Three Essays on Valuation
Author | : Bruno Miguel Calisto Miranda |
Publisher | : |
Total Pages | : 410 |
Release | : 2006 |
Genre | : Corporations |
ISBN | : |
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Author | : Bruno Miguel Calisto Miranda |
Publisher | : |
Total Pages | : 410 |
Release | : 2006 |
Genre | : Corporations |
ISBN | : |
Author | : Luis Alfredo Hernandez-Aramburo |
Publisher | : |
Total Pages | : 304 |
Release | : 1994 |
Genre | : Finance |
ISBN | : |
Author | : Fabian Schmid |
Publisher | : |
Total Pages | : |
Release | : 2018 |
Genre | : |
ISBN | : |
Author | : Samir Amin |
Publisher | : NYU Press |
Total Pages | : 97 |
Release | : 2013-10-01 |
Genre | : Business & Economics |
ISBN | : 1583674268 |
In this slim, insightful volume, noted economist Samir Amin returns to the core of Marxian economic thought: Marx’s theory of value. He begins with the same question that Marx, along with the classical economists, once pondered: how can every commodity, including labor power, sell at its value on the market and still produce a profit for owners of capital? While bourgeois economists attempted to answer this question according to the categories of capitalist society itself, Marx sought to peer through the surface phenomena of market transactions and develop his theory by examining the actual social relations they obscured. The debate over Marx’s conclusions continues to this day. Amin defends Marx’s theory of value against its critics and also tackles some of its trickier aspects. He examines the relationship between Marx’s abstract concepts—such as “socially necessary labor time”—and how they are manifested in the capitalist marketplace as prices, wages, rents, and so on. He also explains how variations in price are affected by the development of “monopoly- capitalism,” the abandonment of the gold standard, and the deepening of capitalism as a global system. Amin extends Marx’s theory and applies it to capitalism’s current trajectory in a way that is unencumbered by the weight of orthodoxy and unafraid of its own radical conclusions.
Author | : Chih-Chen Liu |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Author | : Jung-Jin Lee |
Publisher | : |
Total Pages | : 234 |
Release | : 1991 |
Genre | : Stock options |
ISBN | : |
Author | : Philippe Polomé |
Publisher | : |
Total Pages | : |
Release | : 1998 |
Genre | : |
ISBN | : |
Author | : Helen Rosemary Neill |
Publisher | : |
Total Pages | : 296 |
Release | : 1992 |
Genre | : Public goods |
ISBN | : |
Author | : Timothy Kenneth Munro Beatty |
Publisher | : Ann Arbor, Mich. : University Microfilms International |
Total Pages | : 254 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Ji Youn An |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
This dissertation explores the importance of firm valuation ratios (or stock price multiples) in predicting returns in international markets. This characteristic has been documented by literature as the value premium. In Chapter 2, "Warranted Multiples and Future Returns" joint with Sanjeev Bhojraj and David Ng, we look into the U.S. stock market and examine whether adjusted stock multiples can lead to higher predictability in stock returns. We adjust stock multiples by common economic factors and find that the adjusted price multiples can explain future returns better than unadjusted price multiples. In Chapter 3, "Country, Industry and Idiosyncratic Components in Valuation Ratios" joint with Sanjeev Bhojraj and David Ng, we examine the importance of country, industry and firm-idiosyncratic components in firm valuation ratios with a sample from 33 countries. We find that firm valuation ratios are largely affected by country membership. However, we confirm that firmidiosyncratic component in a firm valuation ratio leads the returns predictability, i.e. higher level of value premium. In Chapter 4, "Can the Long-Run Risks Explain the International Value Premium? Evidence Using Last Century Data", I examine where the value premium is coming from. I explore in depth whether the long-run risks model, a recently introduced asset pricing model, can explain the value premium in 17 developed countries.