(Pearson Education) A comprehensive guide to valuing technology companies, for investors, financial executives, venture capitalist, and other professionals. Includes 5 detailed case studies that cover the entire tech lifecycle, from Amazon.com to Cisco and Motorola. DLC: Valuation.

The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies

Business & Money

Damodaran, Aswath

Finance

Ft Pr

The truth about 13 of today's most widely touted investment strategies. <ul>
<li>10 powerful lessons for every investor </li>
<li>Overcoming the enduring myths about markets </li>
<li>High dividend stocks: better and safer than bonds--or not? </li>
<li>Cheap stocks: cheap for a reason? </li>
<li>Should you invest in quality? Momentum? The next big thing? Or what?</li> </ul>
You've heard 'em. (Maybe even from your broker!) They're the "can't lose" investment stories that promise you a no-risk path to profits … <ul>
<li>"Buy companies trading below book value." </li>
<li>"Follow the momentum." </li>
<li>"Buy stocks with low P/Es." </li>
<li>"Stick with quality." </li>
<li>"Buy after bad news." </li>
<li>"Buy after good news." </li>
<li>"Follow the insiders." </li>
<li>"Do whatever Warren Buffett's doing."</li> </ul>
And on, and on, and on … They sound good. But do they really work? You're about to find out. In Investment Fables, one of the world's leading investment researchers runs the numbers on 13 of today's most widely touted strategies, objectively answering the questions your broker can't answer. Has it worked over the long term? Over the short term? If it made sense once, does it still make sense? Are the promised benefits a statistical mirage? Could it work, as one part of your investment strategy? What are the downsides–and how can you mitigate them?If you want to make smarter investment decisions, you'll find this book utterly indispensable.

Investment Fables: Exposing the Myths of "Can't Miss" Investments Strategies

Economics

Front Flap In business and investing, risk has traditionally been viewed negatively: investors and companies can lose money due to risk and therefore we typically penalize companies for taking risks. That’s why most books on risk management focus strictly on hedging or mitigating risk. But the enterprise’s relationship with risk should be far more nuanced. Great companies become great because they seek out and exploit intelligent risks, not because they avoid all risk. Strategic Risk Taking: A Framework for Risk Management is the first book to take this broader view, encompassing both risk hedging at one end of the spectrum and strategic risk taking on the other. World-renowned financial pioneer Aswath Damodaran–one of BusinessWeek’s top 12 business school professors–is singularly well positioned to take this strategic view. Here, Damodaran helps you separate good risk (opportunities) from bad risk (threats), showing how to utilize the former while protecting yourself against the latter. He introduces powerful financial tools for evaluating risk, and demonstrates how to draw on other disciplines to make these tools even more effective. Simply put, Damodaran has written the first book that helps you use risk to increase firm value, drive higher growth and returns, and create real competitive advantage. • Risk: the history and the psychology The non-financial realities you must understand to successfully manage risk • Risk assessment: from the basics to the cutting edge Risk Adjusted Value, probabilistic approaches, Value at Risk, and more • Utilizing the power of real options Extending option pricing models to reflect the potential upside of risk exposure • Risk management: the big picture Integrating traditional finance with corporate strategy–and using risk strategically Back Flap About the Author Aswath Damodaran, Professor of Finance at NYU’s Stern School of Business, has been profiled in BusinessWeek as one of the United States’ top twelve business school professors. His researchinterests include valuation, portfolio management, and applied corporate finance. He is the author of Damodaran on Valuation; Investment Valuation; The Dark Side of Valuation; Corporate Finance: Theory and Practice; Applied Corporate Finance; and most recently, Investment Fables. Damodaran has published in The Journal of Financial and Quantitative Analysis, The Journal of Finance, The Journal of Financial Economics, and The Review of Financial Studies. Back Cover Beyond Traditional Hedging: How to Use Risk Management Financial Techniques Strategically! •How to determine which risks to ignore, which to protect against, and which to actively exploit •By Aswath Damodaran, leading finance authority and one of BusinessWeek’s top 12 business school professors •For every corporate finance executive, manager, analyst, consultant, researcher, and student In recent years, risk management has been defined as merely eliminating or reducing risk exposure. Companies are learning today that is far too narrow and constraining a definition. Risk, exploited judiciously, is absolutely central to business success. In Strategic Risk Taking: A Framework for Risk Management, Aswath Damodaran covers both sides of the risk equation, offering a complete framework for maximizing profit by limiting some risks and exploiting others. Damodaran presents a thorough and insightful review of the state-of-the-art in risk measurement, hedging, and mitigation. He covers a broad spectrum of risk assessment tools, including risk adjusted value, scenario analysis, decision trees, VAR, and real options. But Damodaran goes far beyond other treatments of the subject, helping you decide when to deliberately increase exposure to certain risks, and clearly assess the potential dangers and payoffs of doing so. http://pages.stern.nyu.edu/~adamodar/

