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Practical Financial Economics: A New Science

Autor Austin Murphy
en Limba Engleză Hardback – 29 noi 2003 – vârsta până la 17 ani
The recent stock market bubble of the late 1990s and subsequent crash has made people more aware of the need to conduct practical financial analysis. Practical financial economics, i.e., the application of financial theory to practical financial analysis, is explained here with respect to a number of different topics, with a focus on valuation. Largely normative (instead of being theoretical, empirical, or descriptive, as most academic work seems to be), yet solidly grounded in theory (instead of being ad hoc, as much purely practitioner work seems to be), this book represents a collection of articles that are designed to have useful implications for both practitioners and academics.Much of the book is focused on the concept of practical valuation of assets, such as individual stocks, the stock market, and foreign currencies. At least partially because one of the most important financial theories, the theory of efficient markets, makes practical valuation analysis virtually useless by assuming the intrinsic value of any asset is determined by its market price, the subject of practical valuation has been largely neglected in academic research. However, the efficient markets theory itself, being based on a general assumption that investors properly value securities by their trading, requires the very practical valuation that a belief in market efficiency makes useless. Within this context, it is not surprising that individual stocks, such as Enron's, and the entire stock market itself, can be effectively mispriced, as this book shows.
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Specificații

ISBN-13: 9781567205398
ISBN-10: 1567205399
Pagini: 256
Dimensiuni: 156 x 235 x 23 mm
Greutate: 0.53 kg
Ediția:New.
Editura: Bloomsbury Publishing
Colecția Praeger
Locul publicării:New York, United States

Notă biografică

AUSTIN MURPHY is Professor Finance at Oakland University in Michigan.

Cuprins

Foreword: Enronomics-Desperately Seeking Toto by George FrankfurterPreface by Austin MurphyIntroduction by Austin MurphyThe Outlook for Equity Values: Stocks May Underperform Bonds in the Twenty-First Century by Austin MurphyHow Uncertain Is Firm Valuation? by Dusan Mramor, Dejan Joksimovic, and Elton McGounValuation: A Case Study of Scientifically Valuing Enron Using the Historical Financial Statements by Austin MurphyWas the Writing on the Wall for Enron? The Importance of Strategy Analysis to Financial Analysts by Cynthia Miree and Arline SavageFinancial Analysists and Enron: Asleep at the Wheel? by Arline Savage and Cynthia MireePrepaid Forward and Leasing Contracts: A Critical Analysis of a Potentially Useful Form of Financing Employed by Enron by Usamah A. UthmanA Modern Financial Analysis of the Titanic Disaster: A Timeless Case Study of Excessive Risk-Taking by Austin Murphy and Don BloomquistA Possible Solution to Excessive Risk-Taking: Using Stock Ownership to Maximize Customer Loyalty by Austin MurphyA Critique of the Monday Effect: Beware of Mechanical Trading Rules Derived from Empirical Research in Financial Economics by Edwin D. Maberly and Raylene M. PierceA Financial Analysis of the Economic Effects Associated with Having to Reverse Current-Account Deficits by Austin MurphyIndexAbout the Editor and Contributors