LAST UPDATED 31/07/2015 (NOTE: we are fixing the formatting and updating this page to make it easier to navigate - bear with us please)This page contains hundreds of documents on Value investing. Some are 50 years old, some are brand new. We call the page timeless reading because we believe regardless of the publication date all the information is very relevant today. There are  thousands of hours of valuable reading material on this page. Everything on the page is free so enjoy! We update this site frequently both when We find old documents, and when new documents are published. So make sure to come back frequently.

Where to start?

  • If you don't know where to start, we've put together a list of must read resources for value investors. The list can be found here.
  • We've also picked out the best value-orientated studies and research papers. This list can be found here.

TWO new folders chock-full of PDF lectures, books, decks, case studies, etc. Here and here]

Several Selected Publications: (see very bottom of page for hundreds of more research papers on value investing) Warren Buffett, one of the world’s most famous and successful investors and CEOs, has granted permission to author/entrepreneur Mark Gavagan to publish “Gems from Warren Buffett – Wit and Wisdom from 34 Years of Letters to Shareholders” Gems From Buffett

Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Warren Buffett

The Brandes Institute provides some very well written and value oriented research from a partner institute for the well-established value investor.  Click here.

SUPER INVESTORS OF GRAHAM-AND-DODDSVILLE Famous Speech by Warren Buffett on Value Investing. I would call this the Gettysburg Address of Value Investing. This is a must read for any value investor.

The Wisdom of Great Investors The mini-book (FREE!) put together by Davis Funds offers the wisdom of many of history’s most successful investment minds, including, but not limited to; Warren Buffett, Chairman of Berkshire Hathaway and one of the most successful investors in history; Benjamin Graham, recognized as the “Father of Value Investing” and one of the most influential figures in the investment industry; Peter Lynch, portfolio manager and author, and Shelby Cullom Davis, a legendary investor who turned a $100,000 investment in stocks in 1947 into over $800 million at the time of his death in 1994.1

Awesome resource page from Aswath Damodaran Great Professor of Finance at NYU, who teaches value investing.

Jason Zweig Interview With Seth Klarman (Awesome Interview!)

Get The Full Seth Klarman Series in PDF

Get the entire 10-part series on Seth Klarman in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Seth Klarman


 


Resource websites


Value insights from Redfield, Blonsky & Starinsky, LLC

(A great resource website for value investors)


 

Free US Stock Index Data

Fama-French (Monthly 1926, Daily 1963)

Free Foreign Stock Index Data

MSCI Barra – See more at: http://www.mebanefaber.com/2013/03/21/free-data-sources/#sthash.kO2Kjk6T.dpuf

Jim Grant’s List of Online Resources via GrantsPub

Selected videos

 

 

Get The Full Series in PDF

Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Charlie Munger

Charles T. Munger Letters (Wesco)

Full archive of 1983-2009 letters Scribd here2009200820072006200520042003200220012000199919981997

Leucadia Shareholder Letters

  • 2004    posted April 25, 2005
  • 2005    posted April 18, 2006
  • 2006    posted April 17, 2007
  • 2007    posted April 16, 2008
  • 2008    posted April 15, 2009
  • 2009    posted April 9, 2010
  • 2010    posted April 13, 2011
  • 2011    posted April 13, 2012
  • 2012    posted June 25, 201

Get The Full Walter Schloss Series in PDF

Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Walter Schloss


Value investing case studies


Value funds websites


Selected books by Benjamin Graham

(in chronological order- with selected reviews and remarks)


Selected articles by Benjamin Graham

(in chronological order)

  • “Some Calculus Suggestions by a Student” Benjamin Graham The American Mathematical Monthly, Vol. 24, No. 6. (Jun.,1917), pp. 265-271.
  • “The Undistributed Profits Tax and the Investor” Benjamin Graham The Yale Law Journal, Vol. 46, No. 1. (Nov., 1936), pp.1-18.
  • The Undistributed Profits Tax, by Alfred G. Buehler (Review) Benjamin Graham Columbia Law Review, Vol. 37, No. 6. (Jun., 1937), pp.1049-1051.
  • The Theory of Investment Value, by John Burr Williams (Review) Benjamin Graham The Journal of Political Economy, Vol. 47, No. 2. (Apr.,1939), pp. 276-278.
  • “The Critique of Commodity-Reserve Currency: A Point-by-Point Reply” Benjamin Graham The Journal of Political Economy, Vol. 51, No. 1. (Feb.,1943), pp. 66-69.
  • “Financial Statements From the Viewpoint of the Financial Analyst, Benjamin Graham New York Certified Public Accountant ,Vol.15, No.5, May 1945, p.231.
  • “Money as Pure Commodity” Benjamin Graham The American Economic Review, Vol. 37, No. 2, Papers and Proceedings of the Fifty-ninth Annual Meeting of the American Economic Association. (May, 1947), pp.304-307.
  • “National Productivity: Its Relationship to Unemployment-in-Prosperity” Benjamin Graham The American Economic Review, Vol. 37, No. 2, Papers and Proceedings of the Fifty-ninth Annual Meeting of the American Economic Association. (May, 1947), pp. 384-396
  • “Stock Dividends :They Can Save the Investor Many a Tax Dollar ,” Benjamin Graham Barron’s National Business and Financial Weekly , Vol. 33, No.31, Aug. 3, 1953, p.4
  • “Stock Dividends :An Analysis of Some of the Major Obstacles,” Benjamin Graham Barron’s National Business and Financial Weekly, Vol.33, No.32, Aug. 10, 1953, p.5
  • “STOCK MARKET WARNING: DANGER AHEAD!” Benjamin Graham California Management Review, Vol.2, No.3, Spring 1960, p.34
  • “Some Investment Aspects of Accumulation Through Equities” Benjamin Graham The Journal of Finance, Vol. 17, No. 2. (May, 1962), pp.203-214.
  • “Ben Graham Revisited” Benjamin Graham Journal of Accountancy, Vol.146, No.1, July 1978, p.77.

Books: How to Think Like Benjamin Graham and Invest Like Warren Buffett Money Masters of Our TimeLessons from the Legends of Wall Street…Benjamin Graham on Value InvestingBenjamin Graham: The Father of Financial Analysis

Speeches:Securities in an Insecure World”, a speech Benjamin Graham delivered at Town Hall, St. Francis Hotel, November 15, 1963.


Graham-Newman Partnership Letters

(oldest first)


 

The Benjamin Graham Centre for Value Investing: Speeches and presentations

(in chronological order)

2013 Guest Speakers

2012 Guest Speakers

2011 Guest Speakers

2010 Guest Speakers

2009 Guest Speakers

2008 Guest Speakers

2007 Guest Speakers

2006 Guest Speakers

2005 Guest Speakers


The Benjamin Graham Centre for Value Investing: Conferences, symposiums and seminars

(in chronological order)

April 10, 2013 The Ben Graham Centre’s 2013 Value Investing Conference

July 20, 2012 Seminar on Value Investing and the Search for Value

April 25, 2012 The Ben Graham Centre’s 2012 Value Investing Conference

  • Ms. Lauren Templeton, Principal, Lauren Templeton Capital Management, LLC Keynote Speech Watch Video

June 29, 2009 Symposium on Value Investing:Value Premium and Market Inefficiencies

  • Mr. Joseph Potvin, Senior Economist, Treasury Board of Canada Secretariat Keynote Speech Watch Video
  • Dr. George Athanassakos, Professor of Finance & Ben Graham Chair in Value Investing, The University of Western Ontario Watch Video
  • Dr. Philip Gharghori, Monash University Watch Video
  • Dr. Georgios Papanastasopoulos, University of Piraeus Watch Video
  • Dr. Joseph Ogden, University of Buffalo – SUNY Watch Video

May 25, 2007 Symposium on Intelligent Investing: Value vs. Growth – Traditional vs. Fundamental Indexing


The Benjamin Graham Centre for Value Investing: Academic research


Research reports on value investing

(in chronological order)

InvestorLit Research: Stocks vs. Bonds (May 2013) Bruce Grantier, founder of InvestorLit (www.investorlit.com), focuses on the allocation between stocks and bonds in this review. With investors at what he describes as a generational juncture, the overwhelming evidence now favors stocks over bonds. Please click on the link above to read the full article. [RESEARCH ABSTRACT]

Value vs. Glamour: Emerging Markets (April 2013)  According to the International Monetary Fund, emerging markets now represent more than a third of global GDP—and are expected to grow at a faster rate than advanced economies.* With such explosive growth, investors often assume that an investment strategy focused on growth would yield better results. Yet, the results from the Brandes Institute’s Value vs. Glamour: A Global Phenomenonstudy show strong evidence of a value premium in developing countries. This study shows that value stocks in emerging markets have:

• Outperformed glamour stocks over the long term • Experienced similar price volatility as glamour stocks • Participated more in positive markets than glamour stocks • Fared better during down markets than glamour stocks

Value vs. Glamour: A Study of the Indices (February 2013)  By examining returns for U.S. stocks from 1968-2012 and stocks outside of the United States from 1980-2012, the Brandes Institute’s Value vs. Glamour: A Global Phenomenon study reveals a consistent value premium across valuation metrics, geography and market capitalizations. But what about commonly used benchmarks? Would a comparison between Value and Growth indices yield similar results? Now updated through December 2012, this study examines large- and small-cap value and growth indices around the globe and presents evidence of a value premium within common benchmarks over the long term.

