发帖
雷达卡
by Stephen Lynn (Author)
About the Author
Stephen Lynn is Associate Professor and Deputy Head of the Accounting Department at the National University of Singapore Business School. He has taught a variety of accounting courses including valuation for accountants and accounting theory. His current scholarly interests include valuation, technical issues in financial reporting and issues in teaching accounting.
About this Book
This book focuses on the valuation needed to apply IFRS (International Financial Reporting Standards), and provides coverage of financial instruments – indeed this is the starting point of the exposition. The book adopts a logical sequence where models of financial instruments are explained first and models of other assets (such as property, an enterprise, or multiple intangibles) are presented as extensions.
The book uses mathematical notation in presenting many of the models, but the focus is on application rather than proof. The mathematics is presented at a level that assumes sufficient background in high school algebra and coordinate geometry, prior knowledge of elementary probability, and a knowledge of basic statistics. Readers should also be aware of what linear regression does and should be able to run a regression and interpret the output. Calculus is not assumed.
The models discussed almost always require a computer to apply. However, the emphasis is on understanding the models rather than learning computer skills, especially in the case of financial instruments.
Brief Contents
1 Overview 1
1.1 Learning Outcomes. 1
1.2 Introduction 1
1.3 Current Value Concepts 2
1.4 Standards Requiring Current Value 3
1.5 More on IFRS 13 6
1.6 Valuation Approaches 7
Reference 9
2 Forwards and Options. 11
2.1 Learning Outcomes. 11
2.2 Forwards 12
2.3 Options 14
2.4 European Options with No Dividends 16
2.5 American Options 29
2.6 Bermuda Options 32
2.7 Dividends During the Option Life 33
2.8 Employee Stock Options (ESOs) 37
2.9 Asian Options: Monte Carlo Simulation 46
2.10 Measuring Volatility 51
2.11 Logic Behind the Risk-Neutral Probabilities Approach 57
2.12 Derivation of the Risk-Neutral Probability Formula in the Standard Multi-step Binomial Lattice 59
2.13 Why an American Call (No Dividends) Is Not Exercised Early 60
2.14 C++ Program for a Binomial Model. 62
2.15 C++ Program to Perform Monte Carlo Simulation to Value a European-Style Asian Option 64
Exercises 65
References 69
3 Government Bonds 71
3.1 Learning Outcomes. 71
3.2 Zero-Coupon Bonds 72
3.3 Coupon Bonds 78
3.4 Seasoned Bonds 79
3.5 Bootstrapping 86
3.6 The Svensson Model 88
3.7 Lattice Models of the Term Structure 91
3.8 Covered Interest Rate Parity (CIRP). 100
Exercises 101
References 103
4 Risky Bonds, Floaters and Swaps 105
4.1 Learning Outcomes. 106
4.2 Duration 106
4.3 Spreads 107
4.4 Floaters 117
4.5 Swaps 123
4.6 Convertible Bonds 124
4.7 Callables/Puttables 130
Exercises 134
References 136
5 Business Valuation 137
5.1 Learning Outcomes. 138
5.2 Introduction 138
5.3 Ratio-Based Valuation. 139
5.4 Discounted Cash Flow (DCF) Models Introduction 149
5.5 One-Stage and Multi-stage DCF Models 150
5.6 Equity Valuation Models Based on DCF 156
5.7 DCF Models for Enterprise Valuation 160
Exercises 174
References 176
6 Inputs to Business Valuation 177
6.1 Learning Outcomes. 177
6.2 Timing of Cashflows 178
6.3 Projecting Financial Statements 179
6.4 Cost of Capital 188
6.5 Risk-Free Rate 188
6.6 Cost of Debt 189
6.7 Cost of Equity 190
6.8 Choosing Guideline Companies 200
Exercises 202
References 203
7 Intangibles Valuation, Purchase Price Allocation (PPA) and Goodwill Impairment 205
7.1 Learning Outcomes. 205
7.2 IFRS and Intangibles 206
7.3 Valuation Techniques for Intangibles 208
7.4 Lifing 219
7.5 Purchase Price Allocation (PPA) 227
7.6 Non-controlling Interest (NCI) 231
7.7 Impairment of Goodwill. 235
Appendix: Deriving the RUL Formula 241
Exercises 243
References 248
8 Property 251
8.1 Learning Outcomes. 252
8.2 Property Valuation and IFRS. 252
8.3 Valuing Land: Highest and Best Use 253
8.4 Three Valuation Approaches Outlined. 255
8.5 The Market Approach 257
8.6 The Income Approach. 281
8.7 The Cost Approach 290
8.8 Concluding Remarks 293
Appendix 1 Santa Fe Data 294
Exercises 297
References 298
A C/C++ Programming Tutorial 299
A.1 Introduction 299
A.2 Getting the C/C++ Compiler 300
A.3 Program Format 301
A.4 Printing Text to the Screen 303
A.5 Variables 304
A.6 Keyboard Input 305
A.7 Mathematics 305
A.8 Conditionals 308
A.9 Loops. 311
A.10 Arrays 314
A.11 Functions 316
A.12 Advanced Topics 318
A.13 Learning More 325
B Financial Math Refresher 327
B.1 Learning Outcomes. 327
B.2 Euler’s Number 327
B.3 The Exponential Function. 328
B.4 Natural Logarithms 328
B.5 Logarithm Arithmetic 329
B.6 APR Interest Rates 330
B.7 APR Discount Rates 331
B.8 Continuous Compounding at 100 Percent 331
B.9 Continuous Compounding at 5 Percent 332
B.10 Continuous Compounding for t Years 332
B.11 Continuous Discounting for t Years 332
References 334
Index 335
Series: Springer Texts in Business and Economics
Pages: 338 pages
Publisher: Springer; 1st ed. 2020 edition (March 24, 2020)
Language: English
ISBN-10: 9811503567
ISBN-13: 978-9811503566
Springer__Valuation for Accountants_A Short Course Based on IFRS.pdf
(4.2 MB, 需要: 30 个论坛币)
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
