financial modeling and valuation course

... difficult. Investment Evaluation Criteria The Land Expectation Value(LEV) model is applied in preference to the NPV model. 18 Forestry Modeling  Forestry projects are long term.  Costs and benefits ... influenced by- harvest age, species type, timber price. 1 Chapter 10: Case Study in Financial Modeling and Simulation of a Forestry Investment Investment in forestry as an example of capital ... predict.  Growth risks and product types are particular to forestry.  Modeling helps to analyze the forecast values. 12 Solving the Model 7 Forestry Risks 2  Timber return: inappropriate pruning and thinning,...

Ngày tải lên: 23/03/2014, 04:20

... retail stores and affiliated pro shops. It plans to 28 Financial Modeling with Crystal Ball and Excel JOHN CHARNES John Wiley & Sons, Inc. 10 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL ■ Crystal ... through the examples and generating the output on your computer as you read will help you decide what is best for you and your clients. 26 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL FIGURE 2.15 ... lognormally distributed with mean $50 and standard deviation $10; variable cost percentage, V, has the beta distribution with parameters minimum = 0%, maximum = 100%, alpha = 2, and beta = 3; and fixed cost, F =...

Ngày tải lên: 18/02/2014, 07:20

... Overview of Financial Reporting, Financial Statement Analysis, and Valuation 1 Chapter 2 Asset and Liability Valuation and Income Recognition 96 Chapter 3 Income Flows versus Cash Flows: Understanding ... part. Preface The process of financial reporting, financial statement analysis, and valuation is intended to help investors and analysts to deeply understand a firm’s profitability and risk and to use that ... Wall Street and around the world for financial statement analysis and valuation. Given the profound importance of financial reporting, financial statement analysis, and valu ation, and given our...

Ngày tải lên: 14/03/2014, 22:20

... GAAP and IFRS. Chapters 10 to 14 focus primarily on forecasting financial statements and valuation. Some schools teach U.S. GAAP and IFRS topics and financial statement analysis in sep- arate courses. ... Overview of Financial Reporting, Financial Statement Analysis, and Valuation 1 Chapter 2 Asset and Liability Valuation and Income Recognition 96 Chapter 3 Income Flows versus Cash Flows: Understanding ... part. Chapter 1: Overview of Financial Reporting, Financial Statement Analysis, and Valuation Chapter 2: Asset and Liability Valuation Chapter 3: Income Flows Versus Cash Flows and Income Recognition Chapter...

Ngày tải lên: 22/03/2014, 09:20

... in Penman and Sougiannis (1998) and Francis, Olsson, and Oswald (2000), compares valuation errors of accrual-based valuation models and cash flow models against observed prices, and broadly ... forecasting and the valuation. Cash accounting and accrual accounting can been compared on their utility for forecasting and valuation, and so can different forms of accrual accounting, IFRS and U.S. ... accounting to forecasting and valuation: 1. Accounting links to cash flows (and thus consumption and valuation) through the basic structural relation that ties the balance sheet and income statement...

Ngày tải lên: 23/03/2014, 00:20

... office tenant demand, the ratio of government employment over the sum of the financial, insurance and real estate and service office tenants and the level of occupied stock. McGough and Tsolacos (2002), ... series; ● distinguish between AR and MA processes; ● specify and estimate an ARMA model; ● address seasonality within the regression or ARMA frameworks; and ● produce forecasts from ARMA and exponential smoothing models. 8.1 ... values, and for a stationary series they depend only on the difference between t 1 and t 2 , so that the covariance between y t and y t−1 is the same as the covariance between y t−10 and y t−11 ,...

Ngày tải lên: 21/06/2014, 12:20

... 237 0.05 0 –0.05 –0.1 –0.15 –0.2 –0.25 –0.3 –0.35 –0.4 –0.45 acf and pacf lag,s 12345678910 acf pacf Figure 8.1 Sample autocorrelation and partial autocorrelation functions for an MA(1) model: y t =−0.5u t−1 + u t 8.6.1 Sample acf and pacf plots for standard ... combinations of ARMA specifications and the estimated AIC and SBIC values. 240 Real Estate Modelling and Forecasting 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 acf and pacf lag,s 12 345678910 acf pacf Figure ... actually cause the estimated parameter standard errors to rise or fall will obviously depend on how much the RSS falls, and on the relative sizes of T and k.IfT is very large relative to k, then...

Ngày tải lên: 21/06/2014, 12:20

... recession and low economic growth (the first half of the 1980s and the beginning of the 1990s) and has fallen in periods of economic expansion (the second half of the 1980s and after Forecast evaluation ... per employee) at time t and u t , e t and v t are the error terms at time t. In this case, there are G = 3 equations and three endogenous variables (Q, ABS and R). EMP and USG are exogenous, so ... measure of physical vacancy and not as a percentage of stock) and GDP is gross domestic product. The αs, βs and γ s are the structural parameters to be estimated, and u t , e t and ε t are the stochastic...

