ЛИТЕРАТУРА

Глава 1. НАЧАЛЬНЫЕ СВЕДЕНИЯ ОБ ОЦЕНКЕ

Buffett, W. E., and L. A. Cunningham. 2001. The essays of Warren Buffett: Lessons of corporate America. Minneapolis, MN: Cunningham Group.

Cottle, S., R. Murray, and F. Bloch. 1988. Security analysis. New York: McGraw-Hill.

Graham, B., D. L. Dodd, and S. Cottle. 1962. Security analysis, 4th ed. New York: McGraw-Hill.

Глава 2. ПОДХОДЫ К ОЦЕНКЕ

Black, F., and M. Scholes. 1972. The valuation of option contracts and a test of market efficiency. Journal of Finance 27:399-417.

Damodaran, A. 1994. Damodaran on Valuation. New York: John Wiley & Sons. Hooke, J. C. 2001. Security analysis on Wall Street. New York: John Wiley & Sons.

Глава 3. ОСНОВЫ ФИНАНСОВОЙ ОТЧЕТНОСТИ

Choi, F. D. S., and R. M. Levich. 1990. The capital market effects of international accounting diversity. New York: Dow Jones-Irwin.

Stickney, C. P. 1993. Financial statement analysis. Fort Worth, TX: Dryden Press. White, G. I., A. Sondhi, and D. Fried. 1997. The analysis and use of financial statements. New York: John Wiley & Sons.

Williams, J. R. 1998. GAAP guide. New York: Harcourt Brace.

Глава 4. НАЧАЛЬНЫЕ СВЕДЕНИЯ О РИСКЕ

Amihud, Y., B. Christensen, and H. Mendelson. 1992. Further evidence on the risk-return relationship. Working paper. New York University.

Bernstein, P. 1992. Capital ideas. New York: Free Press.

Bernstein, P. 1996. Against the Gods. New York: John Wiley & Sons.

Chan, L. K., and J. Lakonishok. 1993. Are the reports of beta’s death premature?

Journal of Portfolio Management 19:51-62.

Chen, N., R. Roll, and S. A. Ross. 1986. Economic forces and the stock market.

Journal of Business 59:383-404.

Elton, E. J., and M. J. Gruber. 1995. Modern portfolio theory and investment management. New York: John Wiley & Sons.

Fama, E. F., and K. R. French. 1992. The cross-section of expected returns. Journal of Finance 47:427-466.

Jensen, M. C. 1969. Risk, the pricing of capital assets, and the evaluation of investment portfolios. Journal of Business 42:167-247.

Kothari, S. P., and J. Shanken. 1995. In defense of beta. Journal of Applied Corporate Finance 8(l):53-58.

Lintner, J. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47:13-37. Markowitz, H. M. 1991. Foundations of portfolio theory. Journal of Finance 46(2):469-478.

Roll, R. 1977. A critique of the asset pricing theory’s tests: Part I: On past and potential testability of theory. Journal of Financial Economics 4:129-176.

Ross, S. A. 1976. The arbitrage theory of capital asset pricing. Journal of Economic Theory 13(3):341-360.

Seyhun, H. N. 1986. Insiders’ profits, costs of trading and market efficiency. Journal of Financial Economics 16:189-212.

Sharpe, W. F 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance 19:425-442.

Weston, J. F., and T. E. Copeland. 1992. Managerial finance. Forth Worth: Dry-den Press.

Глава 5. ТЕОРИЯ И МОДЕЛИ ОЦЕНКИ ОПЦИОНОВ

Black, F., and M. Scholes. 1972. The valuation of option contracts and a test of market efficiency. Journal of Finance 27:399-417.

Cox, J. C., and M. Rubinstein. 1985. Options markets. Upper Saddle River, NJ: Prentice Hall.

Cox, J. C., and S. A. Ross. 1976. The valuation of options for alternative stochastic processes. Journal of Financial Economics 3:145-166.

Cox, J. C., S. A. Ross, and M. Rubinstein. 1979. Option pricing: A simplified approach. Journal of Financial Economics 7:229-264.

Geske, R. 1979. The valuation of compound options. Journal of Finance 7:63-82. Hull, J. C. 1999. Options, futures and other derivatives. Upper Saddle River, NJ: Prentice Hall.

