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Interest Rates, Market Pricing, and Compounding
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1517-EFinanzasUsing examples from financial markets, this note examines links among market prices, stated interest rates, and compounding assumptions. The note emphasizes how interest rates are expressions of market prices, and pays particular attention to the role of compounding assumptions. Market prices are converted into stated interest rates for different compounding assumptions. Guidance is offered on how to make intelligent comparisons across markets th...Desde 8,20 €
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Using the Equity Residual Approach to Valuation: An Example (Abridged)
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1609-EFinanzasThis note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a simple fact set to focus on the essentials of the method.Desde 8,20 €
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Option Valuation and Dividend Payments
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1523-EFinanzasThis note shows how dividend payments affect option values owing to the effects of dividend payments on share price and resulting investor behavior. In addition to discussing the underlying logic, the note shows how to value options for dividend-paying stocks by adapting the Black-Scholes option-pricing model. The note addresses issues of early exercise and the underlying incentives of investors who own call or put options.Desde 8,20 €
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Option Contracts and Their Valuation
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1519-EFinanzasThis note introduces options (both calls and puts) and their valuation. After covering the history of options and the basic nature of their payoffs, the note provides an intuitive discussion of the determinants of an option’s value. The note then introduces and applies the Black-Scholes option-pricing model to real data, using an Excel-based version of the model. Throughout, the emphasis is on the basics of options and their valuation.Desde 8,20 €
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Valuing Assets in Financial Markets
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1518-EFinanzasThis technical note provides an overview of techniques used to value assets, including multiples, arbitrage pricing, and discounted cash flow. The note emphasizes the basic nature of valuation approaches and their logical underpinning, focusing on how techniques are applied to assets that are or might be traded in financial markets. The note sets the stage for specific (and often complicated) applications of the pricing techniques.Desde 8,20 €
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Stock Options and Compensation
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1521-EFinanzasThis note is a brief introduction to the logic and practice of using stock options to compensate executives. The Black-Scholes option-pricing model is used to estimate the value of option grants for a company. The note affords the opportunity to apply options valuation in the context of executive compensation, and serves as a companion to introductions to options that expose the reader to the Black-Scholes option-pricing model. A spreadsheet is a...Desde 8,20 €
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The Black-Scholes Option-Pricing Model
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1522-EFinanzasThis note discusses the Black-Scholes option-pricing model and then applies the model to call options. The underlying logic of the model is emphasized and illustrated through the use of simple examples. The model is then applied using real data. The note pays particular attention to procedures for estimating the potential for stock-price changes (volatility). It also provides the reader with an appreciation of the economic underpinnings of the mo...Desde 8,20 €
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Spot and Forward Interest Rates
Harris, Robert S.; Conroy, Robert M.Nota técnica DARDEN-F-1520-EFinanzasThis note examines how spot and forward interest rates relate to bond prices and to each other. After defining spot and forward rates, the note shows how to estimate spot rates from data on either zero-coupon bonds or coupon bonds. It also shows how to express these stated rates for different compounding assumptions. The note pays particular attention to understanding how arbitrage forces in markets establish the links between forward and spot ra...Desde 8,20 €