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Book
xvii, 825 pages : illustrations ; 25 cm
  • About the Authors ix Preface xi Acknowledgments xv Part One Foundations of Value 1 WhyValueValue? 3 2 Fundamental Principles of Value Creation 17 3 Conservation of Value and the Role of Risk 35 4 The Alchemy of Stock Market Performance 49 5 The Stock Market Is Smarter Than You Think 65 6 Return on Invested Capital 93 7 Growth 115 Part Two Core Valuation Techniques 8 Frameworks for Valuation 135 9 Reorganizing the Financial Statements 165 10 Analyzing Performance 201 11 Forecasting Performance 221 12 Estimating Continuing Value 247 13 Estimating the Cost of Capital 269 14 Moving from Enterprise Value to Value per Share 301 15 Analyzing the Results 321 16 Using Multiples 331 17 Valuation by Parts 353 Part Three Advanced Valuation Techniques 18 Taxes 373 19 Nonoperating Items, Provisions, and Reserves 387 20 Leases and Retirement Obligations 405 21 Alternative Ways to Measure Return on Capital 423 22 Inflation 445 23 Cross-Border Valuation 459 24 Case Study: Heineken 481 Part Four Managing for Value 25 Corporate Portfolio Strategy 525 26 Performance Management 543 27 Mergers and Acquisitions 565 28 Divestitures 593 29 Capital Structure, Dividends, and Share Repurchases 611 30 Investor Communications 643 Part Five Special Situations 31 Emerging Markets 667 32 Valuing High-Growth Companies 691 33 Cyclical Companies 705 34 Banks 713 35 Flexibility 741 Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 775 Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 781 Appendix C Levering and Unlevering the Cost of Equity 787 Appendix D Leverage and the Price-to-Earnings Multiple 795 Appendix E Other Capital Structure Issues 799 Appendix F Technical Issues in Estimating the Market Risk Premium 805 Index 809.
  • (source: Nielsen Book Data)9781118873700 20160619
McKinsey & Company's #1 best-selling guide to corporate valuation, now in its sixth edition Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations. Valuation lies at the crossroads of corporate strategy and finance. In today's economy, it has become an essential role and one that requires excellence at all points. This guide shows you everything you need to know, and gives you the understanding you need to be effective. * Estimate the value of business strategies to drive better decision making * Understand which business units a corporate parent is best positioned to own * Assess major transactions, including acquisitions, divestitures, and restructurings * Design a capital structure that supports strategy and minimizes risk As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips.
(source: Nielsen Book Data)9781118873700 20160619
Law Library (Crown)
LAW-1011-01, LAW-522-01
Book
xxii, 408 p. : ill. ; 25 cm.
  • Introduction
  • Endowment purposes
  • Investment and spending goals
  • Investment philosophy
  • Asset allocation
  • Asset allocation management
  • Traditional asset classes
  • Alternative asset classes
  • Asset class management
  • Investment process
  • Appendix: Impure fixed income.
In his fourteen years as Yale's chief investment officer, David Swensen has revolutionised management of the university's investment portfolio. By relying on nonconventional assets, including private equity and venture capital, Swensen has achieved a remarkable annualised return of 16.2 percent, which has added more than $2 billion to Yale's endowment. With his exceptional performance record prompting many other institutional portfolio managers to emulate his approach, Dr. Swensen has long been besieged by professionals in the field to write a book articulating his philosophy and strategies of portfolio management. Pioneering Portfolio Management provides a road map for creating a successful investment programme. Informed by Swensen's deep knowledge of financial markets, and ranging from the broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management - such as handling risk, selecting investment advisers, and negotiating the opportunities and pitfall in individual asset classes - the book provides a vital source of information for anyone involved in institutional investments.
(source: Nielsen Book Data)9781416544692 20160528
Law Library (Crown)
LAW-522-01
Book
viii, 545 p. : ill., maps ; 27 cm.
  • Introduction. 1. Private Equity Today and Tomorrow. 2. Tad O'Malley: December 2004. Module 1: Venture Capital and Private Equity. 3. Yale University Investment Office: August 2006. 4. Pawson Foundation: August 2005. 5. Note on Private Equity Partnership Agreements. 6. Grove Street Advisors. 7. A Note on Private Equity Fund-Raising. 8. Gobi Partners: Raising Fund II. Module 2: Venture Capital and Private Equity. 9. Adams Capital Management: Fund IV. 10. Tad O'Malley: June 2005. 11. Portfolio and Partnership. 12. Metapath Software: September 1997. 13. A Note on Private Equity Securities. 14. Brazos Partners and Cheddar's Inc. 15. A Note on Valuation in Private Equity Settings. 16. Lion Capital and the Blackstone Group: The Orangina Deal. 17. A Note on European Private Equity. 18. SAIF: May 2004. 19. A Note on Private Equity in Developing Countries. Module 3: Venture Capital and Private Equity. 20. Warburg Pincus and emgs : The IPO Decision (A). 21. Motilal Oswal Financial Services Ltd.: An IPO in India. 22. A Note on the Initial Public Offering Process. 23. Between a Rock & a Hard Place: Valuation & Distribution in Private Equity. Module 4. Venture Capital and Private Equity. 24. Village Ventures. 25. 3i Group plc: May 2006. 26. Actis and CDC: A New Partnership. 27. Best Practices: Decision Making Among Venture Capital Firms. Appendix. Note on Private Equity Information Sources. Glossary. Index.