Hull, J. C. 1995. Introduction to futures and options markets. Upper Saddle River, NJ: Prentice Hall.

Merton, R. C. 1973. The theory of rational option pricing. Bell Journal of Economics 4(1):141-183.

Merton, R. C. Option pricing when the underlying stock returns are discontinuous.

Journal of Financial Economics 3:125-144.

Глава 6. РЫНОЧНАЯ ЭФФЕКТИВНОСТЬ - ОПРЕДЕЛЕНИЕ, ТЕСТЫ И ОБОСНОВАНИЯ

Alexander, S. S. 1964. Price movements in speculative markets: Trends or random walks? In The Random Character of Stock Market Prices. Cambridge, MA: MIT Press.

Arbel, A., and P. J. Strebel. 1983. Pay attention to neglected stocks. Journal of Porfolio Management 9:37-42.

Banz, R. 1981. The relationship between return and market value of common stocks.

Journal of Financial Economics 9:3-18.

Basu, S. 1977. The investment performance of common stocks in relation to their price-earnings: A test of the efficient market hypothesis. Journal of Finance 32:663-682.

Basu, S. 1983. The relationship between earnings yield, market value and return for NYSE common stocks: Further evidence. Journal of Financial Economics 12:129-156.

Bernstein, R. 1995. Style investing. New York: John Wiley & Sons.

Capaul, C., I. Rowley, and W. F. Sharpe. 1993. International value and growth stock returns. Financial Analysts Journal 49:27-36.

Carhart, M. M. 1997. On the persistence of mutual fund performance. Journal of Finance 52:57-82.

Chambers, A. E., and S. H. Penman. 1984. Timeliness of reporting and the stock price reaction to earnings announcements. Journal of Accounting Research 22:21-47.

Chan, L. K., Y. Hamao, and J. Lakonishok. 1991. Fundamentals and stock returns in Japan. Journal of Finance 46:1739-1789.

Chan, S. H., J. Martin, and J. Kensinger. 1990. Corporate research and development expenditures and share value. Journal of Financial Economics 26:255-276.

Conrad, J. 1989. The price effect of option introduction. Journal of Finance 44:487-498.

Cootner, P. H. 1961. Common elements in futures markets for commodities and bonds. American Economic Review 51(2):173-183.

Cootner, P. H. 1962. Stock prices: Random versus systematic changes. Industrial Management Review 3:24-45.

Damodaran, A. 1989. The weekend effect in information releases: A study of earnings and dividend announcements. Review of Financial Studies 2:607-623.

DeBondt, W. F. M., and R. Thaler. 1985. Does the stock market overreact? Journal of Finance 40:793-805.

DeBondt, W. F. M., and R. Thaler. 1987. Further evidence on investor overreaction and stock market seasonality. Journal of Finance 42:557-581.

Dimson, E., and P. R. Marsh. 1984. An analysis of brokers’ and analysts’ unpublished forecasts of UK stock returns. Journal of Finance 39:1257-1292.

Dimson, E., and P. R. Marsh. 1986. Event studies and the size effect: The case of UK press recommendations. Journal of Financial Economics 17:113-142.

Dimson, E., and P. R. Marsh. 2001. Murphy’s law and market anomalies. Journal of Portfolio Management 25:53-69.

Fama, E. F. 1965. The behavior of stock market prices. Journal of Business 38:34-105.

Fama, E. F. 1970. Efficient capital markets: A review of theory and empirical work.

Journal of Finance 25:383-417.

Fama, E. F., and K. R. French. 1988. Permanent and temporary components of stock prices. Journal of Political Economy 96:246-273.

Fama, E. F., and K. R. French. 1992. The cross-section of expected returns. Journal of Finance 47:427-466.

Fama, E. F., and M. Blume. 1966. Filter rules and stock market trading profits.

Journal of Business 39:226-241.

Gibbons, M. R., and P. Hess. 1981. Day of the week effects and asset returns.

Journal of Business 54:579-596.

Gultekin, M. N., and B. N. Gultekin. 1983. Stock market seasonality: International evidence. Journal of Financial Economics 12:469-481.

