Investment Valuation: Tools and Techniques for Determining the Value of any Asset, University Edition (Wiley Finance Series)

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The definitive source of information on all topics related to investment valuation tools and techniques

Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among students of financial markets and investors, Aswath Damodaran'sInvestment Valuation.

Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces students and investment professionals to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added.

• An expansion of ancillaries include updated online databases, spreadsheets, and other educational support tools
• Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments
• Revised examples of company valuations such as companies from Eastern Europe and Africa, which stress the global nature of modern valuation
• Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation</i>

This indispensable guide is a must read for students wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.

Investment Valuation: Tools and Techniques for Determining the Value of any Asset, University Edition (Wiley Finance Series) Review

I have just read this book from cover to cover and benefited from it greatly. The author has a very methodical approach to valuation and demonstrates the application of principles through many examples. The closest competitor is the book Valuation by McKinsey, and with this latest revision of his text, Damodaran has I believe reclaimed the lead. It is human nature to want clear easy answers, but quite often in financial forecasting and valuation there are multiple options, each with tradeoffs and judgment calls. Damodaran often lays out the choices, discusses the pros and cons, and leaves it to the reader to decide among the alternatives. He does provide many applied examples, so the reader can see these sorts of judgment calls being repeatedly made and put into practice. The author's website at NYU provides a wealth of market and financial information, and he periodically updates this data. This is enormously useful if you are going to teach a class from this book, which I am planning to do.

The author follows common academic practice (following Modigliani and Miller) of discounting interest tax shields at the cost of debt rather than the unlevered cost of capital. It seems much of the industry treats these cash flows as riskier and uses the unlevered cost of capital for discounting. This approach is also consistent with a constant-growth capital structure, which is often assumed in modeling the firm's future cash flows. The McKinsey book takes this approach as do I in teaching Advanced Corporate Finance. But this is a minor complaint.

My chief complaint with the book is that it is replete with typos. Many of them are grammatical in nature (article missing, verb tense is wrong, sentence fragment) and, while irritating, are rather harmless. Others, however, involve equations or numbers and serve to impede or derail the reader's understanding. For example, in one chapter alone (Chapter 7), there are errors in equations on pages 158, 169, and 176. As a professor, I (usually) have the ability to recognize these sorts of errors, but students likely will not. For this reason, I am only giving four stars to what otherwise should be a five-star book.

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