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  1. Lesson 13 - Equity Valuation
  2. Book Value: Net worth of common equity according to a firm’s balance sheet
  3. Liquidation value: Net amount realized by selling assets of firm and paying off debt
  4. Replacement cost: Cost to replace firm’s assets
  5. Tobin’s q: Ratio of firm’s market value to replacement cost
  6. 13.2 4/30 intrinsic value versus market price 6/30
  7. DDM - Formula for intrinsic value of firm equal to present value of all expected future dividends
  8. Constant growth DDM: form of DDM that assumes constant growth [EQUATION]
  9. 9/30 plowback ratio and PVGO
  10. 11/30 Earning per share 12/30
  11. 14/30 E/P shit
  12. Price-to-sales: For start-ups with no earnings
  13. Price-to-book: Indicates how aggressively market values firm
  14. Price-to-cash-flow: Cash flow less affected by accounting decisions than earnings
  15. Investors employ hierarchy of valuation
  16. Real estate, plant, equipment
  17. Economic profit on assets in place
  18. Growth opportunities
  19.  
  20. Lesson 15 - Options Markets
  21. Options | Futures
  22. Call (buy) | Long (buy)
  23. Put (sell) | short (sell)
  24. In the Money - Exercise would generate positive cash flow
  25. Out of the Money - Exercise would generate negative cash flow
  26. At the Money - Exercise price equals asset price
  27. Most trading occurs on organized exchanges
  28. Standardized
  29. Option Clearing Corporation - Jointly owned by exchanges | Requires option writers to post margin
  30. 15.2 13/35 strategies
  31. Protective put - Asset combined with put option that guarantees minimum proceeds equal to put’s exercise price
  32. Covered call - Writing call on asset together with buying asset
  33. Straddle - Combination of call and put, each with same exercise price and expiration date
  34. Spread - Combination of two or more call options/put options on same asset with differing exercise prices/times to expiration
  35. Collar - Options strategy that brackets value of portfolio between two bonds
  36. callable Bonds - Issued with coupon rate higher than on straight debt (includes protetion period)
  37. warrants - Option issued by firm to purchase shares of firm’s stock
  38. Collateralized Loans - No recourse beyond right to collateral
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