Haugen, R. A. 1990. Modern investment theory. Englewood Cliffs, NJ: Prentice Hall.

Haugen, R. A., and Lakonishok, J. 1988. The incredible January effect. Homewood IL: Dow Jones-Irwin.

Jaffe, J. 1974. Special information and insider trading. Journal of Business 47:410-428.

Jegadeesh, N., and S. Titman. 1993. Returns to buying winners and selling losers: Implications for stock market efficiency. Journal of Finance 48(1):65-91.

Jegadeesh, N., and S. Titman. 2001. Profitability of momentum strategies: An evaluation of alternative explanations. Journal of Finance 56(2):699-720.

Jennergren, L. P. 1975. Filter tests of Swedish share prices. In International Capital Markets, 55-67. New York: North-Holland.

Jennergren, L. P., and P. E. Korsvold. 1974. Price formation in the Norwegian and Swedish stock markets — Some random walk tests. Swedish Journal of Economics 76:171-185.

Jensen, M. 1968. The performance of mutual funds in the period 1945-64. Journal of Finance 2:389-416.

Jensen, M., and G. A. Bennington. 1970. Random walks and technical theories, some additional evidence. Journal of Finance 25:469-482.

Kaplan, R. S., and R. Roll. 1972. Investor evaluation of accounting information: Some empirical evidence. Journal of Business 45:225-257.

Keim, D. 1983. Size related anomalies and stock return seasonality: Further empirical evidence. Journal of Financial Economics 12.

McConnell, J. J., and C. J. Muscarella. 1985. Corporate capital expenditure decisions and the market value of the firm. Journal of Financial Economics 14:399-422.

Michaely, R., and K. L. Womack. 1999. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12:653-686.

Niederhoffer, V., and M. F. M. Osborne. 1966. Market making and reversal on the stock exchange. Journal of the American Statistical Association 61:891-916.

Peters, E. E. 1991. Chaos and order in the capital markets. New York: John Wiley & Sons.

Pradhuman, S. 2000. Small cap dynamics. Princeton, NJ: Bloomberg Press. Praetz, P. D. 1972. The distribution of share price changes. Journal of Business 45(l):49-55.

Reinganum, M. R. 1983. The anomalous stock market behavior of small firms in January: Empirical tests for tax-loss effects. Journal of Financial Economics 12.

Rendleman, R. J., C. P. Jones, and H. A. Latene. 1982. Empirical anomalies based on unexpected earnings and the importance of risk adjustments. Journal of Financial Economics 10:269-287.

Richards, R. M., and J. D. Martin. 1979. Revisions in earnings forecasts: How much response? Journal of Portfolio Management 5:47-52.

Ritter, J., and N. Chopra. 1989. Portfolio rebalancing and the turn of the year effect. Journal of Finance 44:149-166.

Roll, R. 1983. Vas ist das? Journal of Portfolio Management 9:18-28.

Roll, R. 1984. A simple implicit measure of the bid-ask spread in an efficient market. Journal of Finance 39:1127-1139.

Rosenberg, B., K. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11:9-17.

Seyhun, H. N. 1998. Investment intelligence from insider trading. Cambridge, MA: MIT Press.

Shiller, R. 1999. Irrational exuberance. Princeton, NJ: Princeton University Press.

Sunder, S. 1973. Relationship between accounting changes and stock prices: Problems of measurement and some empirical evidence. In Empirical Research in Accounting: Selected Studies 1-45. Toronto: Lexington.

Sunder, S. 1975. Stock price and risk related accounting changes in inventory valuation. Accounting Review 305-315.

Womack, K. 1996. Do brokerage analysts’ recommendations have investment value?

Journal of Finance 51:137-167.

Woodruff, C. S., and A. J. Senchack, Jr. 1988. Intradaily price-volume adjustments of NYSE stocks to unexpected earnings. Journal of Finance 43(2):467-491.

Глава 7. БЕЗРИСКОВЫЕ СТАВКИ И ПРЕМИИ ЗА РИСК

Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23:589-609.

Altman, E. I., and V. Kishore. 2000. The default experience of U.S. bonds. Working paper. Salomon Center, New York University.

Booth, L. 1999. Estimating the equity risk premium and equity costs: New way of looking at old data. Journal of Applied Corporate Finance 12(1):100-112.

