國立高雄大學圖資館 |

Language: English

Back

Private company valuationhow credit risk reshaped equity markets and corporate finance valuation tools /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Private company valuationGianluca Oricchio.
Reminder of title:	how credit risk reshaped equity markets and corporate finance valuation tools /
Author:	Oricchio, Gianluca,
Published:	Houndmills, Basingstoke, Hampshire ;Palgrave Macmillan,2012.
Description:	1 online resource.
Subject:	BUSINESS & ECONOMICS / Accounting / Financial
Online resource:	https://link.springer.com/book/10.1057/9781137271785
ISBN:	9781137271785 (electronic bk.)

Private company valuationhow credit risk reshaped equity markets and corporate finance valuation tools /
Oricchio, Gianluca,1968-

Private company valuationhow credit risk reshaped equity markets and corporate finance valuation tools /[electronic resource] :Gianluca Oricchio. - Houndmills, Basingstoke, Hampshire ;Palgrave Macmillan,2012. - 1 online resource. - Global financial markets. - Global financial markets..

Introduction -- Private Companies' Equity Valuation Methods -- Cost of Equity for Private Companies: the Integrated Pricing Model -- Integrated Pricing Model in USA -- Integrated pricing model in Japan -- Integrated pricing model in China -- Integrated pricing model in Russia -- Integrated Pricing Model in India -- Integrated Pricing Model in Italy.

The recent crisis in financial markets has seen a gradual erosion of the boundaries of asset classes previously regarded as risk-free. We have gone from a world mostly free of default risk to one where credit risk is largely reflected in equity prices. Traditional valuation methods now need to be integrated to take into account a scenario in which expectations of growth are considerably reduced, and credit risk is increased to levels previously unheard of. But as the majority of private companies are sub-investment grade, Valuing Private Companies: How Credit Risk Reshaped Equity Markets and Corporate Finance Valuation Tools sets out an innovative new method for estimating private companies' cost of equity based on a Fixed Income Approach (FIA). The book begins by introducing the changing landscape of financial markets post crisis, discussing the notion of 'risk free' asset classes and how equity valuation methods are changing in the light of credit risk. Oricchio then goes on to illustrate the limitations of traditional methods for estimating the economic value of non-listed companies, demonstrating that methods such as the Capital Asset Pricing Model (CAPM), which are market-based, cannot effectively capture credit risk in sub-investment grade companies. The author advocates the use of a new model to estimate the cost of equity b6 s the Integrated Pricing Model (IPM). This new model combines CAPM with a second method based on fixed income type logic, known as the Fixed Income Approach (FIA).The second part of the book then applies these new IPM equity valuations, based on corporate rating models for private companies, to a range of country specific cases covering the USA, Japan, China, Russia, India and Italy. In addition to the book's theoretical insights, illustrating in great detail the relationship between default risk and equity risk premium, readers will benefit from the practical experience the author has accumulated as a risk manager within major banking groups such as UniCredit Group, Capitalia SpA, and Banca di Roma SpA.

ISBN: 9781137271785 (electronic bk.)

Source: 493568Palgrave Macmillanhttp://www.palgraveconnect.comSubjects--Topical Terms:

