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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. Ind... MORE
ELAINE HENRY, PHD, CFA, is an Assistant Professor of Accounting at the University of Miami, where she teaches courses in accounting, financial statement analysis, and valuation. After working in corporate finance at Lehman Brothers, strategy consulting at McKinsey & Company, and corporate banking at Citibank, she obtained a PhD from Rutgers University where she majored in accounting and minored in finance.
THOMAS R. ROBINSON, PHD, CFA, CPA, CFP, is Managing Director of the Education Division at CFA Institute. He joined the CFA Institute as head of educational content in 2007 from the University of Miami, where he was an associate professor of accounting and director of the Master of Professional Accounting Program. Robinson was also concurrently managing director of a private wealth investment advisory firm. He was active locally and nationally with CFA Institute prior to joining the staff.
JOHN D. STOWE, PHD, CFA, is O'Bleness Chair Professor of Finance at Ohio University. He previously served as Head of Curriculum Development and Director of Exam Development at the CFA Institute. Stowe has also been professor of finance and associate dean at the University of Missouri-Columbia, where he taught investments and corporate finance. Stowe has won several teaching awards and has published frequently in academic and professional journals in finance. He is also coauthor of a college-level textbook in corporate finance. Stowe earned his BA from Centenary College and his PhD in economics from the University of Houston. He obtained his CFA charter in 1995.