Bruner, R. F., K. M. Eades, R. S. Harris, and R. C. Higgins. 1998. Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education 14-28.

Chan, K. C., G. A. Karolyi, and R. M. Stulz. 1992. Global financial markets and the risk premium on U.S. equity. Journal of Financial Economics 32:132-167.

Damodaran, A. 1999. Estimating the equity risk premium. Working paper. .

Elton, E., M. J. Gruber, and J. Mei. 1994. Cost of capital using arbitrage pricing theory: A case study of nine New York utilities. Financial Markets, Institutions and Instruments 3:46-73.

Fama, E. F., and K. R. French. 1988. Permanent and temporary components of stock prices. Journal of Political Economy 96:246-273.

Godfrey, S., and R. Espinosa. 1996. A practical approach to calculating the cost of equity for investments in emerging markets. Journal of Applied Corporate Finance 9(3):80-81.

Ibbotson, R. G., and G. P. Brinson. 1993. Global investing. New York: McGraw-Hill.

Indro, D. C., and W. Y. Lee. 1997. Biases in arithmetic and geometric averages as estimates of long-run expected returns and risk premium. Financial Management 26:81-90.

Pettit, J. 1999. Corporate capital costs: A practitioner’s guide. Journal of Applied Corporate Finance 12(1):113-120.

Rosenberg, B., and V. Marathe. 1979. Tests of capital asset pricing hypotheses.

Research in Finance 1:115-124.

Stocks, bonds, bills and inflation. 1999. Chicago: Ibbotson Associates.

Stulz, R. M. 1999. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 12(1).

Глава 8. ОЦЕНКА ПАРАМЕТРОВ РИСКА И СТОИМОСТИ ФИНАНСИРОВАНИЯ

Blume, M. 1979. Betas and their regression tendencies: Some further evidence.

Journal of Finance 34(l):265-267.

Brown, S. J., and J. B. Warner. 1980. Measuring security price performance. Journal of Financial Economics 8(3):205-258.

Brown, S. J., and J. B. Warner. 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14(1):3-31.

Bruner, R. F., K. M. Eades, R. S. Harris and R. C. Higgins. 1998. Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education 14-28.

Dimson, F. 1979. Risk measurement when shares are subject to infrequent trading.

Journal of Financial Economics 7(2):197-226.

Hamada, R. S. 1972. The effect of the firm’s capital structure on the systematic risk of common stocks. Journal of Finance 27:435-452.

Scholes, M., and J. T. Williams. 1977. Estimating betas from nonsynchronous data.

Journal of Financial Economics 5(3):309-327.

Глава 9. ИЗМЕРЕНИЕ ПРИБЫЛИ

Aboody, D., and B. Lev. 1998. The value relevance of intangibles: The case of software capitalization. Journal of Accounting Research 36(0):161-191.

Bernstein, L. A., and J. G. Siegel. 1979. The concept of earnings quality. Financial Analysts Journal 35:72-75.

Damodaran, A. 1999. The treatment of operating leases. Working paper. .

Damodaran, A. 1999. The treatment of R&D. Working paper,

Deng, Z., and B. Lev. 1998. The valuation of acquired R&D. Working paper. New York University.

Глава 10. ОТ ПРИБЫЛИ К ДЕНЕЖНЫМ ПОТОКАМ

Brennan, M. J. 1970. Taxes, market valuation and corporation financial policy.

National Tax Journal 417-427.

Graham, J. R. 2000. How big are the tax benefits of debt? Journal of Finance 55(5):1901-1941.

Graham, J. R. Proxies for the corporate marginal tax rate. Journal of Financial Economics 42(2):187-221.

Глава 11. ОЦЕНКА РОСТА

Arnott, R. D. 1985. The use and misuse of consensus earnings. Journal of Portfolio Management 11:18-27.

Bathke, A. W, Jr., and K. S. Lorek. 1984. The relationship between time-series models and the security market’s expectation of quarterly earnings. Accounting Review 163-176.

Box, G., and G. Jenkins. 1976. Time series analysis: Forecasting and control. Oakland, CA: Holden-Day.

