CFA Institute Research Foundation

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The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

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Book ID of Equity Valuation: Science, Art, or Craft?'s Books is AwZGDwAAQBAJ, Book which was written byFrank J. Fabozzi,Sergio M. Focardi,Caroline Jonashave ETAG "HSIhA6z9IRk"

Book which was published by CFA Institute Research Foundation since 2017-12-27 have ISBNs, ISBN 13 Code is 9781944960346 and ISBN 10 Code is 1944960341

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