  • (source: Nielsen Book Data)9780470224625 20160603
The private equity and venture capital industry has become a leading pillar of modern investment, growing from $5 billion in 1980 to more than $530 billion in 2006. Yet many of its features remain puzzling even to advanced business students. Whether you are an MBA student, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, Venture Capital & Private Equity: A Casebook, Fourth Edition will shed light on the history and workings of this complex area and prepare you for a career in the prestigious and profitable world of venture capital and private equity.
(source: Nielsen Book Data)9780470224625 20160603
Law Library (Crown)
LAW-522-01, LAW-1040-01
Book
xiii, 366 pages : illustrations ; 26 cm.
  • 1. Introduction
  • 2. Private equity market
  • 3. Private equity fund structure
  • 4. Buyout and venture capital fund differences
  • 5. Funds-of-funds
  • 6. Investment process
  • 7. Risk framework
  • 8. Portfolio design
  • 9. Case study
  • 10. The management of liquidity
  • 11. Established approaches to fund valuation
  • 12. Benchmarking
  • 13. A prototype internal grading system
  • 14. Fund manager selection process
  • 15. Qualitative fund scoring
  • 16. Grading-based economic model
  • 17. Private equity fund discount rate
  • 18. Monitoring
  • 19. Case study : saving your investments
  • approaches to restructuring
  • 20. Secondary transactions
  • 21. Deviating from top funds
  • 22. Real options
  • 23. Beyond the j-curve.
In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so--called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often--simplistic recipe to 'go for top quartile funds'. Beyond the J Curve provides the answers to key questions, including: * Why 'top--quartile' promises should be taken with a huge pinch of salt and what it takes to select superior fund managers? * What do limited partners need to consider when designing and managing portfolios? * How one can determine the funds' economic value to help addressing the questions of 'fair value' under IAS 39 and 'risk' under Basel II or Solvency II? * Why is monitoring important, and how does a limited partner manage his portfolio? * How the portfolio's returns can be improved through proper liquidity management and what to consider when over--committing? * And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment? Beyond the J Curve takes the practitioner's view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.
(source: Nielsen Book Data)9780470011980 20160605
Law Library (Crown)
LAW-522-01
Book
xvi, 992 p. : ill. ; 26 cm.
  • Introduction to Valuation-- Approaches to Valuation-- Understanding Financial Statements-- The Basics of Risk-- Option Pricing Theory and Models-- Market Efficiency-Definition, Tests and Evidence-- Riskless Rates and Risk Premiums-- Estimating Risk Parameters and Costs of Financing-- Measuring Earnings-- From Earnings to Cash Flows-- Estimating Growth-- Closure in Valuation: Estimating Terminal Value-- Dividend Discount Models-- Free Cash Flow to Equity Discount Models-- Firm Valuation: Cost of Capital and Adjusted Present Value Approaches-- Estimating Equity Value per Share-- Fundamental Principles of Relative Valuation-- Earnings Multiples-- Book Value Multiples-- Revenue Multiples and Sector-Specific Multiples-- Valuing Financial Service Firms-- Valuing Firms with Negative Earnings-- Valuing Young or Start-Up Firms-- Valuing Private Firms-- Acquisitions and Takeovers-- Valuing Real Estate-- Valuing Other Assets-- The Option to Delay and Valuation Implications-- The Option to Expand and to Abandon Valuation Implications-- Valuing Equity in Distressed Firms-- Value Enhancement: A Discounted Cash Flow Valuation Framework-- Value Enhancement: Economic Value Added, Cash Flow Return On Investment, and Other Tools-- Valuing Bonds-- Valuing Futures and Forward Contracts-- Overview and Conclusion-- References-- Index.
  • (source: Nielsen Book Data)9780471414889 20160528
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, "Investment Valuation", Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more. Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and valuation tools as he guides the reader through the theory and application of valuation models and highlights their strengths and weaknesses. Expanded coverage addresses: valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets; risk in foreign countries and how best to deal with it; using real option theory and option pricing models in valuing business and equity; the models used to value different types of assets and the elements of these models; how to choose the right model for any given asset valuation scenario; online real-time valuations that are continually updated online. A guide for those who need to know more about the tricky business of valuation, "Investment Valuation", Second Edition, should be a valuable asset for anyone learning about this part of the investment process.