Brown, L. D., and M. S. Rozeff. 1979. Univariate time series models of quarterly accounting earnings per share: A proposed model. Journal of Accounting Research 178-189.

Brown, L. D., and M. S. Rozeff. 1980. Analysts can forecast accurately! Journal of Portfolio Management 6:31-34.

Collins, W., and W. Hopwood. 1980. A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate time series models. Journal of Accounting Research 20:390-406.

Cragg, J. G., and B. G. Malkiel. 1968. The consensus and accuracy of predictions of the growth of corporate earnings. Journal of Finance 23:67-84.

Crichfield, T., T. Dyckman, and J. Lakonishok. 1978. An evaluation of security analysts forecasts. Accounting Review 53:651-668.

Foster, G. 1977. Quarterly accounting data: Time series properties and predictive ability results. Accounting Review 52:1-31.

Fried, D., and D. Givoly. 1982. Financial analysts forecasts of earnings: A better surrogate for earnings expectations. Journal of Accounting and Economics 4:85-107.

Fuller, R. J., L. C. Huberts, and M. Levinson. 1992. It’s not higgledy-piggledy growth! Journal of Portfolio Management 18:38-46.

Givoly, D., and J. Lakonishok. 1984. The quality of analysts’ forecasts of earnings.

Financial Analysts Journal 40:40-47.

Hawkins, E. H., S. C. Chamberlin, and W. E. Daniel. 1984. Earnings expectations and security prices. Financial Analysts Journal 40:24-27, 30-38, 74.

Little, I. M. D. 1960. Higgledy piggledy growth. Oxford: Institute of Statistics.

O’Brien, P. 1988. Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics 10:53-83.

Vander Weide, J. H., and W. T. Carleton. 1988. Investor growth expectations: Analysts vs. history. Journal of Portfolio Management 14:78-83.

Watts, R. 1975. The time series behavior of quarterly earnings. Working paper. University of Newcastle.

Глава 12. ЗАВЕРШЕНИЕ ОЦЕНКИ: ОЦЕНКА ЗАКЛЮЧИТЕЛЬНОЙ СТОИМОСТИ

Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23:589-609.

Grant, R. M. 1998. Contemporary strategy analysis. Maiden, MA: Blackwell.

Mauboussin, M., and P. Johnson. 1997. Competitive advantage period: The neglected value driver. Financial Management 26(2):67-74.

Porter, M. E. 1980. Competitive strategy: Techniques for analyzing industries and competitors. New York: Free Press.

Глава 13. МОДЕЛЬ ДИСКОНТИРОВАНИЯ ДИВИДЕНДОВ

Bethke, W. M., and S.E. Boyd. 1983. Should dividend discount models be yield-tilted? Journal of Portfolio Management 9:23-27.

Estep, T. 1987. Security analysis and stock selection: Turning financial information into return forecasts. Financial Analysts Journal 43:34-43.

Estep, T. 1985. A new method for valuing common stocks. Financial Analysts Journal 41:26, 27, 30-33.

Fuller, R. J., and C. Hsia. 1984. A simplified common stock valuation model. Financial Analysts Journal 40:49-56.

Gordon, M. 1962. The investment, financing and valuation of the corporation. Homewood, IL: Irwin.

Haugen, R. 1997. Modern investment theory. Upper Saddle River, NJ: Prentice Hall.

Jacobs, B. I., and K. N. Levy. 1988a. Disentangling equity return irregularities: New insights and investment opportunities. Financial Analysts Journal 44:18-44.

Jacobs, B. I., and K. N. Levy. 1988b. On the value of «value». Financial Analysts Journal 44:47-62.

Litzenberger, R. H., and K. Ramaswamy. 1979. The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics 7:163-196.

Sorensen, E. H., and D. A. Williamson. 1985. Some evidence on the value of the dividend discount model. Financial Analysts Journal 41:60-69.

Глава 14. МОДЕЛЬ СВОБОДНЫХ ДЕНЕЖНЫХ ПОТОКОВ НА СОБСТВЕННЫЙ КАПИТАЛ

Damodaran, A. 2001. Corporate finance: Theory and practice, 2d ed. New York: John Wiley & Sons.