ETF Structure and Practice: Potential Issues or Popular Myths? (December 2012) This paper combines excerpts of select, existing studies and comments from industry experts to debunk certain myths about the dangers of investing in exchange-traded funds (ETFs) and to highlight possible issues for individual and institutional ETF investors. We seek to provide the basis for measured questions that thoughtful ETF investors may pose regarding investments already made, or being considered. [RESEARCH ABSTRACT]

Value vs. Glamour: A Global Phenomenon (November 2012) In previous versions of our Value vs. Glamour study we have explored the historical performance of stocks based on their fundamental characteristics and quantified a value premium. Expanding on the work of noted academics, we extended the scope of their research to determine if the value premium was consistent across global markets. In this update, we expand our study through 2012 to include the recent worldwide economic downturn. We also examine if value investing has worked in emerging markets over the long term.

The Key to Long-Term Success: The Income Component of Returns (November 2012) During the last two decades of the twentieth century, the investing world saw declining dividend and bond yields, while prices for both equities and bonds rose. In the early years of this century, investors seemed to belittle the importance of income as a component of returns, focusing primarily on the potential for capital gains. In this paper, The Brandes Institute investigates income’s role as a component of total returns based on 86 years of financial asset performance.

[RESEARCH ABSTRACT]InvestorLit Research: Behavioral Finance and Investment Management (July 2012) Bruce Grantier, founder of InvestorLit, shares first-hand experience with the effects of biases on investment decision making—and how to counter those biases. He also summarizes Behavioral Finance and Investment Management, a CFA Institute-published book. Among his conclusions: “Investors should be quite careful about modern portfolio theory” and “…fears often are mistaken or inflated, causing investors to react reflexively, often to their detriment.” Please click on the link above to read the full article.

Broad is the New Narrow: How Passive Investing Creates Concentrated Portfolios (April 2012) Passive investing, particularly in emerging markets, has become an increasingly popular means of quick, “diversified” exposure to a particular segment of the markets. Defensive investors, as Benjamin Graham noted, would be best served owning a diversified list of leading companies. Yet it’s the presumption of diversification that can lead investors astray. Many passive investments are, in fact, extremely concentrated owing to the disproportionate size of its largest holdings and blindly weighting by market capitalization. With emerging markets now the largest region of the equity markets by number of investable securities, they offer opportunities for investors willing and able to invest actively outside of the largest securities.

Boomers Behaving Badly: A Better Solution to the Money-Death Problem (January 2012)  The biggest single financial worry for American workers may be “money death,” the fear that they will run out of money during retirement. Americans within 10 years of retirement number 60 million and are forecast to grow to more than 75 million within the next decade. Investment strategies for retirement rooted in conventional wisdom or extrapolated from successful past approaches may no longer be ideal for healthy and wealthy Boomers. Supported by a proprietary modeling tool—the Brandes Retirement Simulator—we are able to estimate wealth outcomes based on personalized financial and lifestyle inputs. The results suggest that the baby-boomer generation should consider contrarian strategies, including equities and fixed income assets with higher-return potential to address the “money death” problem. Please click on the links below to view the video, research summary or to use our online retirement simulator. You can also click on the link above to read the original research paper.

  • Research Executive Summary
  • Brandes Retirement SimulatorThe Simulator allows users to model future income, expenses and investment strategy and simulate a range of possible financial outcomes up to age 100. TheReal Age Calculator used in the Simulator may allow users to make a more accurate estimate of their own future life expectancy.

Volatility: Implications for Value and Glamour Stocks (November 2011) What happens to value and growth stocks when investing after extreme volatility? In this study, we introduce the context of market volatility for value and glamour stock returns. Tracking returns for style indices after periods of extreme volatility, we reveal evidence showing value stocks typically outperformed growth stocks and did so with less variability immediately after periods of high and low volatility from 1980–2011. This paper adds to previous literature by providing another angle for value investing as a potentially successful long-term strategy.

Death, Taxes, and Short-Term Underperformance: Global Equity Mutual Funds (October 2011) In our original Death, Taxes, and Short-Term Underperformance studies, we examined the short-term underperformance of U.S., non-U.S., and global mutual funds.  Our research found that investors in equity mutual funds should expect periods of underperformance – both versus the benchmark and relative to peers.  Our studies also indicated that even longer periods of underperformance, up to three years, had relatively little impact on some of the better funds’ ability to generate long-term success.  In this handout we revisit and update our previous study on short-term underperformance of global equity mutual funds.

The Role of Expectations in Value and Glamour Stock Returns (June 2011) When value and glamour stocks missed earnings expectation targets, what happened to their stock prices over the following year? Prices of value stocks increased when earnings expectations were beat and missed – and even when business fundamentals deteriorated. Glamour stocks behaved more predictably, with prices rising and falling after beats and misses, respectively. In this report, the Brandes Institute investigates the role that expectations played in investors’ assessment of value and glamour stocks to better understand the sequence of events that allowed value stocks to deliver superior long-term returns. The evidence suggests an undercurrent of behavioral error, counters assertions published by select scholars, and provides fresh evidence explaining why value investing historically has been a successful long-term strategy. This is a preprint of an article whose final and definitive form has been published in The Journal of Behavioral Finance© [2011] [copyright Taylor & Francis]; The Journal of Behavioral Finance is available online at www.informaworld.com

Broad is the New Narrow:  How Passive Investing Creates Concentrated Portfolios  (April 2011) Passive investing, particularly in emerging markets, has become an increasingly popular means of quick, “diversified” exposure to a particular segment of the markets.  Defensive investors, as Benjamin Graham noted, would be best served owning a diversified list of leading companies.  Yet it’s the presumption of diversification that can lead investors astray.  Many passive investments are, in fact, extremely concentrated owing to the disproportionate size of its largest holdings and blindly weighting by market capitalization.  With emerging markets now the largest region of the equity markets by number of investable securities, they offer opportunities for investors willing and able to invest actively outside of the largest securities.

Equity Dispersion: Value Stocks Yet to be Rewarded (January 2011) The correlation of returns for various equity asset classes has been high. In addition, the range or “dispersion” of returns across asset classes – and across sectors within those asset classes – has been low. These factors have made it difficult for active managers to outperform. But dispersion of valuations remains relatively wide by historical standards, creating a fertile environment for value-based stock pickers. When return dispersion broadens or returns to more normal levels, these undervalued securities may outperform the broader market.

New Insights into the Case for Emerging Market Equities  (December 2010) While high growth economies in emerging markets tend to attract attention, recent research concludes that valuations were the key driver in historical equity performance in developing markets. In this updated paper, we share academic research that finds no discernable relationship between GDP growth and subsequent equity performance.  We also review research demonstrating how emerging market stocks with the lowest valuations have tended to outperform those with higher valuations. Value vs. Glamour: A Global Phenomenon (December 2010) In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to glamour securities in the United States over a 26-year period.  Their research concluded that value stocks tended to outperform glamour stocks by wide margins.  The Brandes Institute subsequently updated their work and extended the scope of the initial study to include non-U.S. markets to determine if the value premium was consistent across global markets. Now updated through June 2010, the study includes both the glamour-driven markets of the late 1990s and early 2000s, as well as the more recent worldwide economic downturn.

Dividend Yield and the Implications of Cash Sitting on Balance Sheets (November 2010) Robust cash flow yields for large-cap stocks have reached unprecedented territory in 2010 in relation to both investment-grade and junk-bond yields.  In this article, Brandes Institute Advisory Board Member Bill Raver examines how these cash flow yields suggest stocks offer compelling potential for capital return and appreciation for shareholders.  Mr. Raver also examines the record cash levels sitting on the balance sheets of public companies and the impact an increase in dividends and share buyback activity may have on performance and liability obligations going forward.

Risk Management and its Application in the Portfolio Management Process at the Ontario Teachers’ Pension Plan (September 2010) Since the financial crisis that started in late 2007 and lasted throughout 2008 and early 2009, many have criticized quantitative risk management systems.  Zev Frishman, Vice-President of Global Equity Strategies with the Ontario Teachers’ Pension Plan (“OTPP”) and Brandes Institute Advisory Board member, suggests it is not the concept and principle that are at fault but rather the reliance on poor systems or poor understanding and application of quantitative systems.  In this paper, Mr. Frishman shares how the OTPP uses a unique in-house quantitative system to help manage risk.

The Role of Expectations in Value and Glamour Stock Returns – Excerpt (August 2010) When value and glamour stocks missed earnings expectation targets, what happened to their stock prices over the following year?  While prices for glamour stocks fell as expected, prices for value stocks went up – even when business fundamentals deteriorated, based on results revealed in this Brandes Institute study.  These findings counter assertions published by select scholars and provide fresh evidence explaining why value investing historically has been a successful long-term strategy.

This Time is Different:  Behavioural Aspects of Financial Crises (May 2010) In “This Time is Different: Behavioural Aspects of Financial Crises,” Brandes Institute Advisory Board member Bruce Grantier reviews the book This Time is Different: Eight Centuries of Financial Folly.  With this review, Grantier provides a reminder to investors of the frequency and nature of financial crises and the importance of adhering to enduring investment principles. This article is part of an ongoing series presented by the Brandes Institute addressing the question, “What is Risk?”

Back to the Future: Conventional Investing in a Complex World (January 2010) In the wake of market volatility, many investors may feel a desire to change their approach and be more “nimble” or “opportunistic” in their pursuit of investment goals. In this paper, Robert Maynard, Chief Investment Officer for the Public Employee Retirement System of Idaho and Brandes Institute Advisory Board member, cautions investors who are thinking about abandoning traditional investment plans. He advocates policies that are simple, transparent, and focused rather than adopting increasingly popular “alternative” tactics such as illiquid instruments and vehicles, leverage, and complex, opaque investment strategies.

The Risk of Risk Management: A Roundtable Discussion with the Brandes Institute Advisory Board (January 2010) In the wake of a tumultuous investment period, investors continue to sharpen their focus on risk management.  During 2009, the Brandes Institute Advisory Board, comprised of investment professionals working around the globe, shared their thoughts and unique experiences regarding how best to measure and manage risk. In this article, we share excerpts of their conversations that highlight the advantages, inherent limitations, fiduciary implications, and implementation challenges involved with Value at Risk (VaR) and other tools intended to measure and manage risk. This article is part of an ongoing series presented by the Brandes Institute addressing the question, “What is risk?”

