This book is about the methods used to value companies. Valuation methods such as the price-earnings ratio, dividend yeild and EVA are found frequently in stockbrokers' reports and in the financial press. There has also been an explosion of interest in 'shareholder value' in recent years, with a corresponding need to understand how value is created and measured. Determining Value contains both the analytical review of valuation models and also evaluation of the data available for use in valuation models. This information is not at present available together in one textbook and has not been academically and critically evaluated.
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This exciting new text addresses a primary concern of financial markets, namely the methods used to value companies. The book bridges a gap focusing on two complementary dimensions. Firstly, it reviews and critically evaluates valuation models, such as the PE ratio, discounted cash flow and economic value added. Secondly, it practically analyses the quality and availability of the financial statement data used in valuation models. It will be essential reading for financial market analysts as well as students of accounting and finance, including MBA students, and students taking professional examinations.
*Comprehensive overview of valuation methods
*Unique integration of the theory of valuation and the practice of financial statement analysis
*Extracts from the Financial Times with a linking paragraph to reinforce relevance to practice
*Simple numerical examples to support all stages of analysis
*Draws upon author's experience of working with financial market practitioners.
Prof Sir David Tweedie, Chairman of International Accounting Standards Committee
"Dr Barker has produced an extremely readable text appealing both to the novice and the advanced reader. Its comprehensiveness, the real-life cases, its topicality and above all, its clarity, makes the book live. The marriage between finance theory and accounting bring insights both for active participants in the markets and for students of finance and accounting."
Prof Geoff Whittington, PriceWaterhouseCoopers Professor of Finance and Accounting, University of Cambridge
"This book provides a remarkably clear exposition of the latest thinking and research concerning the use of financial accounting information for appraising the financial performance of business firms. It is an essential read for financial analysts, students and all preparers and users of accounts."
Steve Cooper, Head of Equity Valuation and Accounting Research, UBS Warburg
"Recent experience with equity markets mean many investors are looking ever more closely at alternative valuation techniques, the link between value and key value drivers and the problems of using accounting data. This excellent and highly informative book deals with all these issues, and more. Invaluable to the student and practitioner."
David Myddleton, Cranfield Business School
"This strikes me as a unique work, in a central area of accounting and finance. Dr Barker writes with impressive authority - a very thorough work. This is a super book - comprehensive and important, both original and useful."
Prof Maureen McNichols, Graduate School of Business, Stanford University
"The strength of Barker's book is its lucid overview of key conepts in valuation. It provides a very clear articulation of the fundamentals of valuation models and the use of financial statement information to this end."
Dr Richard Barker is a senior lecturer in accounting at Cambridge University's Judge Institute of Management. He has been a visiting scholar at Stanford University, and was previously a management accountant with ICI. His research has focused on professional investors' use of financial statement data. His work has been published by the Financial Times, PricewaterhouseCoopers and the ICAS and ICAEW as well as leading academic journals.
Richard Barker is based at The Judge Institute of Management Studies, University of Cambridge.
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