Глава 15. ОЦЕНКА ФИРМЫ: ПОДХОДЫ НА ОСНОВЕ СТОИМОСТИ ПРИВЛЕЧЕНИЯ КАПИТАЛА И СКОРРЕКТИРОВАННОЙ ПРИВЕДЕННОЙ СТОИМОСТИ

Altman, E. I., and V. Kishore. 2000. The default experience of U.S. bonds. Working paper, Salomon Center, New York University.

Barclay, M. J., C. W. Smith, and R. L. Watts. 1995. The determinants of corporate leverage and dividend policies. Journal of Applied Corporate Finance 7(4):4-19. Bhide, A. 1993. Reversing corporate diversification. In The new corporate finance — Where theory meets practice, ed. D. H. Chew Jr. New York: McGraw-Hill. Damodaran, A. 2001. Corporate finance: Theory and practice, 2d ed. New York: John Wiley & Sons.

Davis, D., and K. Lee. 1997. A practical approach to capital structure for banks.

Journal of Applied Corporate Finance 10(l):33-43.

Denis, D. J., and D. K. Denis. 1993. Leveraged recaps in the curbing of corporate overinvestment. Journal of Applied Corporate Finance 6(1):60-71.

Graham, J. 1996. Debt and the marginal tax rate. Journal of Financial Economics 41:41-73.

Inselbag, L, and H. Kaufold. 1997. Two DCF approaches and valuing companies under alternative financing strategies. Journal of Applied Corporate Finance 10(1):115-122.

Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers.

American Economic Review 76:323-329.

Kaplan, S. N. 1989. Campeau’s acquisition of Federated: Value destroyed or value added? Journal of Financial Economics 25:191-212.

Mackie-Mason, J. 1990. Do taxes affect corporate financing decisions? Journal of Finance 45:1471-1494.

Miller, M. 1977. Debt and taxes. Journal of Finance 32:261-275.

Modigliani, F., and M. Miller. 1958. The cost of capital, corporation finance and the theory of investment. American Economic Review 48:261-297.

Myers, S. C. 1976. Determinants of corporate borrowing. Journal of Financial Economics 5:147-175.

Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13:187-221.

Opler, T., M. Saron, and S. Titman. 1997. Designing capital structure to create stockholder value. Journal of Applied Corporate Finance 10:21-32.

Palepu, K. G. 1986. Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics 8(l):3-35.

Palepu, K. G. 1990. Consequences of leveraged buyouts. Journal of Financial Economics 26:247-262.

Pinegar, J. M., and L. Wilbricht. 1989. What managers think of capital structure theory: A survey. Financial Management 18(4):82-91.

Shapiro, A. 1989. Modern corporate finance. New York: Macmillan.

Smith, A. J. 1990. Corporate ownership structure and performance: The case of management buyouts. Journal of Financial Economics 27:143-164.

Smith, C. W. 1986. Investment banking and the capital acquisition process. Journal of Financial Economics 15:3-29.

Titman, S. 1984. The effect of capital structure on a firm’s liquidation decision.

Journal of Financial Economics 13:137-151.

Warner, J. N. 1977. Bankruptcy costs: Some evidence. Journal of Finance 32:337-347.

Глава 16. ОПРЕДЕЛЕНИЕ СТОИМОСТИ СОБСТВЕННОГО КАПИТАЛА НА ОДНУ АКЦИЮ

Carpenter, J. 1998. The exercise and valuation of executive stock options. Journal of Financial Economics 48:127-158.

Cuny, C. C., and P. Jorion. 1995. Valuing executive stock options with endogenous departure. Journal of Accounting and Economics 20:193-205.

Damodaran, A. 1999. Dealing with cash, marketable securities and cross holdings. Working paper. .

Lease, R. C., J. J. McConnell, and W. H. Mikkelson. 1983. The market value of control in publicly-traded corporations. Journal of Financial Economics 11:439-471.

Глава 17. ФУНДАМЕНТАЛЬНЫЕ ПРИНЦИПЫ СРАВНИТЕЛЬНОЙ ОЦЕНКИ

Damodaran, A. 2001. It’s all relative: First principles of relative valuation. Working paper. .