Death, Taxes, and Short-Term Underperformance: Non-U.S. Funds (November 2009) Death, Taxes, and Short-Term Underperformance: U.S. Funds (November 2009) Brandes Institute believes short-term underperformance is one the few certainties in life. Now updated through June 2009, these articles illustrate the potential for periods of short-term underperformance.  Our research focuses on the performance results of U.S. and non-U.S. mutual funds over the last decade.  Observations suggest that underperformance in shorter time periods – such as one quarter, one year, or even three years – is to be expected, even for funds that have performed strongly over the long term. (Note: These articles have been filed with FINRA.)

Value vs. Glamour: A Study of the Indices (October 2009) The Brandes Institute “Value vs. Glamour” studies demonstrate that value stocks have outperformed growth stocks over the long term.  But what about commonly used benchmarks?  Over the long term, have value indices outperformed their growth counterparts?

Value vs. Glamour Revisited: Historical P/B Ratio Disparities and Subsequent Value Stock Outperformance (September 2009) Value vs. Glamour Revisited Non-U.S. Handout (November 2009) Value vs. Glamour Revisited U.S. Handout (June 2009) The Brandes Institute recently revisited its Value vs. Glamour research, focusing on the relationship between the valuation difference in price-to-book ratios, and subsequent relative performance. The Institute discovered that, historically, when the difference in P/B ratios between value and glamour stocks was at or near its peak, value stocks delivered meaningful outperformance over the subsequent 5-year period.   This article documents the recent expansion in the gap between median P/B ratios for value and glamour stocks and examines the implications for investors.

Corporate Credit:  An Opportunity on a Global Scale (July 2009) The meltdown in liquidity in the corporate debt market in the second half of 2008, the related widening in spreads, and concerns over use (and misuse) of credit default swaps may have created both cyclical and secular opportunities for fixed income investors.

Benjamin Graham and Risk (April 2009) In “Benjamin Graham and Risk”, Brandes Institute Advisory Board member Bruce Grantier examines the similarities and differences between the modern portfolio theory concept of risk and the writings of Benjamin Graham and other prominent value investors. This article is part of an ongoing series presented by the Brandes Institute addressing the question, “What is risk?”

Is U.S. Small Cap a Viable Alternative to U.S. Private Equity?(April 2009) A number of academic papers have indicated that returns for private equity funds, on average, have not outperformed public equities in the United States.   This contradicts the risk premium one might expect with private equity, given the liquidity, transparency limitations, and additional origination costs associated with private equity investments. In this paper, Brandes Institute Advisory Board member Bruce Grantier examines the academic research and historical performance (both on an asset class and manager value-added basis) to evaluate small cap as an alternative investment to private equity.

Risk Evaluation within Asset Management: A Practical Perspective (March 2009) Drawing on his 20 years of experience in the investment industry, Brandes Institute Advisory Board member Peter Branner cites developments that may have contributed to the 2008 financial crisis – and how these “risks” may be better managed.  Among the seven aspects of risk he addresses are mark-to-market accounting, an emphasis on relative performance, and short-term underperformance. Branner’s article, “Risk Evaluation Within Asset Management: A Practical Perspective,” is one in a series of Brandes Institute pieces that seeks to answer the question, “What is risk?”

Results from Investors’ Survey Regarding Currency (February 2009) The Brandes Institute conducted an online survey of institutional investors worldwide the week of December 8-12, 2008.  In this survey, clients responded to questions on the use of currency overlay programs, the impact of currency on plan assets, and the role of the carry trade in currency markets. The survey results are anticipated to be published in an upcoming issue of Pensions & Investments. The attached summary shares key findings, including areas of material difference between the responses of U.S. and non-U.S. investors.

Death, Taxes, and Short-Term Underperformance: Global Equity Mutual Funds (December 2008) While there may be few certainties in life, the Brandes Institute believes short-term underperformance is one of them.  In this article, we study the performance of a wide range of global equity mutual funds over the last decade.  Our observations indicate that underperformance in shorter periods – such as one quarter, one year, or even three years – is to be expected, even for portfolios that may have performed strongly over the long term. (This article has been filed with FINRA.)

Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance (November 2008) Investors typically strive to be logical and unbiased decision makers.  However, many investors often are subject to innate tendencies that can contribute to less-than-rational decisions.  In this light, one would do well to first understand common behavioural tendencies and misperceptions. In this article, Brandes Institute Advisory Board member Bruce Grantier reviews James Montier’s book Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance.  The book addresses timely topics such as group decision making, modern finance, and the nature of bubbles.  Grantier finds that Montier’s book effectively and convincingly communicates how the brain is hardwired to like short-term gratification (often leading to quick and easy decisions), and to dislike social-exclusion behaviour (often leading to herd-like decisions).

Has the Carry Trade Worked In World Bond Markets? (October 2008) The Brandes Institute paper Carrying On? (published in 2006) documented a currency market inefficiency that had provided the potential to improve investment returns by owning higher interest-paying currencies.  In Has the Carry Trade Worked In World Bond Markets?, we test whether this anomaly also was present in the global fixed income markets, using 10-year maturity government bonds.  For the full study period (1973-2007) there was no clear pattern.  However, when the data is split between the same two periods we used for the currency analysis, a different perspective emerges.  For the 1973-1986 period, the higher bond returns were obtained in the low-yielding markets, while the reverse is evident between 1987-2007, with the “bond carry trade” having been more successful.

Value vs. Glamour: A Global Phenomenon (September 2008) In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to that of glamour securities in the United States over a 26-year period.  Their research concluded that value stocks tended to outperform glamour stocks by wide margins.  However, their study did not include the glamour-driven markets of the late 1990s and early 2000s.  What effect might this period have on their conclusions?  To find out, the Brandes Institute updated their Value vs. Glamour research, now through June 2008, to examine the comparative performance over a 40-year period.  In addition, we also extended the scope of the initial study to include non-U.S. markets, seeking to determine if the value premium has been evident worldwide.

Global Small-Cap Stocks: A Life Cycle Perspective (September 2008) In previous research, Global Small-Cap Stocks:  Reexamined and Redefined, the Brandes Institute found divergent construction methodologies among global small-cap index providers and introduced a custom series of country and regional small-cap universes to explore detailed historical fundamental data.  In the second phase of this research, Global Small-Cap Stocks: A Life Cycle Perspective, we use “life cycle” analysis to sort companies into different phases of development and challenge the notion that international small caps are similar to domestic small caps.  In this research, we make a number of interesting discoveries on why international small caps are structurally different from domestic small caps, or even international large-cap stocks.

Structured Products: Asset Backed Securities – Opportunities Resulting from Systematic Mispricing (September 2008) Asset-backed securities have attracted attention in the recent months amid the uncertainty surrounding the mortgage sector and securitized debt.  This paper examines the “boom/bust” cycle of subprime mortgage pools, and demonstrates how long standing perceptions of rating agencies and their ratings could potentially be either a risk or an opportunity.

Value Investing: Has It Worked In Emerging Markets? (August 2008) The Brandes Institute’s Value vs. Glamour research has demonstrated the persistent outperformance of value stocks over glamour stocks in developed markets worldwide over long time periods.  Investors may wonder if the value premium is also evident in developing countries.  In this article, we investigate whether “glamorous” companies in developing countries have outperformed their “value” counterparts over the last few years.  We also reveal whether value investing has worked in emerging markets over the long term.

Value vs. Glamour: Bond Performance (July 2008) Previous research by the Brandes Institute has shown the historical long-term performance advantage of value stocks over glamour stocks.  What about corporate bonds?  Here, we show that bonds issued by value companies have provided greater appreciation than those issued by glamour companies.

The Investor’s Paradox: Making Intelligent Decisions Amid More Choices (June 2008) Having more choices is always a benefit – or is it? In the book The Paradox of Choice (New York: HarperCollins, 2004), Professor Barry Schwartz convincingly argues that the process of making constant decisions amidst a sea of overwhelming choice – be it health care options, televisions, or investment products – can and often does result in behavioral biases, stress, and poor decisions.   In this article, we share insights from The Paradox of Choice and discuss the implications for investors.

Value vs. Glamour: The Challenge of Expectations (February 2008) In “Value vs. Glamour:  The Challenge of Expectations,” the Brandes Institute examines the historical performance of individual glamour and value stocks.  We believe this performance data demonstrates why investors should be cognizant of the relationship between stock price and value.  The specific stock references remind investors that companies with soaring growth rates and wide popularity may not always make great investments.

Liability-Driven Investing and Equity Duration (January 2008)Increasing interest in liability-driven investing (LDI) in the pension community has prompted many plan sponsors to seek longer-duration investments.  Historically, empirical evidence has guided plan structures toward long-duration bonds as an appropriate liability-matching instrument, citing relatively short durations for U.S. equities.  However, LDI depends upon accurately measuring duration for assets – including equities.  In this article, the Brandes Institute reexamines assumptions used to calculate equity duration and poses key questions for investors to consider when pursuing LDI.

Fixed Income Falling Knives Phase Two: Examining the Relationship Between Issuer-Specific Bond and Equity Returns (October 2007) Previous research by the Brandes Institute documented the opportunities available by investing in falling knives (securities whose prices have fallen sharply). Now, in new research on this topic, we investigated the relationship between bond and equity prices in this context.  Specifically, we looked for evidence of whether a company’s stock price before a fixed income falling knife event gave any indication of its subsequent bond prices, or vice versa.

