Pablo Fernancez (2013)
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Valuation and Common Sense. Book that may be downloaded for free
Dear Irena:
The book explains the nuances of different valuation methods and provides the reader with the tools for analyzing and
valuing any business, no matter how complex. The book has 326 tables, 190 diagrams and more than 180 examples to
help the reader. It also has 480 readers' comments of previous editions. It contains comments from trials and arbitrage
procedures
I would very much appreciate any of your suggestions for improving the book.
The book has 36 chapters. Each chapter may be downloaded for free at the following links:
Chapters
Table of contents, acknowledgments, glossary
1 Company Valuation Methods
2 Cash Flow is a Fact. Net Income is Just an Opinion
3 Ten Badly Explained Topics in Most Corporate Finance Books
4 Cash Flow Valuation Methods: Perpetuities, Constant Growth and General Case
5 Valuation Using Multiples: How Do Analysts Reach Their Conclusions?
6 Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories
7 Three Residual Income Valuation Methods and Discounted Cash Flow Valuation
8 WACC: Definition, Misconceptions and Errors
9 Cash Flow Discounting: Fundamental Relationships and Unnecessary
Complications
10 How to Value a Seasonal Company Discounting Cash Flows
11 Optimal Capital Structure: Problems with the Harvard and Damodaran
Approaches
12 Equity Premium: Historical, Expected, Required and Implied
13 The Equity Premium in 150 Textbooks
14 Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192
Answers
15 Are Calculated Betas Good for Anything?
16 Beta = 1 Does a Better Job than Calculated Betas
17 Betas Used by Professors: A Survey with 2,500 Answers
18 On the Instability of Betas: The Case of Spain
19 Valuation of the Shares after an Expropriation: The Case of ElectraBul
20 A solution to Valuation of the Shares after an Expropriation: The Case of
ElectraBul
21 Valuation of an Expropriated Company: The Case of YPF and Repsol in
Argentina
22 1,959 valuations of the YPF shares expropriated to Repsol
23 Internet Valuations: The Case of Terra-Lycos
24 Valuation of Internet-related companies
25 Valuation of Brands and Intellectual Capital
26 Interest rates and company valuation
27 Price to Earnings ratio, Value to Book ratio and Growth
28 Dividends and Share Repurchases
29 How Inflation destroys Value
30 Valuing Real Options: Frequently Made Errors
31 119 Common Errors in Company Valuations
Downloadable at:
http://ssrn.com/abstract=2209089
http://ssrn.com/abstract=274973
http://ssrn.com/abstract=330540
http://ssrn.com/abstract=2044576
http://ssrn.com/abstract=743229
http://ssrn.com/abstract=274972
http://ssrn.com/abstract=256987
http://ssrn.com/abstract=296945
http://ssrn.com/abstract=1620871
http://ssrn.com/abstract=2117765
http://ssrn.com/abstract=406220
http://ssrn.com/abstract=270833
http://ssrn.com/abstract=933070
http://ssrn.com/abstract=1473225
http://ssrn.com/abstract=2084213
http://ssrn.com/abstract=504565
http://ssrn.com/abstract=1406923
http://ssrn.com/abstract=1407464
http://ssrn.com/abstract=510146
http://ssrn.com/abstract=2191044
http://ssrn.com/abstract=2217604
http://ssrn.com/abstract=2176728
http://ssrn.com/abstract=2226321
http://ssrn.com/abstract=265608
http://ssrn.com/abstract=265609
http://ssrn.com/abstract=270688
http://ssrn.com/abstract=2215926
http://ssrn.com/abstract=2212373
http://ssrn.com/abstract=2215739
http://ssrn.com/abstract=2215796
http://ssrn.com/abstract=274855
http://ssrn.com/abstract=1025424
32
33
34
35
36
Shareholder Value Creation: A Definition
Shareholder value creators in the S&P 500: 1991 – 2010
EVA and Cash value added do NOT measure shareholder value creation
Several shareholder returns. All-period returns and all-shareholders return
339 questions on valuation and finance
http://ssrn.com/abstract=268129
http://ssrn.com/abstract=1759353
http://ssrn.com/abstract=270799
http://ssrn.com/abstract=2358444
http://ssrn.com/abstract=2357432
Tables (with all calculations) and figures are available in excel format here.
Best regards,
Pablo Fernandez, Professor of Finance, IESE Business School, Madrid, Spain
Ph.D. in Business Economics, Harvard Universiy
fernandezpa@iese.edu and pfernandez@iese.edu
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