The Risk Premium Factor

Inhaltsverzeichnis

List of Figures.

List of Tables.

Preface.

Evolution of a Theory.

Overview.

How This Book Is Structured.

As You Begin.

Acknowledgments.

About the Author.

Chapter 1: Understanding the Simplicity of Valuation.

Rates, Compounding and Time Value.

Why Time Value Matters for the Stock Market.

Valuing a Perpetuity.

Constant Growth Equation: The Key to Understanding the Stock Market.

Not the First to Try This.

Why Growth Rate and Cost of Capital Matter.

P/E Ratio Expansion and Contraction.

CAPM, Risk Premium and Valuation.

Equity Risk Premium.

Impact of Risk Premium on Valuation.

Chapter Recap.

Part I: Exploring the Risk Premium Factor Valuation Model.

Chapter 2: The Risk Premium Factor Valuation Model.

The RPF Model is Simple, but Does it Work?

Estimating the Risk Premium Factor (RPF).

Potential Causes for Shifts in the Risk Premium Factor.

Potential Weaknesses in RPF Theory and Methodology.

Adjusted Risk Free Rate.

Comparison to the Fed Model.

Chapter Recap.

Chapter 3: Solving the Equity Premium Puzzle.

The Link to Loss Aversion.

Loss Aversion.

Loss Aversion and Corporate Decision Making.

Attempts to Solve the Equity Premium Puzzle.

Impact of Inflation on Value.

Back to Loss Aversion.

Our Reptilian Brain.

Chapter Recap.

Chapter 4: The RPF Model and Major Market Events from 1981-2009.

Efficient Market Hypothesis.

How the RPF Valuation Model Explains Black Monday.

2000 "Dot Com" Bubble: RPF Model Suggests Significant Bubble for the S&P 500.

How the RPF Valuation Model Explains 2008-2009 Meltdown and Recovery.

Markets Mostly Efficient and Rational, But Prone to Mistakes.

Chapter Recap.

Part II: Applying the Risk Premium Factor Valuation Model.

Chapter 5: Application to Market Valuation.

Beware of Interest Rates.

Example: Application to the Market in Late September 2009.

Why the Source of Growth Matters.

Chapter Recap.

Chapter 6: Risk Adjusted Real Implied Growth Rate (RIGR).

Analyzing Individual Companies with RIGR.

RIGR Analysis of Apple and Google Pre-Earnings Announcement.

Chapter Recap.

Chapter 7: Valuing an Acquisition or Project.

Brief Introduction to Valuing an Acquisition or Project.

Translating Your World View into Numbers.

Setting the Cost of Capital.

Example: Utility Acquiring a Risky Asset.

Selecting the Investment Forecast Time Horizon.

The All Important Terminal Value.

Chapter Recap.

Chapter 8: Case Study #1 - Valuation of a High Growth Business.

Calculating Enterprise Value and Stock Price.

Scenario Analysis.

Chapter Recap.

Chapter 9: Case Study #2 - Valuation of a Cyclical Business.

Chapter Recap.

Chapter 10: Using the RPF Model to Translate Punditry.

The varied voices of columnists, writers and sources in financial media are often confusing. This chapter summarizes a selection of recent articles from the financial press and analyzes them through the lens of the RPF Model.

Read Carefully Then Analyze.

What Have I Got to Lose?

Beware of Oversimplification.

Confusing Headlines and Misguided Blame.

Almost Nailed It.

Graham and Dodd.

The Wrong Discussion.

Dumb Money and Bubbles.

The Right Discussion.

Chapter Recap.

Chapter 11: Using the RPF Model for Investment and Business Strategy.

Estimating Fair Value: How to Identify and Exploit Bubbles.

Beware of RPF Shifts.

Investing in Individual Companies.

How to Apply the RPF Model to Day-to-Day Business Decisions.

Capital Structure and Risk Impact Cost of Capital.

Opportunistic Adjustments to Corporate Capital Structure.

Creating a Sense of Urgency.

Avoiding Value Destruction.

Value Creation.

Key M&A Valuation Concepts.

Inflation is the Enemy of Value.

Final Thoughts.

Appendix A: Mobile Apps: The Wave of the Past.

Appendix B: Technology on the Horizon: What if Moore's Law Continues for Another 40 Years?

Glossary.

Notes.

About the Companion Website.

Index.

The Risk Premium Factor

A New Model for Understanding the Volatile Forces that Drive Stock Prices. + Website

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Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

09.09.2011

Verlag

John Wiley & Sons

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

09.09.2011

Verlag

John Wiley & Sons

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Gewicht

464 g

Auflage

1. Auflage

Reihe

Wiley Finance Editions

Sprache

Englisch

ISBN

978-1-118-09905-6

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Die Leseprobe wird geladen.
  • The Risk Premium Factor
  • List of Figures.