A Survey of Corporate Governance Literature Since 1989 (September 2007) This paper, jointly authored by Professor David Finegold of the Keck Graduate Institute, Professor George Benson of The University of Texas at Arlington, and David Hecht of the Brandes Institute, provides a comprehensive review of academic literature on corporate governance relating board structure and practices to firm financial and stock market performance.  We believe this to be the first comprehensive review of research on boards and performance since Zahra and Pearce published “Boards of Directors and Corporate Financial Performance:  A Review and Integrative Model” more than 15 years ago.   In addition to reviewing more than 90 articles, the research also addresses how the findings may apply to the major governance reforms introduced by the United States Congress and the New York Stock Exchange (NYSE) and Nasdaq in the last few years.  This paper was published in the academic journal Corporate Governance: An International Review in September 2007. The definitive version is available at www.blackwell-synergy.com.

Death, Taxes, and Short-Term Underperformance: Fixed Income Mutual Funds (September 2007) In our initial Death, Taxes, and Short-Term Underperformance equity studies, we established that short-term underperformance may be unavoidable, even when investing in top-performing equity funds.  In this article, we find strikingly similar results among fixed income funds.  Given bond investors’ loss-averse predisposition, weathering stretches of short-term underperformance may have proved challenging, even when investing in fixed income funds that delivered favorable long-term performance.  (Note: This article has been filed with FINRA)

Value vs. Glamour: A Study of the Indices (September 2007) As described in our “Value vs. Glamour” studies, value stocks have outperformed growth stocks over the long term.  But what about commonly used benchmarks?  Over the long term, aren’t returns for growth and value indices about the same?

Stumbling on Value Investing (August 2007) One of the Brandes Institute’s goals is to expand the investment community’s understanding of market behavior.  As such, we are interested in aspects of behavioral finance.  Using excerpts and examples from Daniel Gilbert’s book, Stumbling on Happiness (New York: Knopf, 2006), this article seeks to illustrate psychological pitfalls that may prevent long-term success for investors.  It also includes seven tips designed to limit the influence of potential behavioral shortcomings and help investors make more informed decisions.

Global Small Cap Stocks: Reexamined and Redefined (July 2007) The small-cap premium has not been apparent consistently in developed markets outside North America since 1989.  Why?  In this comprehensive study, the Brandes Institute investigates existing methodologies for defining the global small-cap universe and their relationship to performance.  We also introduce regional and country universes designed to analyze constituent-level fundamentals and their influence on historical performance differences. Our research reveals that North American small caps have shown differentiating fundamental traits vs. their non-North American small-cap peers.  But these differences in fundamentals may not fully explain the performance disparity.  Perhaps the origins of a company and its point on its “lifecycle” are different across regions.  The Brandes Institute intends to examine the performance characteristics of lifecycle groupings among small caps across regions and sectors.

Death, Taxes, and Short-Term Underperformance: Non-U.S. Funds (July 2007) Death, Taxes, and Short-Term Underperformance (February 2007) Now updated through 2006, these articles illustrate the potential for periods of short-term underperformance may be one of the few certainties that investors can count on.  Our research focuses on the performance results of U.S. and non-U.S. mutual funds over the last decade.  Observations suggest that underperformance in shorter time periods – such as one quarter, one year, or even three years – is to be expected, even for funds that have performed strongly over the long term. (Note: These articles have been filed with FINRA.)

Currency Hedging Programs: A Long-Term Perspective (April 2007) This article addresses currency performance over extended periods of time, and examines the potential implications for investors considering implementation of a currency hedging program.  While currency movements have tended to be mean-reverting, there have been extended periods of positive as well as negative impact for investors.  By reviewing historical returns, the paper highlights the behavioral considerations that may influence the effectiveness of hedging programs.

Fixed Income Falling Knives (October 2006) In 2002, the Brandes Institute first explored the Wall Street adage “never catch a falling knife,” which warns against investing in equities whose share prices have dropped sharply in a short period of time. But our study suggested that investors who avoid falling knives altogether may be foregoing significant opportunity. Do the same dynamics exist for bonds? To answer this question, we defined fixed income falling knives using widening spreads among corporate bonds, then tracked their subsequent performance. In this paper, we reveal our findings.

Balance Sheet Cash: Unlocking Value in Japan (October 2006) Are companies using cash on their balance sheets to enhance shareholder value – especially in Japan, where many firms tend to have higher cash positions than U.S. or European companies? In this study, the Brandes Institute investigates key factors that differentiate the cash-rich companies of Japan from other developed markets.  Additionally, the study explores the fundamental characteristics and structural impediments that may have contributed to these firms’ cash surpluses, as well as the potential for future reforms to assist in unlocking the value within these Japanese companies.

Carrying On? (October 2006) The “carry trade” technique, which involves owning a higher interest rate currency by borrowing in a lower rate currency, has been widely employed by currency traders since the reintroduction of floating exchange rates in the early 1970s.  This paper examines whether, and in what conditions, the carry trade’s profits may be overwhelmed by typically infrequent but large losses.  We also discuss the behavioral factors that may shed light on this pattern.

Value vs. Glamour: Updated and Expanded (September 2006) Value vs. Glamour Non-U.S.: The Value Premium in Non-U.S. Markets (December 2006) In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to that of glamour securities in the United States over a 26-year period.  Their research concluded that value stocks tended to outperform glamour stocks by wide margins. What effect did the popularity of glamour stocks in the late 1990s and early 2000s have on this conclusion? The Brandes Institute updates our study through June 2006, examining comparative performance over a 38-year period.  We also extend the scope of the initial study to include 14 non-U.S. markets in seeking to determine if the value premium was consistent across global markets. (To request earlier versions of our value vs. glamour research, please e-mail[email protected].)

Currency Update: The Long-Term Perspective for Canadian Investors (May 2006) So far this decade, many Canadian investors’ returns from world markets have been eroded by a strong Canadian dollar.  In this article, we examine whether the last few years have been particularly unusual compared to a longer-term history.  We also look at issues facing Canadian investors considering hedging their non-domestic currency exposure.

Commission Recapture: Considerations and Reflections (December 2005) Some institutional investors believe commission recapture programs are a “free lunch.”  Others believe the “lunch” is not free; in fact, they believe it may come at a significant cost.  In this article, we seek to evaluate commission recapture programs from various perspectives, clarify and raise awareness of key issues surrounding these programs, and stimulate debate regarding their potential benefits and drawbacks.

Benjamin Graham on Fixed Income (December 2005) Drawing on books written by Benjamin Graham, we explore his thoughts on fixed income securities.  Similar to his philosophy on common stocks, Graham’s approach to fixed income is based upon the margin of safety concept.

Value vs. Glamour in Non-U.S. Markets: Recent Value Outperformance, Its Drivers and Considerations (December 2005) This article addresses factors that contributed to non-U.S. value stocks’ considerable outperformance versus glamour stocks over the past five years, as well as the implications, if any, for investors.

Reviewing The Future for Investors by Bruce J. Grantier, CFA (December 2005) Brandes Institute Advisory Board member Bruce Grantier (Vice President, Pension Assets at Scotiabank) shares his perspective on Jeremy Siegel’s latest book, The Future for Investors:  Why the Tried and True Triumph Over the Bold and the New.

Currencies and Hedging: The Longer-Term Perspective (November 2005) Currencies and Hedging Appendices (November 2005) Are currency markets efficient? Does hedging your international equity portfolio reduce your international diversification? Do stop-loss limits help overall hedging returns? In this study, the Institute compiled and analyzed data from the perspective of investors in 23 developed countries over the full 32-year era of floating exchange rates to seek to answer the above questions and others.  The findings may challenge many assumptions about currencies and hedging.

New Insights Into the Case for Emerging Market Equities (July 2005) Emerging markets may attract equity investors who believe they will profit from superior economic growth.  But is this true?  In this article, we examine London Business School research that reveals no positive relationship between a country’s GDP growth rate and its stock market returns.

Perceptions and Practice in Manager Selection (March 2005) On the topic of selecting investment managers, we investigate two related questions: (1) does a steady, second-quartile performance ranking every quarter result in first-quartile status over time, and (2) how often do “good” managers experience “bad” stretches of performance?  The findings suggest that, theoretically, a steady, second-quartile manager would migrate into the first quartile over time – with an important exception.  Also, the tough stretches of performance for “good” managers may create opportunities to exercise “contrarian manager selection.”

The Group Dynamics Q-Sort (December 2004) Investors and consultants strive to identify investment managers they believe will be “superior” over time.  In addition to assessing performance, practitioners may seek to evaluate a manager’s philosophical or cultural “fit.”  But how do you quantify culture?  How do you gather hard data on soft skills?  The Brandes Institute partnered with Prof. Randall Peterson of the London Business School and Watson Wyatt Worldwide to assess business management skills among money managers using a tool, the Q-Sort, typically applied by social scientists.  We believe the results shared in this research paper provide insights for interpreting firms’ cultural characteristics and a context within which more informed decisions about managers’ top management teams may be made.

Concentrated Portfolios: An Examination of Their Characteristics and Effectiveness (September 2004) Until now, concentration in portfolios has not been well defined, yet many investors seem to regard it as a positive, based on the recent pace of introductions of more focused portfolios. With this study, the Institute – working in collaboration with Global Wealth Allocation - seeks to provide a more useful definition of concentration and test whether concentration, on its own, does in fact enhance returns.

Market Efficiency and the National Football League (September 2004) What does the issue of market efficiency have in common with professional American football? An interesting subset of efficiency research has focused not on stock markets but on the markets surrounding football wagering. In this article, we take a look at some football-related findings that provide fresh insight into the market efficiency debate.

The Past, The Future, and Modern Portfolio Theory (August 2004) This article, published in the August 2004 issue of PLANSPONSOR magazine, begins with a brief review of the origins of modern portfolio theory (MPT).  From there, we examine three MPT ideas that lean heavily on the past as a guide to the future, and we use real market data to put these ideas to the test.  Our findings highlight areas where the relationship between the past and the future is shaky – and suggest that investors who expect the future to behave like the past could be in for a surprise.