642748
BUSINESS & ECONOMICS / Accounting / Financial
Index Terms--Genre/Form:

214472
Electronic books.

LC Class. No.: HG4028.V3 / O75 2012

Dewey Class. No.: 332.63/221

Private company valuationhow credit risk reshaped equity markets and corporate finance valuation tools /
LDR:04142cmm 2200445Ka 4500 001 403045
003 OCoLC
005 20130621115114.0
006 m o d
007 cr cn|||||||||
008 140117s2012 enk o 000 0 eng d
019 $a 816812201
020 $a 9781137271785 (electronic bk.)
020 $a 1137271787 (electronic bk.)
020 $z 9780230291447
020 $z 0230291449
020 $z 9781283737883
020 $z 1283737884
035 $a (OCoLC)815755418 $z (OCoLC)816812201
035 $a ocn815755418
037 $a 493568 $b Palgrave Macmillan $n http://www.palgraveconnect.com
040 $a UKPGM $b eng $c UKPGM $d OCLCO $d YDXCP $d CDX $d N $d EBLCP $d E7B
049 $a TEFA
050 1 4 $a HG4028.V3 $b O75 2012
072 7 $a FIN $2 eflch
072 7 $a BUS $x 036060 $2 bisacsh
082 0 4 $a 332.63/221 $2 23
100 1 $a Oricchio, Gianluca, $d 1968- $3 640815
245 1 0 $a Private company valuation $h [electronic resource] : $b how credit risk reshaped equity markets and corporate finance valuation tools / $c Gianluca Oricchio.
260 $a Houndmills, Basingstoke, Hampshire ; $a New York : $b Palgrave Macmillan, $c 2012.
300 $a 1 online resource.
490 1 $a Global financial markets
505 0 $a Introduction -- Private Companies' Equity Valuation Methods -- Cost of Equity for Private Companies: the Integrated Pricing Model -- Integrated Pricing Model in USA -- Integrated pricing model in Japan -- Integrated pricing model in China -- Integrated pricing model in Russia -- Integrated Pricing Model in India -- Integrated Pricing Model in Italy.
520 $a The recent crisis in financial markets has seen a gradual erosion of the boundaries of asset classes previously regarded as risk-free. We have gone from a world mostly free of default risk to one where credit risk is largely reflected in equity prices. Traditional valuation methods now need to be integrated to take into account a scenario in which expectations of growth are considerably reduced, and credit risk is increased to levels previously unheard of. But as the majority of private companies are sub-investment grade, Valuing Private Companies: How Credit Risk Reshaped Equity Markets and Corporate Finance Valuation Tools sets out an innovative new method for estimating private companies' cost of equity based on a Fixed Income Approach (FIA). The book begins by introducing the changing landscape of financial markets post crisis, discussing the notion of 'risk free' asset classes and how equity valuation methods are changing in the light of credit risk. Oricchio then goes on to illustrate the limitations of traditional methods for estimating the economic value of non-listed companies, demonstrating that methods such as the Capital Asset Pricing Model (CAPM), which are market-based, cannot effectively capture credit risk in sub-investment grade companies. The author advocates the use of a new model to estimate the cost of equity b6 s the Integrated Pricing Model (IPM). This new model combines CAPM with a second method based on fixed income type logic, known as the Fixed Income Approach (FIA).The second part of the book then applies these new IPM equity valuations, based on corporate rating models for private companies, to a range of country specific cases covering the USA, Japan, China, Russia, India and Italy. In addition to the book's theoretical insights, illustrating in great detail the relationship between default risk and equity risk premium, readers will benefit from the practical experience the author has accumulated as a risk manager within major banking groups such as UniCredit Group, Capitalia SpA, and Banca di Roma SpA.
650 7 $a BUSINESS & ECONOMICS / Accounting / Financial $2 bisacsh $3 642748
650 7 $a BUSINESS & ECONOMICS / Purchasing & Buying $2 bisacsh $3 642749
650 7 $a BUSINESS & ECONOMICS / Development / Business Development $2 bisacsh $3 583947
650 7 $a BUSINESS & ECONOMICS / Investments & Securities $2 bisacsh $3 639617
650 7 $a BUSINESS & ECONOMICS / Banks & Banking $2 bisacsh $3 564422
650 0 $a Corporations $x Valuation. $3 202289
650 0 $a Stock exchanges. $3 185899
650 7 $a BUSINESS & ECONOMICS / Investments & Securities / Stocks $2 bisacsh $3 642750
655 4 $a Electronic books. $2 local. $3 214472
776 0 8 $i Print version: $a Oricchio, Gianluca, 1968- $t Private company valuation. $d Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2012 $z 9780230291447 $w (DLC) 2012023563 $w (OCoLC)785873643
830 0 $a Global financial markets. $3 642747
856 4 0 $3 Palgrave Connect $u https://link.springer.com/book/10.1057/9781137271785
938 $a YBP Library Services $b YANK $n 9906660
938 $a Coutts Information Services $b COUT $n 24150255 $c 60.00 GBP
938 $a EBSCOhost $b EBSC $n 502008
938 $a EBL - Ebook Library $b EBLB $n EBL1058363
938 $a ebrary $b EBRY $n ebr10621893
994 $a C0 $b TEF