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Negative Interest rates: Impossible, Irrational or Just Unusual
As central banks continue to lower the interest rates that they control, the zero bound no longer seems to be an impediment. Negative interest rates …
1 month, 3 weeks ago
Session 8: Betas and Beyond!
In this class, we first covered the estimation choices for betas: how far back in time to go (depends on how much your company has changed), what re…
1 month, 3 weeks ago
Session 13: From Earnings to Incremental Cash Flows - A Journey
We began the class today by extending the return on capital concept to entire companies and argued that notwithstanding its accounting limitations, c…
1 month, 3 weeks ago
Session 8 (Val MBAS): More on cash flows
We continued our discussion of earnings and cash flows, starting with an examination of how best to update earnings and correct them for the mistreat…
1 month, 4 weeks ago
Session 11 (MBA): Cost of Capital and First Steps on Investment Analysis
We started the class by completing the last pieces of the cost of capital puzzle: coming up with market values for equity (easy for a publicly traded…
1 month, 4 weeks ago
Session 10 (Val Undergrads): Free Cashflows to Equity and First Steps on Growth
In this session, we started by completing our discussion of FCFE and how it varies over a corporate life cycle, and then looked at three approaches t…
1 month, 4 weeks ago
Session 12 (Undergraduate): Show me the money (Measuring Investment Returns)
Today's class represented a transition from hurdle rates to measuring returns. We started by completing the last pieces of the cost of capital puzzle…
1 month, 4 weeks ago
Session 9: Beta Determinants and Bottom up Betas
In this, we looked past regression betas at how the choices companies make about the businesses they enter can determine their betas.. Summarizing th…
1 month, 4 weeks ago
Session 10 (MBA): Private Company Betas, Debt and its Cost
After the quiz, we started today's shortened class today by looking at how betas and costs of equity have to be adjusted for private companies, where…
1 month, 4 weeks ago
Session 9 (Val MBA): FCFE and Growth Rates
In the session, which occurred after the quiz, we started on our assessment of growth rates, starting with historical growth rates, before looking at…
1 month, 4 weeks ago