Examining the Income Component of Long-Term Returns (July 2004) Significant capital appreciation for equities and fixed income over the last decade seems to dwarf income’s contribution. Is this an aberration from historical performance? This paper investigates income’s role as a component of total returns based on 78 years of financial asset performance.  The paper includes research from an extensive U.S. real estate study recently conducted by the Brandes Institute in conjunction with Professor Elroy Dimson of the London Business School. The results call into question some common preconceptions of income’s contribution to equity and real estate returns.

A Perspective on Long-Term Real Estate Returns United States (April 2004) How have capital appreciation and income contributed to real estate returns over the last 77 years?  In a collaborative study sponsored by the Brandes Institute and in conjunction with Professor Elroy Dimson of the London Business School, we investigate long-term real estate returns in the United States. The study provides data to 1926 on a national (as opposed to regional) basis, and by breaking out components of total return.

Behavioral Finance – Pitfalls & Prevention for Plan Sponsors (February 2004)Behavioral Finance – Pitfalls & Prevention for Plan Sponsors II (March 2004) Robert Maynard, Chief Investment Officer at the Public Employee Retirement System of Idaho, raises awareness of behavioral issues and their relation to common investment problems with the goal of enhancing decision-making, particularly for institutional investors.

Falling Knives Around the World (August 2004) Our research into Wall Street’s adage “never catch a falling knife” showed that when many investors saw risk among companies whose share prices had dropped sharply, there also was opportunity.  Historically, the majority of falling knives in our studies were created during a few periods of market turmoil.  Given the declines in global markets in 2008, we are focusing current research on various traits of the recently created group of knives and comparing them (and subsequent returns) with knives generated in prior, turbulent periods.

Changes in the Characteristics of International Diversification (October 2003) What are the potential diversification benefits from equity holdings outside the United States?  Our findings – prepared in collaboration with Ashdon Investment Analysis & Research, LLC – suggest that diversification benefits have sector aspects as well as country ones, and that U.S. investors should pay attention to size and multinational characteristics, as well.

Proxy Voting: Making Sure the Vote Counts (October 2003) When attempting to exercise their primary avenue for activism – proxy voting – shareholders around the world must overcome a variety of legal, regulatory, and procedural obstacles that may prevent them from getting their votes counted – and counted correctly.

“Managing Pension Fund Assets as if the Long Term Really Did Matter” (October 2003) Leading financial organizations, including the United Kingdom’s Universities Superannuation Scheme Limited (USS), sponsored a contest with this provocative title seeking proposals for a more effective approach to the issues facing long-term investors.

Taking Time Out (October 2003) Most investors consider share price movement to be the critical factor in their decision to buy, hold, or sell any security.  Here, we challenge that perception by taking time “out of the equation” and focusing on business value instead of share price.

A Monograph on Prehistoric Survival Patterns… (October 2003)The “Misinformation” Ratio (September 2002) Published in the September 30, 2002 issue of Pensions & Investments magazine, this article discusses variations in common methods of calculating information ratios and Sharpe ratios – and shows how these variations can sometimes lead to confusing results.

Creating Value Through Activism (August 2002) From the perspective of an institutional money manager, we explore risks and opportunities for activism, including why it remains an infrequent option, whether it should be encouraged, and its potential and limitations in contributing to long-term shareholder wealth.


 

Yet more studies and research papers


Selected PDFs


Aswath Damodaran: Class notes

MBA & Executive Classes Starting in the fall of 2001, Aswath Damodaran's corporate finance and equity classes have been web cast. You can track the current semester’s classes and use the presentations that go with the class. If the current semester is ongoing, the previous semester’s classes are also archived. If you are trying to take this class online, you will probably have better luck accessing the archived semester’s classes (rather than the current one).

Spring 2013

Fall 2012

Spring 2012 (archived)

Fall 2011 (archived)

Spring 2011 (archived)

Fall 2007 (archived)

Financial Management (Corporate Finance for undergraduates) (Links were finally removed, but watch the sessions for the Corporate Finance class instead. It is the same class)

The webcasts of a shorter executive ( two-day) MBA valuation seminar and a three-day corporate finance seminar can also be downloaded. The formet covered primarily DCF valuation and is available in 4 3-hour sessions and the latter is a condensed version of my regular corporate finance class and is composed of six 3-hour sessions.


Aswath Damodaran: Valuation research papers

Paper Listing (Click on the paper to see a short abstract. You can download the paper as a pdf file)

Estimation Issues in DCF valuation

  1. Estimating Riskfree Rates
  2. The Equity Risk Premium (2008 version, 2009 version, 2010 version, 2011 Edition, 2012 Edition,2013 Edition)
  3. Estimating Risk Parameters
  4. Estimating Company Risk Exposure to Country Risk
  5. Dealing with Operating Leases
  6. Dealing with R&D
  7. 25 Questions on DCF Valuation
  8. Measuring Returns: ROE, ROC and ROIC
  9. Leases, Debt and Value
  10. Valuing Equity Claims: Voting and Liquidity Differences, Cash Flow Preferences and Financing Rights

Valuation: Special situations

  1. Valuing Distressed Firms
  2. Valuing Financial Service Firms (2002 version)
  3. Valuing Private Businesses
  4. Valuing Acquisitions

Valuation: Different sectors (Crisis version: 2009)

  1. Valuing commodity and cyclical companies
  2. Valuing financial service firms (2009 version)
  3. Valuing companies with intangible assets
  4. Valuing emerging market companies
  5. Valuing multi-business, multinational enterprises

Loose ends in valuation

  1. The Value of Transparency
  2. The Value of Control
  3. Marketability and Value
  4. The Illiquidity discount
  5. The Value of Cash and Cross Holdings
  6. Employee Stock Options, Restricted Stock and Value
  7. The Value of Synergy
  8. The Value of Intangibles
  9. The Cost of Distress
  10. Value Enhancement: Back to Basics

Corporate finance

  1. Beyond Dividends: Stock Buybacks, Spin Offs and Tracking Stock
  2. Dividends and Taxes: The Effect of the 2003 Tax Changes on Equity Values
  3. Value and Risk: The Payoff to Risk Management
  4. Financing Innovations

Relative valuation and real options

  1. Relative Valuation: First Principles
  2. Real Option Applications in Corporate Finance and Valuation

A closer look at risk

  1. Simulations, Decision Trees and Scenario Analysis: Probabilistic Approaches to Risk
  2. Value at Risk (VaR): A big picture perspective
  3. To Hedge or Not to Hedge? That is the question
  4. Exploiting Risk: A Strategic View of Risk Management

General papers

  1. A Survey Paper on Valuation Theory and Techniques

Valuation across the life cycle

  1. The Dark Side of Valuation: Valuing Young Companies (Dot-com version: 2000)
  2. Valuing idea businesses, start-up firms and young companies (2009 version)
  3. Valuing Companies in decline and distress

What if?

  1. Into the Abyss: What if nothing is riskfree?
  2. A New Risky World Order: Unstable Risk Premiums and implications for practice
  3. Comatose Markets: What if liquidity is not the norm?

