Equity Markets, Valuation, and Analysis

Sharpen your understanding of the financial markets with this incisive volume

Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets.

Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including:

· The latest trends and research from across the globe

· The controversial issues facing the field of valuation and the future outlook for the field

· Empirical evidence and research on equity markets

· How investment professionals analyze and manage equity portfolios

This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.

H. Kent Baker, CFA, CMA is University Professor of Finance at the Kogod School of Business, American University. He is an award-winning author who has written or edited 32 books including several textbooks. Professor Baker has also published 179 peer-reviewed journal articles plus more than 150 other articles, monographs, book chapters, and proceedings as well as 350 book reviews and abstracts. He is the editor/co-editor of the Financial Markets and Investments Series (Oxford University Press) and The Savvy Investors Series (Emerald Publishing).

Greg Filbeck, CFA, FRM, CAIA, CIPM, PRM holds the Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as Director of the Black School of Business. Before joining the faculty at Penn State Erie in 2006, he served as Senior Vice President of Kaplan Schweser from 1999 to 2006 where he was in charge of all content and curriculum. He also held academic appointments at Miami University (Ohio) and the University of Toledo, where he also served as the Associate Director of the Center for Family Business. He is the co-editor of the Financial Markets and Investments Series (Oxford University Press). Professor Filbeck has authored or edited 10 books and published more than 95 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting among others.

Halil Kiymaz, CFA is Bank of America Professor of Finance at the Crummer Graduate School of Business at Rollins College. Professor Kiymaz maintains an extensive research agenda focusing on international mergers and acquisitions, emerging capital markets, linkages among capital markets of developing economies, IPOs, and financial management of multinationals. Professor Kiymaz has authored or edited five books and has published more than 80 articles in scholarly and practitioner journals. His research has appeared in such outlets as the Journal of Banking and Finance, Financial Review, Global Finance Journal, Journal of Applied Finance, Journal of Economics and Finance, Review of Financial Economics, and Quarterly Journal of Business and Economics.

Acknowledgments

About the Editors

About the Chapter Authors

1 Equity Markets, Valuation, and Analysis: An Overview

H. Kent Baker, Greg Filbeck, and Halil Kiymaz

PART ONE: BACKGROUND

2 Ownership Structure and Stock Classes

Christopher J. Barnes, Ehsan Nikbakht, and Andrew C. Spieler

3 Equity Markets and Performance

Jay T. Brandi and Xudong Fu

4 Securities Regulation

Douglas Cumming and Sofia Johan

5 Investor Psychology and Equity Market Anomalies

Hunter M. Holzhauer

PART TWO: VALUATION AND ANALYSIS

6 Financial Statement Analysis and Forecasting

 Somnath Das and Shail Pandit

7 Fundamentals of Equity Valuation

 Emmanuel Boutron, Alain Coën, and Didier Folus

8 Company Analysis

 David C. Nichols

9 Technical Analysis

 David Lundgren

10 Discounted Dividend Valuation

 Elif Akben Selcuk

11 Free Cash Flow Valuation

 Tom Barkley

12 Market-based Valuation

 Sang Hoon Lee

13 Residual Income Valuation

Shail Pandit and Somnath Das

14 Private Company Valuation

 Onur Bayar and Yini Liu

PART THREE: EQUITY INVESTMENT MODELS AND STRATEGIES

15 Equity Investing Strategies

 Nicholas Biasi, Andrew C. Spieler, and Raisa Varejao

16 Factor Investing

 Aaron Filbeck

17 Smart Beta Strategies vs. Alpha Strategies

 Timothy A. Krause

18 Activist and Impact Investing

 Michael Sinodinos, Andrew Siwo, and Andrew C. Spieler

19 Socially Responsible Investing

 Randolph D. Nordby

20 Pooled Investment Vehicles

 Joseph McBride, Michael Pain, and Andrew C. Spieler

PART FOUR: SPECIAL EQUITY TOPICS

21 Investing in Private Equity

 Gaurav Gupta, Tiangi Li, and Zhao Wang

22 Investing in Emerging Markets

 Xiaohau Diao, Shantanu Dutta, and Peng Cheng Zhu

23 Disclosure Regulations in Emerging Economies and Their Impact on Equity Markets

 Xiaohau Diao, Shantanu Dutta, and Peng Cheng Zhu

24 Equity Crowdfunding Investments

 Dianna Preece

Answers to End-of-Chapter Discussion Questions

Index

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