(source: Nielsen Book Data)9780471414902 20160528
Law Library (Crown)
LAW-522-01
Book
xviii, 540 p. : ill. ; 26 cm.
  • INTRODUCTION.Private Equity Today and Tomorrow. Martin Smith: January 2000. MODULE 1: FUNDRAISING.Yale University Investments Office: July 2000.Acme Investment Trust. A Note on Private Equity Partnership Agreements. University Technology Ventures: October 2000. A Note on the Private Equity Fundraising Process. Columbia Capital Corporation: Summer 1998. Francisco Partners. MODULE 2: INVESTING. Adams Capital Management: March 1999.Martin Smith: May 2000. Apax Partners and Dialog Semiconductor: March 1998. A Note on Valuation in Private Equity Settings. A Note on European Private Equity. Securicor Wireless Networks: February 1996. Metapath Software: September 1997.A Note on Private Equity Securities. Venture Capital Case Vignettes. New Business Investment Company: October 1997.MODULE 3: EXITING. Investori Associati: Exiting the Savio LBO (A).A Note on the Initial Public Offering Process. RogersCasey Alternative Investments: Innovative Responses to the Distribution Challenge. MUDULE 4: NEW FRONTIERS. Intel (r) 64 Fund.A Note on Corporate Venture Capital. CMGI: Organizational and Market Innovation. CDC Capital Partners. A Note on Private Equity in Developing Countries. CAREER ISSUES & WRAP--UP. Joe Casey: January 2000. A Note on Private Equity Information Sources. Glossary. Index.
  • (source: Nielsen Book Data)9780471079828 20160527
  • Raising and structuring private equity funds-- private equity investments-- exiting private equity investments-- transplanting the private equity model.
  • (source: Nielsen Book Data)9780471322863 20160527
Cases and notes included are designed to provide an understanding of the history of the private equity industry's development, and the workings of the industry today. Examines both the short-run and long-run effects for private equity investments. Author is a leader and one of the most respected authorities in this field.
(source: Nielsen Book Data)9780471079828 20160527
Through this case-book, rooted in real-life situations, students gain understanding of the private equity and venture capital industries. Venture Capital refers to a specific segment within the practice of entrepreneurial finance. Josh Lerner focuses his research on the structure of venture capital organizations, and their role in transforming scientific discoveries into commercial products. The book shows ways in which private equity groups work, including their problems and explores a wide variety of valuation approaches used in practice.
(source: Nielsen Book Data)9780471322863 20160527
Law Library (Crown)
LAW-522-01
Book
x, 609 p. : ill. ; 26 cm.
  • Introduction by William A. Sahlman, Howard H. Stevenson, Michael J. Roberts, and Amar Bhide Part 1-Entrepreneurship-What Is It? 1. A Perspective on Entrepreneurship by Howard H. Stevenson 2. Entrepreneurship Reconsidered: The Team as Hero by Robert B. Reich 3. Capital Market Myopia by William A. Sahlman and Howard H. Stevenson 4. The Question Every Entrepreneur Must Answer by Amar Bhide 5. Why Be Honest If Honesty Doesn't Pay by Amar Bhide and Howard H. Stevenson 6. The Road Well Traveled by Amar Bhide 7. Making Business Sense of the Internet by Shikhar Ghoosh Part 2-Strategies and Tactics for Starting, Acquiring, and Growing the Venture Section A: Evaluating New Venture Opportunities 8. Developing Start-up Strategies by Amar Bhide 9. Some Thoughts on Business Plans by William A. Sahlman 10. How to Write a Winning Business Plan by Stanley R. Rich and David E. Gumpert 11. Purchasing a Business: The Search Process by Michael J. Roberts and Ennis J. Walton Section B: Marshaling Required Resources 12. Attracting Stakeholders by Amar Bhide and Howard H. Stevenson 13. Bootstrap Finance: The Art of Start-ups 14. The Financial Perspective: What Should Entrepreneurs Know? by William A. Sahlman 15. Venture Capital by Constance Bagley and Craig Dauchy 16. Aspects of Financial Contracting in Venture Capital by William A. Sahlman 17. The Legal Protection of Intellectual Property by Michael J. Roberts 18. The Horse Race Between Capital and Opportunity by William A. Sahlman 19. Strategy vs. Tactics from a Venture Capitalist by Arthur Rock Section C: Managing the Growth Enterprise 20. The Challenge of Growth by Michael J. Roberts 21. Managing Transitions in the Growing Enterprise by Michael J. Roberts 22. Building the Self-Sustaining Firm by Amar Bhide 23. Going Public by Constance Bagley and Craig Dauchy 24. Why Sane People Shouldn't Serve on Public Boards by William A. Sahlman 25. How Small Companies Should Handle Advisers by Howard H. Stevenson and William A. Sahlman 26. Bankruptcy: A Debtor's Perspective by Howard H. Stevenson and Michael J. Roberts Part 3-Innovation and Entrepreneurship in the Larger Company 27. Tough-minded Ways to Get Innovative by Andrall E. Pearson 28. Discovery-Driven Planning by Rita Gunther McGrath and Ian C. MacMillan 29. Disruptive Technologies: Catching the Wave by Joseph L. Bower and Clayton M. Christensen 30. Managing for Creativity by Theresa M. Amabile 31. The Business of Innovation: An Interview with Paul Cook by William Taylor Part 4-Entrepreneurship in the Nonprofit Sector 32. Virtuous Capital: What Foundations Can Learn from Venture Capitalists by Christine W. Letts, William Ryan, and Allen Grossman 33. Starting a Nonprofit Venture by Alice Oberfield and J. Gregory Dees 34. Surviving Success: An Interview with the Nature Conservancy's John Sawhill by Alice Howard and Joan Magretta.