Aswath Damodaran: All research papers -- details and downloads

Title
Description
Download
Equity Risk Premiums: The 2010 EditionEquity Risk premium paper, updated to reflect data through the start of 2010.Download paper as pdf file
Equity Risk Premiums: Post-Crisis EditionThis is an updated version of the equity risk premium paper that takes a detailed look at how the equity risk premium and other risk measures have evolved since September 2008 (the date of the last version of the paper).Download paper as pdf file
Valuing commodity and cyclical companiesCommodity and cyclical companies pose special challenges when doing valuation, because their earnings and risk measures move with commodity and economic cycles. In this paper, we examine techniques and approaches that we can use to compensate for this volatility.Download paper as pdf file
Valuing financial service firms (2009 version)It is difficult to estimate cash flows at financial service companies. As a consequence, they remain one of the last bastions for the dividend discount model. Inherent in the use of this model are two assumptions – that financial service companies pay out what they can afford to in dividends and that the regulatory constraints that they operate under will keep risk under control. In the crisis of 2008, both assumptions came under assault. In this paper, we look at ways of adapting to the changed enviornoment, when valung banks, insurance companies and invstment banks.Download paper as pdf file
Valuing young and start-up companiesHow do you value a young or start-up business with little to show in terms of operating performance? In this paper, we examine ways in which we can adapt valuation approaches to account for the absence of historical information and the possibility that many of the young firms that we value will not make it through to success.Download paper as pdf file
Valuing Declining and Distressed Companies (The 2009 edition)We face two key problems in valuing declining and distressed companies. The first is that these firms rather than growing over time may shrink, both in terms of revenues and margins. The second is that many of these firms will not survivie as going concerns. In this paper, we deal with both issues and how to reflect them in valuation.Download paper as pdf file
Valuing emerging market companiesCompanies in emerging markets often face additional risks, relative to their developed market counterparts, from polticial and economic turmoil in the countries in which they operate. In this paper, we look at how to incorporate this risk both into discounted cash flow and relative valuation models.Download paper as pdf file
Valuing companies with intangible assetsMany companies derive their values from intangible assets, ranging from brand names to patents to technological know how. In this paper, we look at how accounting numbers may need to be mofified when valuing these companies and how we capture the full effects in value.Download paper as pdf file
Valuing the Octopus: The multinational, multibusiness companyAs globalization becomes a reality, many companies have operations spread over many different businesses across multiple countries. In this paper, we examine the ways of dealing with the tangle of different currencies and risk profiles that coexist within each company. In particuar, we look at the viability of sum of the parts valuation as opposted to valuting the aggregated company.Download paper as pdf file
Leases, Debt and ValueWhen leases are categorized as operating leases, the expenses associated with them are treated as operating expenses and leases become as source of off-balance sheet debt (and assets). As the debate about this practice become heated, we look at the consequences of this practice for widely used measures of profitability and financial leverage as well as inputs into valuation models.Download pdf fileOperating lease converterIndustry averages
Estimating Riskfree RatesThe riskfree rate is a fundamental input to most risk and return models. In practice, estimating riskfree rates becomes difficult when there are no default-free securities. In addition, the question of what riskfree rate to use (short term or long term, dollar or foreign currency) is a critical one. This paper examines these issues.Download pdf file
The Equity Risk Premium (2008 Edition)The equity risk premium (ERP) is a central input into discounted cash flow models, and more than any other number, it captures what investors think about stock prices in the aggregate. In this paper, we examiine the determinants of equity risk premiums and the three basic approaches used to estimate the number – surveys, historical returns and implied values. We look at why the approaches give you different answers and how to pick the right number to use in analysis.The Equity Risk Premium (ERP): Determinants, Estimation and Implications
Valuing Multiple Claims on EquityEquity claims can vary on a number of different dimensions – voting rights (control), liquidity and cash flows. We examine how to allocate the value of equity across multiple claims on equity in this paper. In the process, we examine the premium that should be paid for voting shares, the discount to be applied to illiqudid shares and the effect of contingent claims.Valuing Equity Claims
The Origins of GrowthOne of the most difficult challenges in valuing a business is estimating the expected growth rate in future years. In this chapters, we look at the three ways in which this growth rate can be estimated – from history, from analyst or management estimates and from fundamentals. We look at the pluses and minuses of each approach and why they may generate different estimates.Download paper as pdf file
Measuring Returns: ROE, ROC and ROICThe value of a firm ultimately depends on its capacity to earn returns on its investment that exceed its cost of funding those investments. Accounting measures of returns, primarily return on equity and capital, are significnant determinants of value. In this paper, we examine the motivation behind the focus on returns and how best to clean up accounting numbers to estimate and forecasts returns.Measuring Returns
A Survey Paper on ValuationPeople have been valuing businesses for as long as businesses have been around. We examine how valuation techniques have evolved over time and the common foundatation that different approaches share.Survey paper on Valuation (Download paper)
Simulations, Decision Trees and Scenario Analysis: Probabilistic Approaches to RiskWith the advent of simulation software (like Crystal Ball and @Risk), a full-fledged simulation or scenrio analysis is well within the grasp of any analyst valuing a company or analyzing a project. However, what rold should simulations and scenario analysis play in valuation? And what is the relationship between these analysis and traditional expected value calculations (where we adjust for risk in the discount rate)?Probabilistic Approaches to Risk(Download paper)
Value at Risk (VaR)Value at Risk has acquired a cache, especially among financial service firms, as a new and sophisticated way of analyzing risk. We look at the basis for VaR, its pluses and minuses.Value at Risk (VaR)(Download paper)
To Hedge or Not to Hedge? That is the question..Investors and businesses have more options and opportunities than ever before to hedge risk. But should firms hedge risk? What is the payoff to doing so? If a business or investor chooses to hedge risk, what is the best way to hedge risk (derivatives or insurance, for instance)?To hedge or not to hedge? (Download paper)
Exploiting Risk: A Strategic View of Risk ManagementFirms become successful, not by avoiding risk, but by seeking it out. Developing a template for deciding which risks to exploit is key to success. In this paper, we examine the potential competitive advantages that a firm can exploit to advantage.Strategic Risk Taking(Download paper)
The Value of IntangiblesIntangibles are a large and growing part of many company’s assets. Starting with the presumption that current accounting standards do not do a good job of assessing their value, we look at whether intangible assets can be reasonably valued, and if so, the best ways of accomplishing this task. We categorize intangible assets into three groups – independent, cash generating intangibles (like trademarks and franchises) that can be valued with conventional DCF models, composite intangibles that affect the sales of many products and not just cash flows (such as brand name) that are more difficult to isolate and value and intangibles with the potential to generate cash flows in the future that are best valued using option pricing models.The Value of Intangibles(Download paper)brandnamevalue.xls: Spreadsheet for valuing brand name
Marketability and Value: The Illiquidity DiscountInvestors prefer more liquid assets to otherwise similar illiquid assets, but how much at they willing to pay for liquidity? In this paper, we beign by examining our definition fo liqhidity and the empirical evideence on how much markets value liquidity. We consider the empirical evidence on the consequences of illiquidity for equity, fixed income and private equity markets and how best to inrorporate illiquidity into estimated value. Finally, we consider practical ways of estimating the illiquidity premium for illiquid companies (and ssets).The Value Of Liquidity(Download paper)liqdisc.xls: Spreadsheet to value liquidity
The Value of Cash, Cross Holdings and Other Non-operating AssetsMost businesses carry cash on their balance sheets, though the motives for holding cash vary widely across firms. Some of the cash is held to cover operating needs (transactions), some to cover contingencies (precautionary motive) and some reflects managerial incentives. We consider how best to value cash in both discounted cash flow and relative valuations, and consider the net debt and gross debt approaches in valuation. We also examine how to incorporate the value of cross holdings, both majority and minority, into business valuations.The Value of Cash and Cross Holdings(Download paper)GrossvsNet.xls: Resolving the differences between gross and net debt approaches
The Value of ControlHow much is control worth? The answer to that question affects how much the control premium should be in acquisitions, how much of a premium voting shares should trade at and the discount that should be applied to minority stakes in private companies. This paper looks at how best to measure the value of control and how this can be useful in answering a variety of valuation questions.The Value of Control(Download paper)controlvalue.xls: Spreadsheet to value control
Employee Stock Options, Restricted Stock and ValueCompanies use employee stock options (ESOPs) and restricted stock issues to compensate employees. In this paper, we examine why their usage has increased over the last two decades and how best to deal with the option overhang in valuation. We also look at ways of incorporating future option grants into value per share today.ESOPs, Restricted Stock and Value (Download paper)
The Value of SynergyOften promised, seldom delivered is the best description for synergy, the most widely used rationale in corporate mergers. In this paper, we explore how synergy is created and how to value it. We also examine why companies miscalculate so often when it comes to synergy.The Value of Synergy (Download paper)synergyvaluation.xls: Spreadsheet to value synergy
25 Questions on DCF valuationEvery valuation analyst has faced one or more of these questions in real world valuations and has had to come up with an answer. These are my very opinionated (and not necessarily correct) answers to the 25 top questions that we face in DCF valuation. Take it for a spin!Valuation Questions
Value and RiskWe take far too narrow a view of risk in finance. When we talk about risk management, we often only talk about risk hedging and when we estimate value, the discount rate is the only place where we reflect risk. In reality, risk is both a threat and an opportunity and successful firms not only protect themselves against some types of risk but actively exploit other types of risk to establish competitive advantages. In this paper, we present a way of considering risk management in this broader sense and consider ways in which we can bring risk into the other components of value. We also consider what types of firms are most likely to benefit from risk hedging and from risk management.Download paper (pdf)Effects of risk on DCF value (spreadsheet)Risk hedging as a put option (spreadsheet)
Measuring Company Risk Exposure to Country RiskIt is common practice in valuation to assume that companies within an emerging market are all equally exposed to country risk and that companies that are incorporated and trade in developed markets like the United States are immune from it. This is clearly at odds with common sense, since companies within an emerging market can be exposed to different degrees to country risk and multinationals like Coca Cola and Nestle can be exposed to significant emerging market risk. In this paper, we propose a measure of company exposure to country risk called lambda and suggest ways in which we can estimate lambda.

Download paper (pdf)

Exports as percent of GDP (World Bank)