Глава 18. МУЛЬТИПЛИКАТОРЫ ПРИБЫЛИ

Cragg, J. G., and B. G. Malkiel. 1968. The consensus and accuracy of predictions of the growth of corporate earnings. Journal of Finance 23:67-84.

Goodman, D. A., and J. W. Peavy, III. 1983. Industry relative price-earnings ratios as indicators of investment returns. Financial Analysts Journal 39:60-66.

Kisor, M., Jr., and V. S. Whitbeck. 1963. A new tool in investment decision-making.

Financial Analysts Journal 19:55-62.

Leibowitz, M. L., and S. Kogelman. 1992. Franchise value and the growth process.

Financial Analysts Journal 48:53-62.

Levy, H., and Z. Lerman. 1985. Testing P/E ratio filters with stochastic dominance.

Journal of Portfolio Management 11:31-40.

Peters, D. J. 1991. Valuing a growth stock. Journal of Portfolio Management 17:49-51.

Глава 19. МУЛЬТИПЛИКАТОРЫ БАЛАНСОВОЙ СТОИМОСТИ

Capaul, C., I. Rowley, and W. F. Sharpe. 1993. International value and growth stock returns. Financial Analysts Journal 49:27-36.

Chan, L. K., Y. Hamao, and J. Lakonishok. 1991. Fundamentals and stock returns in Japan. Journal of Finance 46:1739-1789.

Fama, E. F., and K. R. French. 1992. The cross-section of expected returns. Journal of Finance 47:427-466.

Jacobs, B. I., and K. N. Levy. 1988. On the value of «value». Financial Analysts Journal 44:47-62.

Lang, L. H. P., R. M. Stulz, and R. A. Walkling. 1991. A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics 29:315-335.

Porter, M. E. 1980. Competitive strategy: Techniques for analyzing industries and competitors. New York: Free Press.

Rosenberg, B., K. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11:9-17.

Wilcox, J. W. 1984. The P/B-ROE valuation model. Financial Analysts Journal 40:58-66.

Глава 20. МУЛЬТИПЛИКАТОРЫ ВЫРУЧКИ И СПЕЦИФИЧЕСКИЕ СЕКТОРНЫЕ МУЛЬТИПЛИКАТОРЫ

Itami, H. 1987. Mobilizing invisible assets. Cambridge, MA: Harvard University Press.

Jacobs, B. L, and K. N. Levy. 1988. Disentangling equity return irregularities: New insights and investment opportunities. Financial Analysts Journal 44:18-44.

Senchack, A. J., Jr., and J. D. Martin. 1987. The relative performance of the PSR and PER investment strategies. Financial Analysts Journal 43:46-56.

Глава 21. ОЦЕНКА ФИРМ, ОКАЗЫВАЮЩИХ ФИНАНСОВЫЕ УСЛУГИ

Copeland, T. E., T. Koller, and J. Murrin. 1999. Valuation: Measuring and managing the value of companies. New York: John Wiley 8c Sons.

Глава 22. ОЦЕНКА ФИРМ С ОТРИЦАТЕЛЬНОЙ ПРИБЫЛЬЮ

Damodaran, A. 2001. Dealing with negative earnings. Working paper. .

Глава 23. ОЦЕНКА МОЛОДЫХ ИЛИ НАЧИНАЮЩИХ ФИРМ

Damodaran, A. 2001. The dark side of valuation. Upper Saddle River, NJ: Prentice Hall. Глава 24. ОЦЕНКА ЧАСТНЫХ ФИРМ

Beaver, W. H., P. Kettler, and M. Scholes. 1970. The association between market determined and accounting determined risk measures. Accounting Review 45(4):654-682.

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Maher, J. M. 1976. Discounts for lack of marketability for closely held business interests. Tax Magazine 1:562-571.

Moroney, R. E. 1973. Most courts overvalue closely held stocks. Tax Magazine 1:144-155.

Pratt, S., R. F. Reilly, and R. P. Schweihs. 2000. Valuing a business: The analysis and appraisal of closely held companies. New York: McGraw-Hill.

Rosenberg, B., and J. Guy. 1976. Beta and investment fundamentals; Beta and investment fundamentals — II. Financial Analysts Journal 32(3):60-72; 32(4):62-70.

Rosenberg, B., and J. Guy. 1995. Prediction of beta from investment fundamentals.

