Corporate Valuation: A Guide for Managers and Investors (Book Only)

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9780324290738: Corporate Valuation: A Guide for Managers and Investors (Book Only)

This book is intended for two audiences: investors who, as "outside" analysts, are assessing the investment potential of a firm, and managers, who as "inside" analysts, want to assess the impact of specific corporate strategy choices on shareholder value. Therefore, it should fit in well as a supplement to investments or corporate finance courses, at both undergraduate and MBA levels. It might also fit in with some accounting courses as a supplement. It has two significant advantages relative to other books and software on the topic of valuation. First the expository approach of the authors is very user-friendly, with a pedagogy designed to build confidence. They begin with a very simple, but complete example in the first couple of chapters that takes the reader through the valuation of a company. They repeat the analysis for successively more complex examples in chapters 3-4, and in chapters 5-7. This iterative approach emphasizes development of a working knowledge firms' financial statements and thorough understanding of how managers' strategic and operating policy choices influence financial outcomes. It allows the reader to absorb "digestible" amounts of material before moving on to the next level of complication. The second pedagogic advantage is the structure of their valuation spreadsheet. They show the reader how to get real world data, and how to cut-and-paste it into their spreadsheet. The spreadsheet simplifies the complex accounting found in most actual companies' financial statements and condenses it into a simplified set of standardized financial statements. This allows the user to concentrate on the fundamental economic forces that underlie a company's value. It will provide tools and insights for assessing a company's value, and it will provide insights into how to measure, manage, and maximize a company's value.

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About the Author:

Dr. Phillip R. Daves is Associate Professor of Finance at the University of Tennessee in Knoxville. His research interests encompass health care finance, asset pricing, derivative securities, and dividend policy. He has published papers in THE JOURNAL OF FINANCE, THE INTERNATIONAL JOURNAL OF FINANCE, APPLIED FINANCIAL ECONOMICS, JOURNAL OF FINANCIAL PRACTICE AND EDUCATION, and THE JOURNAL OF FINANCIAL AND STRATEGIC DECISIONS. Dr. Daves' special interests in teaching include health care finance, investments, financial management, and asset pricing--which he teaches at the undergraduate, M.B.A., and Ph.D. levels. Consulting for a range of large and small companies as well as the state of Tennessee, he focuses on business valuation, compensation, value based management, and health care policy. He received his B.A. in economics from Davidson College, his M.S. in mathematics, and his Ph.D. in finance from the University of North Carolina at Chapel Hill.

Dr. Michael C. Ehrhardt is a Professor in the Finance Department and is the Paul and Beverly Castagna Professor of Investments. He completed his undergraduate work in Civil Engineering at Swarthmore College. After working several years as an engineer, he earned his M.S. in Operations Research and Ph.D. in Finance from the Georgia Institute of Technology. Dr. Ehrhardt has taught extensively at the undergraduate, masters, and doctoral levels in the areas of investments, corporate finance, and capital markets. He has directed and served on numerous dissertation committees and is a member of the team that developed and delivered the integrative first year of the MBA program. Dr. Ehrhardt teaches in Executive Education Programs and consults in the areas of corporate valuation, value-based compensation plans, financial aspects of supply-chain management, and the cost of capital. He has been awarded the Allen G. Keally Outstanding Teacher Award, the Tennessee Organization of MBA Students Outstanding Faculty member, the College of Business Administration Research & Teaching Award, and the John B. Ross Outstanding Teaching Award in the College of Business. Much of his research focuses on corporate valuation and asset pricing models, including pricing models for interest-rate sensitive instruments. His work has been published in numerous journals, including The Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, The Financial Review, The Journal of Financial Research, and The Journal of Banking and Finance. He has also authored or co-authored several books addressing various areas of finance.

Ronald E. Shrieves, William Voigt Professor of Business and Finance at the University of Tennessee, received the Ph.D. in Business Economics from UCLA, where his Ph. D. thesis dealt with the determinants of inter-industry differences in research and development efforts. Dr. Shrieves was a finalist for the John B. Ross Award for Outstanding Teaching in the College of Business, 1993-94; and for the College of Business Administration Teaching and Research Award, 1998-99. He has published widely in finance and economics journals, including the Journal of Empirical Finance, Review of Economics and Statistics, the Journal of Financial and Quantitative Analysis, Financial Management, the Journal of Banking and Finance, and the Journal of Financial Services Research. Dr. Shrieves has received two best paper awards for academic journal articles. In 1993, along with co-author Drew Dahl, he was honored with the Iddo Sarnat Award for the best paper in the Journal of Banking and Finance. In 2001 he and coauthor John Wachowicz received the Eugene L. Grant Award for the best paper in the Engineering Economist. Primary current research interests are in the areas of the corporate governance and the impact of organization structure and regulation on commercial bank performance. In addition to teaching responsibilities in the undergraduate, MBA, and Ph. D. programs, Dr. Shrieves has also taught in two executive MBA programs: the Taiwan Executive MBA and the Professional MBA. The executive programs MBA have an interdisciplinary perspective, involving an integrated team-teaching approach to executive education.

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