Lambda Estimates for Brazilian companies

Dividends and TaxesIn January 2003, President Bush proposed that dividends be tax exempt to investors. While the ultimate shape of the tax reform is not clear, changing the tax rate on dividends can have significant effects on both equity values and on the corporate finance decisions – investment, capital structure and dividend policy- of companies.In this paper, I estimate the effect of making dividends tax exempt on the overall value of equity in the market (13-14%) and argue that there will be profound changes in the use of debt and stock buybacks, with both declining.Download paper(pdf)divtaxpremium.xls (effect on market)stockvaldiv.xls (effect on individual stocks)
Information Transparency and Value: Can you value what you can’t see?It is clear that some firms are more forthcoming about their financial affairs than other firms, and that the financial statements of some firms are designed to obscure rather than reveal information about the firms. No matter how strict accounting standards are, firms will continue to use their discretionary power to spin and manipulate the news that they convey to financial markets. The questions we face in valuation are significant ones. How do we reflect the transparency (or the opacity) of a firm’s financial statements in its value? Should we reward firms that have simpler and more open financial statements and punish firms that have complex and difficult-to-understand financial statements? If so, which input in valuation should be the one that we adjust?Download paper(pdf)Download the complexity scoresheet
‘Valuing Distressed FirmsTraditional valuation techniques- both DCF and relative – short change the effects of financial distress on value. In most valuations, we ignore distress entirely in valuation and make implicit assumptions about the consequences of a firm being unable to meet its financial obligations and these assumptions often are unrealistic. Even those valuations that purport to consider the effect of distress do so incompletely. In this paper, we begin by considering how distress can be explicitly considered in both discounted cashflow and relative valuation models.Download paper (pdf)Download Global Crossing valuationdistress.xls (estimate the likelihood of default from bond price)
The Dark Side of ValuationValuing a firm is difficult when it has negative earnings, a limited history or few comparables. When all three of these components come together, as is the case with many young start-up firms (Did someone say internet firms?), analysts all too often either assume that they cannot be valued or that new valuation models have to be devised. In this paper, we make an argument that these firms can be valued, albeit with noise, and use Amazon.com as a case study to illustrate the principles involved.Download paper (pdf)Download Amazon valuation: 1/1/99An Updated Amazon valuation: 1/1/2000
Real Option Applications in Corporate Finance and ValuationAre there options embedded in investment decisions? Undoubtedly. There are also options in financing and valuation. The real question is whether these options have value, and how much they are worth. In this paper, I examine the whole range of real option applications, from the options to expand, delay and abandon in investment options to the option to liquidate in the equity of the firm. I also look at potential applications of real options in R&D and valuing undeveloped natural resources, and suggest that real options need to pass a three-part test to have value.Download pdf file
Valuing Private firmsThe fundamentals that determine value for private firms as the same as those that determine publicly traded companies, but there are three critical issues. The first relates to the scarcity of information about private firms. The second issue is that of illiquidity and how it affects value. The final issue is the question of control and whether there should be a premium for control or a discount for the lack of it.Download pdf file
Valuing Financial Service FirmsFinancial service firms – banks, insurance companies and investment banks – are often difficult to value because cash flows cannot be easily estimated. In this paper (which is a chapter in the second edition of my valuation book), I look at the questions involved in valuing financial service firms.Download pdf file
Valuing AcquisitionsThis paper (which is a chapter from my corporate finance book) looks at how best to deal with the valuation of control and synergy in acquistions and related issues.Download paper (pdf)
Valuation Multiples: First PrinciplesThis paper (which is a chapter from my investment valuation book) looks at the first principles that we need to follow when using multiplesDownload paper (pdf)
Estimating Risk ParametersThe beta or betas in risk and return models measure an asset’s relative risk. We look at the limitations of standard approaches to beta estimation (such as regressions) and consider alternative approaches.Download pdf file
Dealing with Operating LeasesMany firms lease the assets that they use. If the leases qualify as operating leases, they affect operating income and do not show up as part of capital. In this paper, we argue that this can distort measures of profitability and can affect the valuation of firms with substantial operating leases, and suggest ways in which we can correct earnings and cash flow measures.Download pdf fileoplease.xls: Convert operating leases from operating to financial expenses
Dealing with R& D ExpensesAccounting standards in the United States and in much of the rest of the world require that R&D be expensed. Since these are expenses that are designed to generate future growth, it is much more logical to treat them as capital expenditures. In this paper, we explore ways in which R&D expenses can be capitalized and the implications for earnings, cash flows, valuations and multiples.Download pdf fileR&Dconv.xls: Convert R&D from operating to capital expense
Financing InnovationsThe last two decades have seen a stream of innovation in financial markets, especially in the corporate bond arena. Some of these innovations were designed to give firms more flexibility in designing cash flows on borrowings, allowing them to match up cash flows on financing more closely to cash flows on assets, thus increasing their debt capacity. Some firms are issuing these new and more complex securities for the wrong reasons – to keep up with other firms in their peer group, and to take advantage of loopholes in the way ratings agencies and regulatory agencies define debt and equity. In this paper, we take a big picture view of financing innovations, and some of the good and bad reasons for innovations.Download pdf file
Beyond DividendsThis is a chapter from the second edition of my corporate finance book on spin offs, divestitures, equity carve outs and tracking stock. It is not path-breaking, by any stretch of the imagination, but it provides a comparison of the different actions, and why a firm may choose one over the other.Download pdf file
Value Enhancement: Back to BasicsValue enhancement has become a hot topic of late. This paper examines the fundamentals of value creation and enhancement, from a valuation framework, and then considers the merits of EVA and CFROI as value enhancement devices.Download pdf file

Aswath Damodaran: Webcasts/podcasts

The following are short podcasts (webcasts), ranging from 20-40 minutes to length that cover multiple topics in valuation.

TopicWebcastSupporting Presentations/ Material
Introductory Material
Corporate FinanceValuationPortfolio ManagementCorporate Finance Basics Valuation Basics Portfolio Management
Acquisition Valuation
Value Creation/Destruction in AcquisitonsAcquirers’ Anonymous: Seven Steps to Sobriety
DCF Valuation
Valuation: A short introductionPresentationP&G valuation (Excel) P&G Yahoo! Finance data: Income statements,Balance Sheet and Key Statistics
Relative Valuation
The use and misuse of multiplesPresentation
Real Options
Real Options in ValuationIntroduction to Real Options

Aswath Damodaran: AIMR Presentations

For the last few years, Aswath Damodaran has done an annual webcast for AIMR. While you have to visit the AIMR site to see these webcasts, the material for the webcasts can be downloaded here:

  1. Valuing companies with negative eanings, no history and no comparables: Amazon in early 2000
  2. The Effect of Information on Value: An update on the Amazon valuation: January 2001
  3. Dealing with Distress in Valuation: Global Crossing in 2002
  4. Loose Ends in Valuation

Aswath Damodaran: Webcasts of outside sessions

There are webcasts Aswath Damodaran has conducted for different units that are online.

Relative Valuation: FMA (from 2004 meetings)

TopicIntroductionMore detailClassesBooksSpreadsheets
Corporate Finance
What is it?PodcastGetting StartedDetailMBA CllassExecutive VersionCorporate FinanceApplied Corporate FinanceSpreadsheets

Valuation

What is it?PodcastGetting StartedDetailFull Semester MBA Executive VersionDamodaran on ValuationInvestment ValuationThe Dark Side of ValuationSpreadsheets
Portfolio Management
What is it?PodcastGetting StartedDetailMBA ClassInvestment ManagementInvestment PhilosophiesInvestment Fables
Seminar LocationDateSeminar TopicContact Entity
Santiago, ChileSeptember 12,13Valuation: Art, Craft & Magic (Day and a half)Octogon

