<p>This book was first printed in 1938, having been written as a Ph.D. thesis at Harvard in 1937. Our good friend, Peter Bernstein mentioned this book several times in his excellent Capital Ideas which was published in 1992. Why the book is interesting today is that it still is important and the most authoritative work on how to value financial assets. As Peter says: "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment." Williams' discovery was to project an estimate that offers intrinsic value and it is called the 'Dividend Discount Model' which is still used today by professional investors on the institutional side of markets. Appendix, Tables</p>

The Theory of Investment Value

Business & Money

Williams, John Burr

Economics

Fraser Publishing Company

<p>The author develops a macroeconomic theory of the market economy based on an empirical description and financial analysis at the microeconomic level. He describes various classes of borrowers, lenders, and market mediators and the special characteristics of each that influence the demand and supply for loans.</p>

Interest, Growth, & Inflation: The Contractual Savings Theory of Interest

Investing

www.bnpublishing.com

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