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Session 14 (Undergraduate): Time Weighted Returns and Equity Analysis
In today's session, we started by looking at two measures of time-weighted cash flow returns, NPV and IRR. We then looked at three tools for dealing …
2 months, 2 weeks ago
Session 7 (Val MBAs): Cost of Capital Closure and First Steps on cash flows
In this class, we started by completing our rationale for using bottom up betas, instead of a single regression beta, and continued with the cost of …
2 months, 2 weeks ago
Session 12 (MBA): Earnings to Cash flows to Incremental Cash Flows
In this session, we started by stating our ideal measure of return: it should be based upon cash flows, focus on just the incremental and be time wei…
2 months, 2 weeks ago
Session 9 (Val Undergrads): More on cash flows
In this session, we began by looking at broad definitions of cash flows, before embarking on updating, normalizing and cleaning up accounting earning…
2 months, 2 weeks ago
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 …
2 months, 2 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…
2 months, 2 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…
2 months, 2 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…
2 months, 2 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…
2 months, 2 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…
2 months, 3 weeks ago