Class 9 Equity security analysis 6-Slides

Class 9 Equity security analysis 6-Slides - Where we are...

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1 ACCT5910 – Business Analysis and Valuation Class 8: Valuation: Implementation Financial Statement Analysis Class 9: Equity Security Analysis Where we are… Framework for Analysis (Class 1-8): Business strategy analysis Accounting analysis Financial analysis Prospective analysis Valuation Application of the framework to decision contexts (Class 9-11) Equity security analysis Credit analysis and distress prediction Mergers and acquisitions analysis Equity Security Analysis What is Equity Security Analysis Market Efficiency Theory and evidence Approaches to Equity Security Analysis Fundamental analysis Quantitative analysis Investment Industry Financial analysts Fund managers Evaluation of prospects from the perspective of current or potential investors. Part of investment process: Establish investment objectives Risk tolerance, investment horizon, constraints Form expectations about future returns and risks Determine asset allocation Select securities to construct portfolios Evaluate portfolio performance A. What is Equity Security Analysis B. Market Efficiency Efficient Market Hypothesis Financial market is “informationally” efficient, i.e., stock prices quickly and fully reflect all the available information.
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