Aswath Damodaran: Seminars

SettingTopic of PresentationDateMaterial that can be downloaded
New York (Bankseta)Corporate finance in two hours: A South African perspectiveJuly 24, 2013
  1. Presentation
  2. Sasol: Optimal Capital Structure
  3. Sasol: Valuation
Belgrade, SerbiaA one-day valuation seminarJuly 8, 2013
  1. Presentation
  2. Metalac Ad Gornji – valuation
New YorkA three-day valuation seminarJune 3-5, 2013
  1. Pre-session website
  2. Presentation
  3. Company valuations
  4. Spreadsheets: General , Financial Service Firms &Value of growth
  5. Post-session website
SingaporeA two-day valuation seminarMay 2013Presentation
Singapore – TemasekNoise: Dealing with uncertainty in valuation (the short version)May 2013Presentation
New YorkMacro Inputs in Valuation: Hubris and HappenstanceApril 5, 2013Presentation
PhiladelphiaNoise: Dealing with uncertainty in valuationDec 6, 2012Presentation
New YorkCorporate Finance: The New World OrderDec 4, 2012Presentation
New YorkA three-day valuation seminarJune 4-6, 2012
  1. Pre-session website
  2. Presentation
  3. Company valuations
  4. Tests
  5. Data Addendum
  6. Spreadsheets: General , Financial Service Firms &Value of growth
  7. Post-session website
DelhiValuing Young CompaniesMay 2012Presentation
MumbaiValuation: A two-day sessionMay 2012PresentationImplied equity risk premium for IndiaDr. Reddy’s Labs: A valuation
OmahaIs there “value” in “value investing”?May 2012Presentation
San FranciscoFair Value Accounting: Visionary Thinking or OxymoronApril 2012Presentation
TorontoValuation across sections and the life cycleFebruary 2012Presentation
New YorkThe Dark Side of Valuation: Valuing difficult-to-value companiesNovember 2011Presentation
Las VegasThe Discount Trifecta in Private Company Valuation: Lack of diversification, Illiquidity and Control (or lack of it)November 2011Presentation
New YorkRisk Premiums: Looking Backwards and ForwardsOctober 2011Presentation
Fortaleza, BrazilDante meets DCF: The Brazilian editionApril 2011Presentation
Mumbai, IndiaDante meets DCF: The Indian editionJanuary 2011Presentation
Lima, PeruMarket Frictions: Liquidity, Diversification and other issuesAugust 2010Presentation
Lima, PeruDealing with Risk: Definition, Measures and ToolsAugust 2010Presentation
Bogota, ColombiaValuation in a dayAugust 2010Presentation Valuation of Isagen and Capital StructureImplied Premium for Colombia
Pune, IndiaValuation and Corporate Finance in a Family-run Corporate Group: The Tata GroupMay 2010PresentationValuation of Tata Chemicals and Capital StuctureValuation of Tata Steel and Capital StructureValuation of Tata Motors and Capital StructureValuation of TCS and Capital Structure
Slovenia & CroatiaValue: Not just a numberMay 2010PresentationValuation of KRKA and KRKA Capital Structure Valuation of Adris Grupa and Adris Grupa Capital Structure
Bogota, ColombiaDanger and Opportunity: Ruminations on RiskMarch 2010Presentation
Rio & Sao PauloMarket Revelations: Lessons learned, unlearned and relearned from a crisisAugust 2009PresentationValuation of Embraer (2009)
Lima, PeruValuation in Emerging MarketsAugust 2009PresentationImplied Premium for Peru (2009) Valuation of Cementos PacasmayoValuation of Sociedad Minera
Zurich, Switzerland Firenze, ItalyDante meets DCF & Ten Lessons from Valuation HellMay 2009PresentationA pre-session test
Stamford, ConnecticutValuation: DCF, Relative and Real Options Webcasts of the sessions: 1: Introduction and DCF Big Picture 2: DCF Details 3: Value Enhancement and Loose Ends, Intro to Relative Valuation 4: Relative valuation continued and Real OptionsMarch 2009Presentation Valuation of Hyundai Heavy IndustriesValuation of Kristin KandyValuation of Wells FargoValuation of Amazon – 2000Valuation of Amazon – 2001Hyundai Optimal Capital structureValuation of Hyundai restructuredImplied Premium for Korea
New York, NYOne day valuation sessionMarch 2009Presentation
New York, NYFair Value Accounting: Visionary Thinking or OxymoronFebruary 2009Presentation
New York, NYValuation: DCF, Relative and Real Options Webcasts of the sessions: 1: Introduction and DCF Big Picture 2: DCF Details 3: Value Enhancement and Loose Ends, Intro to Relative Valuation 4: Relative valuation continued and Real OptionsOctober 2008Presentation Valuation of Hyundai Heavy IndustriesValuation of Kristin KandyValuation of Wells FargoValuation of Amazon – 2000Valuation of Amazon – 2001Hyundai Optimal Capital structureValuation of Hyundai restructuredImplied Premium for Korea
New York, NYSix Weeks from Hell – 9/12-10/16: Valuation ConsequencesOctober 2008Presentation Implied Premiums & other data: 9/12-10/16Valuation of 3M: 9/12Valuation of 3M: 10/16
Seoul, KoreaValuation: DCF, Relative and Real OptionsJuly 2008PresentationValuation of Hyundai Heavy IndustriesHyundai Optimal Capital structureValuation of Hyundai restructuredImplied Premium for Korea
Rio & Sao Paulo, BrazilTop Valuation Mistakes and Loose EndsJune 2008PresentationEmbraer ValuationImplied Premium for Brazil – 2008
Stern Alumni ConferenceDanger and Opportunity: Musings on RiskMay 2008Presentation
Los Angeles, CaliforniaAnatomy of a Leveraged BuyoutDecember 2007PresentationValuation of HamanOptimal Capital Structure: HarmanEnhanced Capital Structure: HarmanAPV Analysis: HarmanRestructured Valuation: Harman
Wichita, KansasEquity Risk PremiumsJuly 2007PresentationHistorical Risk PremiumsImplied Equity Premiums (past)Implied Premium calculator (Try it out yourself)
Sao Paulo, BrazilValuation: First Principles and Loose EndsJune 2007Presentation Valuation of Gerdau Steel
Rio, BrazilThe Value of Control and Corporate GovernanceJune 2007PresentationGerdau optimal capital structure
Boston (MFS)Valuation Seminar (1 day)May 2007PresentationValuation of Amgen
New York (PWC)Valuation Seminar (2 days)April 2007Presentation
DartmouthDante meets DCF: Ten Valuation SinsFebruary 2007Presentation
UPenn Law ConferenceThe Value of ControlDecember 2006Presentation
AIMR ConferenenceLeverage and Value (Expanded Versions)December 2006Presentation
AICPA ConferenceThe Cost of IlliquidityDecember 2006Presentation
Rio De JaneiroInvestment PhilosophiesOctober 2006Presentation
New YorkLeverage and ValueSeptember 2006Presentation
GE (Connecticut)Acquirer’s Anonymous: Seven Steps to SobrietyOctober 2006Presentation (updated from 2003)
MexicoValuationJune 2006Presentation Valuations of Banorte and CemexImplied risk premium for Mexico
BrazilDiscounted Cash Flow Valuation Relative Valuation and Real OptionsMarch 2006DCF Presentation (ppt version) Relative Valuation & Real Options Presentation (ppt version)
DartmouthLoose Ends in ValuationMarch 2006Presentation (ppt version)Papers on loose ends
Chennai, IndiaValuation: Ten Principles and Tying up Loose EndsFeb 2006Presentation (ppt or pdf versions) See 7/7/04 presentation for Tata Chemical and Wipro valuations
AmsterdamFair Value Accounting: Mission Impossible?Jan 2006Presentation
Las VegasThe Value of ControlNov 2005PresentationRead the full paper Valuation of Blockbuster: status quo and optimal Valuation of SAP: status quo and optimal Valuation of Nintendo: status quo and optimal
New York
Applied Corporate FinanceJuly 2005PresentationProject DescriptionWeb site
Brazil
Investment Analysis/ Capital Budgeting Valuation Advanced ValuationJune 2005 June 2005 June 2005Presentation (Investment Analysis/Capital Budgeting)Presentation (Valuation) Presentation (Advanced Valuation) Valuation of Kristin KandyImplied Risk Premium for Brazil (2005) Ambev: ValuationCapital StructureRestructuredVale: ValuationCapital StructureValuation of EmbraerValuation of Embraer restructured 
Frankfurt, Germany
ValuationMay 17, 18/05Presentation SAP : ValuationOptimal Capital StructureRestructuredValuation of Kristin KandyImplied Risk Premium for GermanyRelative Valuation data for Germany (2005)
Athens, Greece
ValuationMay 19, 20/05Presentation Titan Cement: ValuationOptimal Capital Structure,Restructured Implied Risk Premium for GreeceRelative Valuation data for Greece (2005)
New York, NY ( S & P)
ValuationSummer 2005Presentation Titan Cement: ValuationOptimal Capital Structure,Restructured  Valuation of Kristin KandyImplied Risk Premium for GreeceImplied Risk Premium for US
Frankfurt, Germany
Valuation10/1, 10/2 /04Presentation BMW: ValuationOptimal Capital Structure,RestructuredImplied Risk Premium for Germany
Milan, Italy
Value Enhancement7/9/04Presentation Ducati: ValuationCapital StructureRestructured
Hyderbad, India
Intrinsic and Relative Valuation7/7/04PresentationImplied Risk Premium for India  Tata Chemicals: ValuationCapital Structure,RestructuredWipro: ValuationCapital StructureRelative valuation data for India
Grace Kennedy, Jamaica
Corporate Finance – Grace Kennedy6/29/04Presentation Optimal Capital Structure for Grace KennedyValuation of Grace Kennedy
Rio De Janeiro, Brazil
Estimating Cost of Capital, Acquisition Valuation and Real Options (short)6/15/04PresentationImplied Risk Premium for Brazil  Ambev: ValuationCapital StructureRestructured Vale: ValuationCapital StructureValuation of Aracruz
Sponsors for Educational Opportunity
Corporate Finance in a day6/1/04Presentation
Greece
Valuation5/20/04Valuation PresentationImplied Risk Premium for Greek market (xls)Valuation of Titan Cements (xls) Optimal Capital Structure for Titan Cements Titan Restructured Valuation
M & A Conference
Acquirer’s Anonymous: Seven Steps to Sobriety11/11/03Presentation
Sao Paulo, Brazil
Valuation in Brazil10/24/03Valuation PresentationImplied Risk Premium for BrazilValuation of EmbraerValuation of Embraer restructured
FMA Meetings (Denver)
Intrinsic Valuation in a Relative Valuation World10/9/03Intrinsic Value in a Relative Valuation World
Milan
Investment Philosophies: Seeing the Big Picture9/25/03Investment Philosophies
NACVA Conference
Value Enhancement5/30/03Value Enhancement
Greece
Valuation5/22,5/23, 2003Valuation PresentationImplied Risk Premium for Greek market (xls)Valuation of Titan Cements (xls) Optimal Capital Structure for Titan Cements Titan Restructured Valuation
AIMR
Loose Ends in Valuation12/05/02Loose Ends PresentationClosed End Fund DiscountComplexity ScoreValuing SynergyValuing ControlValuing OptionsEstimating Probability of DistressValuing Illiquidity
AICPA
The Value of Transparency11/02Value of Transparency
Graduate Finance Association (Stern)
Investment Philosophies10/02Investment Philosophies presentation
United States
Valuing Distressed Companies7/02Valuation Presentation (pdf)Valuation of Global Crossing
Greece
Valuation9/27,9/28, 2002Valuation Presentation (pdf)Relative Valuation Presentation (pdf)Implied Risk Premium for Greek market (xls) Valuation of Titan Cements (xls) Optimal Capital Structure for Titan Cements Titan Restructured Valuation
Stern Undergraduate
Twleve Myths in Valuation (2 hours)10/26/01Valuation Presentation
AIMR (Cambridge)
Valuation ( 1-day)7/2/01Valuation PresentationValuation of Titan (in Euros)
U.S.
Corporate Finance (2-day session)Summer 2001Corporate Finance PresentationSpreadsheets Data
General
Valuation (1-day seminar)Summer 2001Valuation Presentation
General
Relative Valuation (1/2 day)Summer 2001Relative Valuation Presentation
General
Real Options (1/2 day)Summer 2001Real Options Presentation
Brazil
Corporate Finance3/22/01Corporate Finance PresentationOptimal Capital Structure – EmbraerOptimal Capital Structure – Aracruz
Brazil
Valuation3/23/01Valuation PresentationImplied Risk Premium for BrazilValuation of EmbraerValuation of Embraer (restructured)
Brazil
Valuation4/14/00Valuation Presentation (pdf)Implied Risk Premium for Brazil MarketValuation of BrahmaValuation of Brahma (restrctured)
India
Valuation6/27/00Valuation Presentation (pdf)Tube Investments valuationTube Investments capital structureParry’s valuationParry’s capital structure
Portugal
Valuation5/20/99Valuation Presentation (pdf) Implied Risk Premium for Portuguese market (xls) Valuation of Portugal Telecom (xls) Optimal Capital Structure for Portugal Telecom
US
Valuation of Technology firmsMarch 2000Valuation presentation Valuation of Amazon.com Valuation of CompaqOptimal Capital Structure: Compaq Optimal Capital Structure: AmazonValuation: Compaq Restructured
Italy
Value Enhancement1/10/00Value Enhancement Presentation (pdf) Implied Risk Premium for Milan Index (xls) Valuation of Telecom Italia (xls) Restructured Valuation of Telecom Italia Optimal Capital Structure for Telecom Italia

Copyright © 2015 ValueWalk - Privacy Policy

Developed by ValueWalk Team