好贵啊，虽然是协会指定的书让我很心动！

一分錢一分貨,我是用美金買回來的

Foreword xi
Acknowledgments xv
Introduction xvii
CHAPTER 1
Equity Valuation: Applications and Processes 1
Learning Outcomes 1
1. Introduction 1
2. Value Defi nitions and Valuation Applications 2
2.1. What Is Value? 2
2.1.1. Intrinsic Value 2
2.1.2. Going-Concern Value and Liquidation Value 4
2.1.3. Fair Market Value and Investment Value 4
2.1.4. Defi nitions of Value: Summary 5
2.2. Applications of Equity Valuation 5
3. The Valuation Process 7
3.1. Understanding the Business 8
3.1.1. Industry and Competitive Analysis 8
3.1.2. Analysis of Financial Reports 10
3.1.3. Sources of Information 11
3.1.4. Considerations in Using Accounting Information 12
3.2. Forecasting Company Performance 17
3.3. Selecting the Appropriate Valuation Model 18
3.3.1. Absolute Valuation Models 18
3.3.2. Relative Valuation Models 20
3.3.3. Valuation of the Total Entity and Its Components 22
3.3.4. Issues in Model Selection and Interpretation 24
3.4. Converting Forecasts to a Valuation 25
3.5. Applying the Valuation Conclusion: The Analyst’s Role
and Responsibilities 26
4. Communicating Valuation Results 28
4.1. Contents of a Research Report 29
4.2. Format of a Research Report 31
4.3. Research Reporting Responsibilities 32

5. Summary 33
Problems 35
CHAPTER 2
Return Concepts 37
Learning Outcomes 37
1. Introduction 37
2. Return Concepts 38
2.1. Holding Period Return 38
2.2. Realized and Expected (Holding Period) Return 39
2.3. Required Return 39
2.4. Expected Return Estimates from Intrinsic Value Estimates 40
2.5. Discount Rate 43
2.6. Internal Rate of Return 43
3. The Equity Risk Premium 44
3.1. Historical Estimates 45
3.1.1. Arithmetic Mean or Geometric Mean 49
3.1.2. Long-term Government Bonds or Short-term
Government Bills 50
3.1.3. Adjusted Historical Estimates 51
3.2. Forward-Looking Estimates 53
3.2.1. Gordon Growth Model Estimates 54
3.2.2. Macroeconomic Model Estimates 55
3.2.3. Survey Estimates 57
4. The Required Return on Equity 57
4.1. The Capital Asset Pricing Model 57
4.1.1. Beta Estimation for a Public Company 58
4.1.2. Beta Estimation for Thinly Traded Stocks
and Nonpublic Companies 62
4.2. Multifactor Models 64
4.2.1. The Fama-French Model 65
4.2.2. Extensions to the Fama-French Model 69
4.2.3. Macroeconomic and Statistical Multifactor Models 70
4.3. Build-up Method Estimates of the Required Return on Equity 71
4.3.1. Build-up Approaches for Private Business Valuation 71
4.3.2. Bond Yield Plus Risk Premium 73
4.4. The Required Return on Equity: International Issues 75
5. The Weighted Average Cost of Capital 76
6. Discount Rate Selection in Relation to Cash Flows 78
7. Summary 78
Problems 80
CHAPTER 3
Discounted Dividend Valuation 83
Learning Outcomes 83
1. Introduction 84
2. Present Value Models 85

2.1. Valuation Based on the Present Value of Future Cash Flows 85
2.2. Streams of Expected Cash Flows 87
3. The Dividend Discount Model 93
3.1. The Expression for a Single Holding Period 93
3.2. The Expression for Multiple Holding Periods 94
4. The Gordon Growth Model 97
4.1. The Gordon Growth Model Equation 97
4.2. The Links among Dividend Growth, Earnings Growth, and Value
Appreciation in the Gordon Growth Model 104
4.3. Share Repurchases 104
4.4. The Implied Dividend Growth Rate 105
4.5. The Present Value of Growth Opportunities 106
4.6. Gordon Growth Model and the Price-to-Earnings Ratio 109
4.7. Estimating a Required Return Using the Gordon Growth Model 111
4.8. The Gordon Growth Model: Concluding Remarks 111
5. Multistage Dividend Discount Models 112
5.1. Two-Stage Dividend Discount Model 113
5.2. Valuing a Non-Dividend-Paying Company 116
5.3. The H-Model 117
5.4. Three-Stage Dividend Discount Models 119
5.5. Spreadsheet (General) Modeling 123
5.6. Estimating a Required Return Using Any DDM 125
5.7. Multistage DDM: Concluding Remarks 127
6. The Financial Determinants of Growth Rates 127
6.1. Sustainable Growth Rate 128
6.2. Dividend Growth Rate, Retention Rate, and ROE Analysis 129
6.3. Financial Models and Dividends 132
7. Summary 134
Problems 137
CHAPTER 4
Free Cash Flow Valuation 145
Learning Outcomes 145
1. Introduction to Free Cash Flows 146
2. FCFF and FCFE Valuation Approaches 146
2.1. Defi ning Free Cash Flow 147
2.2. Present Value of Free Cash Flow 148
2.2.1. Present Value of FCFF 148
2.2.2. Present Value of FCFE 149
2.3. Single-Stage (Constant-Growth) FCFF and FCFE Models 149
2.3.1. Constant-Growth FCFF Valuation Model 149
2.3.2. Constant-Growth FCFE Valuation Model 150
3. Forecasting Free Cash Flow 151
3.1. Computing FCFF from Net Income 151
3.2. Computing FCFF from the Statement of Cash Flows 155
3.3. Noncash Charges 157
3.4. Computing FCFE from FCF