Ngày tải lên: 21/06/2014, 12:20

... consider the random walk y t = y t−1 + u t (12.24) An I(2) series contains two unit roots and so would require differencing twice to induce stationarity. I(1) and I(2) series can wander a long ... institutional investors, private equity, developers and others, the effects of globalisation and 392 Real Estate Modelling and Forecasting and a deterministic trend. We set the lag length to ... rents and GDP and between office rents and total employment using the Engle–Granger procedure. We examine the series on a pair-wise basis rather than together, mainly for ease of illustra- tion and...

Ngày tải lên: 21/06/2014, 12:20

... Estate Modelling and Forecasting cover offices and shops, the author aggregates financial and business services sector GDP (as the users of office space are financial institutions and business service ... giving updated estimates of the cointegrating vector and its standard errors. The Engle and Yoo (EY) third step is algebraically technical and, additionally, EY suffers from all the remaining ... is active demand), that can act as a harbinger for absorption or take-up. The forecaster will, of course, incorporate these suggestions and assess their contributions to the model and to forecast...

Ngày tải lên: 21/06/2014, 12:20

... markets, Journal of Financial Economics 17(2), 357–90. References 443 Diebold, F., and Lopez, J. (1996) Forecast evaluation and combination in Maddala, G. S., and Rao, C. R. (eds.) Handbook of Statistics, ... and Tsolacos, S. (1993) A comparative analysis of the major determinants of office rental values in Europe, Journal of Property Valuation and Investment 11(2), 157–72. Goldfeld, S. M., and Quandt, ... K., and Yang, H. (2005) Long-term co-memories and short-run adjustment: secu- ritized real estate and stock markets, Journal of Real Estate Finance and Economics 31(3), 283–300. Lizieri, C., and...

Ngày tải lên: 21/06/2014, 12:20

... if a random variable X follows the normal distribution with mean, µ, and standard deviation, σ , then the random variable Y = a +bX will also be normally distributed with mean, a +bµ ,and standard ... Confererences. xvii Financial Modeling with Crystal Ball and Excel JOHN CHARNES John Wiley & Sons, Inc. Contents Preface xi Acknowledgments xv About the Author xvii CHAPTER 1 Introduction 1 Financial Modeling ... a rough approximation to reality. 4 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL In short, probability and statistics help you weigh the potential rewards and punishments associated with the...

Ngày tải lên: 05/07/2014, 18:20

... through the examples and generating the output on your computer as you read will help you decide what is best for you and your clients. 20 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL FIGURE 2.7 ... into stocks and one half into bonds. We call this the 50–50 portfolio, and model it in the Excel file Accumulate.xls. The model draws returns on stocks and bonds randomly for each year and calculates ... tool. 18 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL FIGURE 2.5 Frequency distributions depicting negative (Skewness =−2), positive (+2), and near-zero (0.02) skewness at top left, top right, and...

Ngày tải lên: 05/07/2014, 18:20

... to offer for sale in its retail stores and affiliated pro shops. It plans to 28 32 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL FIGURE 3.4 Defining the demand assumption for the Alaskan Golf purchase ... demand for drivers is stochastic, and (2) the retail clerks and golf professionals who sell the clubs at retail are allowed to give consumers slight discounts on the listed prices. For the demand ... distribution, we assume that the lowest possible demand during the season is 500 drivers, the largest possible demand is 1,500 drivers, and the most likely demand is 800 drivers. These three parameters...

Ngày tải lên: 05/07/2014, 18:20

... mound-shaped but has a higher peak and heavier tails than a single normal distribution with mean and standard deviation parameters that are equal to the sample mean and standard deviation statistics ... normally distributed with mean µ = 1 percent and standard deviation σ = 1 percent, and Regime 2, where monthly rates of returns are normally distributed with mean µ = 1 percent and standard deviation σ = 3 percent. ... distribution. 66 FINANCIAL MODELING WITH CRYSTAL BALL AND EXCEL cells B2:B78 and C2:C78, respectively, in the spreadsheet PearsonSpearman.xls. Cell H2 is lognormal(1.18,0.36), and cell I2 is lognormal(1.13,0.22). The...

Ngày tải lên: 05/07/2014, 18:20

Ngày tải lên: 05/07/2014, 18:20

Ngày tải lên: 05/07/2014, 18:20

Ngày tải lên: 05/07/2014, 18:20

Ngày tải lên: 05/07/2014, 18:20

Ngày tải lên: 05/07/2014, 18:20