书目

Franchise Value: A Modern Approach to Security Analysis (Wiley Finance)

内容简介

AmodernapproachtoequityvaluationUnderstandingthekeyingredientsthatcombinetoaffectprice/earnings(P/Es)isofcrucialimportancetotheinvestmentprocess.InFranchiseValue,MartinLeibowitztacklestheimposingtaskofdeterminingwhatreallyhasanimpactonP/Es.TheauthorshowswhyhesubscribestotheconventionallogicthattheP/Egaugesthemarket'sassessmentofthefirm'sfuture.Hethenintroducereaderstothefranchise-valueapproachtoanalyzingtheprospectivecashflowsthatdetermineacompany'sP/E.Thefranchise-valueapproachtovaluationenablestheanalystorinvestortobreakthefirmintotwokeycomponentpartsandtovaluethosecomponents.Thefranchisevalueapproachisoriginalandinsightful,andwiththisbook,readerscanbegintoimplementthisapproachtoperformbetterequityvaluations.MartinL.Leibowitz,PhD(Stamford,CT),isViceChairandChiefInvestmentOfficeratTIAA-CREF,whereheisresponsiblefortheoverallmanagementofallTIAA-CREFinvestments.Hehasauthoredseveralbooksandmorethan130articles,nineofwhichhavereceivedaFinancialAnalystsJournalGrahamandDoddAwardofExcellence.

作者简介

MARTINL.LEIBOWITZisamanagingdirectorintheResearchDepartmentofMorganStanley.Forthepriornineyears,heservedasvicechairmanandchiefinvestmentofficerofTIAA-CREF,overseeingover$300billioninassets.Leibowitzhasauthoredseveralbooksandmorethan130articles,tenofwhichhavereceivedaFinancialAnalystsJournalGrahamandDoddAwardofExcellence.HewastherecipientofAIMR’sNicholasMolodovskyAwardin1995andtheJamesR.VertinAwardin1998.In1995,hereceivedtheDistinguishedPublicServiceAwardfromthePublicSecuritiesAssociationandbecamethefirstinducteeintotheFixedIncomeAnalystsSociety’sHallofFame.LeibowitzisavicechairofboththeCarnegieCorporationandtheInstituteforAdvancedStudyatPrinceton.HeholdsanABandanMSfromtheUniversityofChicagoandaPhDinmathematicsfromtheCourantInstituteofNewYorkUniversity.

丛书

Wiley Finance

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