  • (source: Nielsen Book Data)
As entrepreneurs fuel the economy with start-ups, job creation, innovation, and new technologies, the need to understand the evolving field of entrepreneurship continues to grow. Covering every phase of the entrepreneurial venture, from the basic concepts to emerging issues, this collection of readings by leading academics and practitioners is designed to serve as a handbook for entrepreneurs, as well as for teachers and students of the entrepreneurial process. Newly updated with timely material, professors will find this second edition invaluable for the richness of the cases and the accompanying questions designed to facilitate discussion.
(source: Nielsen Book Data)
Law Library (Crown)
LAW-522-01
Book
252 p. ; 25 cm.
Analyzing basic negotiating skills with the author's game-plan negotiating technique, readers will discover how to strike a balance between gaining advantages and compromising, while avoiding both the hardball tactics that seldom generate necessary concessions and the overly co-operative approach that undermines a negotiator's stance. Through the citing of numerous real-life examples, the book demonstrates how to formulate the terms of the ultimate compromise to fulfil needs while making the deal irresistible to the other party. By the author of "Advise" and "Invent".
(source: Nielsen Book Data)9780671730277 20160527
Law Library (Crown)
LAW-522-01
Book
xix, 200 ; 20 cm.
Law Library (Crown)
LAW-522-01
Book
xiii, 658 p. : ill. ; 24 cm.
Law Library (Crown)
LAW-522-01
Book
260 p. ; 25 cm.
Law Library (Crown)
LAW-522-01
Book
xx, 396 p. ; 25 cm.
Michael Porter's "Competitive Strategy" addresses major questions of vital concern to managers, and presents a comprehensive set of analytical techniques for undestanding a business and the behaviour of its competitors. Step-by-step, Porter provides the techniques and tools managers need to successfully conduct an industry and competitor analysis. Beginning with a comprehensive set of tools and techniques for analyzing any industry and any array of competitors, the book moves on to examine competitive strategies for fragmented industries, emerging industries, maturing industries, declining industries and global industries. The final section of the book provides analytical techniques for making the important strategic decisions that confront firms - vertical integration, major capacity expansion, divestment and entry into new businesses. This book is designed to enable managers to anticipate and prepare for - rather than simply react to - sudden competitor moves, new entries into their business, and shifts in industry structure, as well as to take forceful positive action to improve a company's position through tested competitive strategies.
(source: Nielsen Book Data)9780029253601 20160527
This text unravels the rules that govern competition in business and turns them into powerful analytical tools to help management interpret market signals, forecast the direction of industry development, and position a company to compete more successfully.
(source: Nielsen Book Data)9780684841489 20160528
Law Library (Crown)
LAW-522-01
Book
xx, 396 p. : ill ; 25 cm.
Michael Porter's "Competitive Strategy" addresses major questions of vital concern to managers, and presents a comprehensive set of analytical techniques for undestanding a business and the behaviour of its competitors. Step-by-step, Porter provides the techniques and tools managers need to successfully conduct an industry and competitor analysis. Beginning with a comprehensive set of tools and techniques for analyzing any industry and any array of competitors, the book moves on to examine competitive strategies for fragmented industries, emerging industries, maturing industries, declining industries and global industries. The final section of the book provides analytical techniques for making the important strategic decisions that confront firms - vertical integration, major capacity expansion, divestment and entry into new businesses. This book is designed to enable managers to anticipate and prepare for - rather than simply react to - sudden competitor moves, new entries into their business, and shifts in industry structure, as well as to take forceful positive action to improve a company's position through tested competitive strategies.
(source: Nielsen Book Data)9780029253601 20160527
Business Library, Law Library (Crown)
LAW-522-01
Book
xxiii, 559 p. ; 24 cm.
Law Library (Crown)
LAW-522-01