Strategic Risk Taking: A Framework for Risk Management

Wharton School Pub

Financial professionals have long faced the challenge of accurately valuing companies that are difficult to value using conventional methodologies. Years ago, this challenge was most keenly felt in the "dot-com" industries, and many professionals fell victim to the "dark side," creating values that were simply unsustainable. Now, amidst today's global financial crisis, the same challenge applies to a far wider spectrum of enterprises and assets, ranging from Asian equities to mortgage-backed securities, financial services firms like Lehman to real estate firms like Sears. In The Dark Side of Valuation, the world's top expert on valuation brings together today's best practices for accurately valuing young, distressed, and complex businesses. Aswath Damodaran has thoroughly revised this book, broadening its perspective to consider all companies that resist easy valuation. He covers the entire corporate lifecycle, from "idea" and "nascent growth" companies to those in decline and distress; and offers specific guidance for valuing infrastructure, real estate, technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today's radically changed credit markets for valuation. Along the way, he addresses valuation questions that have suddenly gained urgency, ranging from "Are US treasuries risk-free?" to "How do you value assets in highly illiquid markets?"

The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses

The Definitive Guide to Valuing Hard-to-Value Companies: Fully Revised for Today’s Financial Markets Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation—where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms. To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end. In the process, you learn how to <ul>
<li>Deal with “abnormally low” and negative risk-free rates in valuation </li> <li>Adapt to dynamic and changing risk premiums </li> <li>Value young companies that are disrupting existing businesses </li> <li>Analyze commodity and cyclical companies across cycles </li> <li>Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers </li> <li>Determine the difference between pricing and valuation, and why some investments can only be priced</li> </ul>

Dark Side of Valuation, The: Valuing Young, Distressed, and Complex Businesses

Pearson FT Press

In business and investing, risk has traditionally been viewed negatively: investors and companies can lose money due to risk and therefore we typically penalize companies for taking risks. That’s why most books on risk management focus strictly on hedging or mitigating risk. But the enterprise’s relationship with risk should be far more nuanced. Great companies become great because they seek out and exploit intelligent risks, not because they avoid all risk. Strategic Risk Taking: A Framework for Risk Management is the first book to take this broader view, encompassing both risk hedging at one end of the spectrum and strategic risk taking on the other. World-renowned financial pioneer Aswath Damodaran–one of BusinessWeek’s top 12 business school professors–is singularly well positioned to take this strategic view. Here, Damodaran helps you separate good risk (opportunities) from bad risk (threats), showing how to utilize the former while protecting yourself against the latter. He introduces powerful financial tools for evaluating risk, and demonstrates how to draw on other disciplines to make these tools even more effective. Simply put, Damodaran has written the first book that helps you use risk to increase firm value, drive higher growth and returns, and create real competitive advantage.

Strategic Risk Taking: A Framework for Risk Management (paperback)

Insurance

Ft Press

Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today’s radically changed credit markets for valuation and addresses valuation questions that have suddenly gained urgency, ranging from “Are U.S. treasuries risk free?” to “How do you value assets in highly illiquid markets?” Readers will gain insight into: · Overcoming the temptation to use unrealistic or simplistic valuation methods · Risk-free rates, risk premiums and other macroeconomic assumptions · Intelligent analysis for angel and early venture capital investing · Projecting the impact of regulatory changes · The stages of the corporate lifecycle · Valuing financial services and commodities companies Damodaran’s insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&amp;A specialists, and entrepreneurs alike.

Twenty years after setting out to fight in the Trojan War, Odysseus is yet to return home to Ithaca. His household is in disarray: a horde of over 100 disorderly and arrogant suitors are vying to claim Odysseus' wife Penelope, and his young son Telemachus is powerless to stop them. Meanwhile, Odysseus is driven beyond the limits of the known world, encountering countless divine and earthly challenges. But Odysseus is "of many wiles" and his cunning and bravery eventually lead him home, to reclaim both his family and his kingdom. Homer's Odyssey rivals the Iliad as the greatest poem of Western culture and is perhaps the most influential text of classical literature. This elegant and compelling new translation is accompanied by a full introduction and notes that guide the reader in understanding the poem and the many different contexts in which it was performed and read.

Damodaran on Valuation: Security Analysis for Investment and Corporate Finance

wiley

How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value. Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

Narrative and Numbers: The Value of Stories in Business (Columbia Business School Publishing)

Columbia Business School Publishing

Damodaran Valuation Set

See the best price to sell, buy, or rent books by Damodaran, Aswath. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Damodaran, Aswath

See the best price to sell, buy, or rent books by Damodaran, Aswath. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies

Investment Fables: Exposing the Myths of "Can't Miss" Investments Strategies

Strategic Risk Taking: A Framework for Risk Management

The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses

Dark Side of Valuation, The: Valuing Young, Distressed, and Complex Businesses

Strategic Risk Taking: A Framework for Risk Management (paperback)

The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses

Damodaran on Valuation: Security Analysis for Investment and Corporate Finance

Narrative and Numbers: The Value of Stories in Business (Columbia Business School Publishing)

Damodaran Valuation Set