Financial Analysts Journal 51(1): 101-112.

Silber, W. L. 1991. Discounts on restricted stock: The impact of illiquidity on stock prices. Financial Analysts Journal 47:60-64.

Глава 25. ПРИОБРЕТЕНИЯ И ПОГЛОЩЕНИЯ

Bhide, A. 1989. The causes and consequences of hostile takeovers. Journal of Applied Corporate Finance 2:36-59.

Bhide, A. 1993. Reversing corporate diversification. In The new corporate finance — Where theory meets practice, ed. D. H. Chew Jr. New York: McGraw-Hill.

Bradley, M., A. Desai, and E. H. Kim. 1983. The rationale behind interfirm tender offers. Journal of Financial Economics 11:183-206.

Bradley, M., A. Desai, and E. H. Kim. 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms.

Journal of Financial Economics 21:3-40.

Dann, L. Y., and H. DeAngelo. 1983. Standstill agreements, privately negotiated stock repurchases, and the market for corporate control. Journal of Financial Economics 11:275-300.

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DeAngelo, H., and E. M. Rice. 1983. Antitakeover charter amendments and stockholder wealth. Journal of Financial Economics 11:329-360.

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Deng, Z., and B. Lev. 1998. The valuation of acquired R&D. Working paper. New York University.

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Глава 26. ОЦЕНКА НЕДВИЖИМОСТИ

Fama, E. F., and G. W. Schwert. 1977. Asset returns and inflation. Journal of Financial Economics 5:115-146.

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Глава 27. ОЦЕНКА ПРОЧИХ АКТИВОВ

Mei, J., and M. Moses. 2001. Art as an investment and the underperformance of masterpieces: Evidence from 1875-2000. Working paper. Stern School of Business, New York University.

Глава 28. ОПЦИОН НА ОТСРОЧКУ И ВЫВОДЫ ДЛЯ ОЦЕНКИ

Avellaneda, M., and P. Lawrence. 2000. Quantitative modeling of derivative securities. New York: Chapman & Hall.

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Journal of Business 58:135-158.

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Глава 29. ОПЦИОНЫ НА РАСШИРЕНИЕ И НА ОТКАЗ: ВЫВОДЫ ДЛЯ ОЦЕНКИ

Amram, M., and N. Kulantilaka. 1998. Real options: Managing strategic investments in an uncertain world. New York: Oxford University Press.

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Глава 30. ОЦЕНКА СОБСТВЕННОГО КАПИТАЛА ПРОБЛЕМНЫХ ФИРМ

Copeland, T. E., and V. Antikarov. 2001. Real options: A practitioners guide. New York: Texere.

Глава 31. УВЕЛИЧЕНИЕ СТОИМОСТИ: ГРАНИЦЫ ОЦЕНКИ ДИСКОНТИРОВАННЫХ ДЕНЕЖНЫХ ПОТОКОВ

Brickley, J., C. Smith, and J. Zimmerman. 1995. The economics of organizational architecture. Journal of Applied Corporate Finance 8:19-31.

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Damodaran, A. 1999. Value enhancement: Back to the future. Contemporary Finance Digest 3:2-47.

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Глава 32. УВЕЛИЧЕНИЕ СТОИМОСТИ: EVA, CFROI И ПРОЧИЕ ИНСТРУМЕНТЫ

Bernstein, R. 1997. EVA and market returns. Quantitative Viewpoint, Merrill Lynch, December 19, 1997.

Bernstein, R. 1997. EVA and market returns. Quantitative Viewpoint, Merrill Lynch, February 3, 1998.

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Ehrbar, A. 1998. EVA: The real key to creating wealth. New York: John Wiley & Sons.

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Глава 33. ОЦЕНКА ОБЛИГАЦИЙ

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Глава 34. ОЦЕНКА ФЬЮЧЕРСНЫХ И ФОРВАРДНЫХ КОНТРАКТОВ

Houthaker, H. S. 1957. Can speculators forecast prices? Review of Economics and Statistics 39:73-87.

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Глава 35. ОБЗОР И ЗАКЛЮЧЕНИЕ

Damodaran, A. 2001. Choosing the right valuation model. Working paper. .

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