    List of Tables.

    Preface.

    Evolution of a Theory.

    Overview.

    How This Book Is Structured.

    As You Begin.

    Acknowledgments.

    About the Author.

    Chapter 1: Understanding the Simplicity of Valuation.

    Rates, Compounding and Time Value.

    Why Time Value Matters for the Stock Market.

    Valuing a Perpetuity.

    Constant Growth Equation: The Key to Understanding the Stock Market.

    Not the First to Try This.

    Why Growth Rate and Cost of Capital Matter.

    P/E Ratio Expansion and Contraction.

    CAPM, Risk Premium and Valuation.

    Equity Risk Premium.

    Impact of Risk Premium on Valuation.

    Chapter Recap.

    Part I: Exploring the Risk Premium Factor Valuation Model.

    Chapter 2: The Risk Premium Factor Valuation Model.

    The RPF Model is Simple, but Does it Work?

    Estimating the Risk Premium Factor (RPF).

    Potential Causes for Shifts in the Risk Premium Factor.

    Potential Weaknesses in RPF Theory and Methodology.

    Adjusted Risk Free Rate.

    Comparison to the Fed Model.

    Chapter Recap.

    Chapter 3: Solving the Equity Premium Puzzle.

    The Link to Loss Aversion.

    Loss Aversion.

    Loss Aversion and Corporate Decision Making.

    Attempts to Solve the Equity Premium Puzzle.

    Impact of Inflation on Value.

    Back to Loss Aversion.

    Our Reptilian Brain.

    Chapter Recap.

    Chapter 4: The RPF Model and Major Market Events from 1981-2009.

    Efficient Market Hypothesis.

    How the RPF Valuation Model Explains Black Monday.

    2000 "Dot Com" Bubble: RPF Model Suggests Significant Bubble for the S&P 500.

    How the RPF Valuation Model Explains 2008-2009 Meltdown and Recovery.

    Markets Mostly Efficient and Rational, But Prone to Mistakes.

    Chapter Recap.

    Part II: Applying the Risk Premium Factor Valuation Model.

    Chapter 5: Application to Market Valuation.

    Beware of Interest Rates.

    Example: Application to the Market in Late September 2009.

    Why the Source of Growth Matters.

    Chapter Recap.

    Chapter 6: Risk Adjusted Real Implied Growth Rate (RIGR).

    Analyzing Individual Companies with RIGR.

    RIGR Analysis of Apple and Google Pre-Earnings Announcement.

    Chapter Recap.

    Chapter 7: Valuing an Acquisition or Project.

    Brief Introduction to Valuing an Acquisition or Project.

    Translating Your World View into Numbers.

    Setting the Cost of Capital.

    Example: Utility Acquiring a Risky Asset.

    Selecting the Investment Forecast Time Horizon.

    The All Important Terminal Value.

    Chapter Recap.

    Chapter 8: Case Study #1 - Valuation of a High Growth Business.

    Calculating Enterprise Value and Stock Price.

    Scenario Analysis.

    Chapter Recap.

    Chapter 9: Case Study #2 - Valuation of a Cyclical Business.

    Chapter Recap.

    Chapter 10: Using the RPF Model to Translate Punditry.

    The varied voices of columnists, writers and sources in financial media are often confusing. This chapter summarizes a selection of recent articles from the financial press and analyzes them through the lens of the RPF Model.

    Read Carefully Then Analyze.

    What Have I Got to Lose?

    Beware of Oversimplification.

    Confusing Headlines and Misguided Blame.

    Almost Nailed It.

    Graham and Dodd.

    The Wrong Discussion.

    Dumb Money and Bubbles.

    The Right Discussion.

    Chapter Recap.

    Chapter 11: Using the RPF Model for Investment and Business Strategy.

    Estimating Fair Value: How to Identify and Exploit Bubbles.

    Beware of RPF Shifts.

    Investing in Individual Companies.

    How to Apply the RPF Model to Day-to-Day Business Decisions.

    Capital Structure and Risk Impact Cost of Capital.

    Opportunistic Adjustments to Corporate Capital Structure.

    Creating a Sense of Urgency.

    Avoiding Value Destruction.

    Value Creation.

    Key M&A Valuation Concepts.

    Inflation is the Enemy of Value.

    Final Thoughts.

    Appendix A: Mobile Apps: The Wave of the Past.

    Appendix B: Technology on the Horizon: What if Moore's Law Continues for Another 40 Years?

    Glossary.

    Notes.

    About the Companion Website.

    Index.