文档介绍：Investment Returns, Equity Value, and Financial Statements
PART I
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Understanding investment returns and how analysts’ styles are determined by their approach to forecasting returns
Chapter 3
Understanding valuation models that value forecasted returns
Chapter 4
Understanding how earnings are related to returns and how valuations based on forecasted earnings work (or don’t work)
Chapter 5
Understanding how forecasts of e statements and balance sheets produce a valuation
Chapter 6
With this understanding proceed to
· Analysis of information (Part II)
· Forecasting and Valuation (Part III)
Gaining the Understanding to do Fundamental Analysis
Chapter 3
Investment Returns
Investment Returns
Chapter 1 established that forecasting returns is at the heart of fundamental analysis
Link to Previous Chapter
This chapter explains what returns are, distinguishes normal and abnormal returns, and explains how analysts specialize in forecasting normal and abnormal returns
This Chapter
Chapter 4 will show how valuation models are constructed to measure the value of forecasted returns
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How are returns calculated?
What is a normal return and an abnormal return?
How might an analyst gain an advantage in forecasting normal or abnormal returns?
What has been the historical experience in equity investing?
What you will learn in this chapter
How investment returns are calculated
The difference between normal and abnormal returns
What an efficient market price means
What an arbitrage opportunity is
The difference between active and passive investment
The difference between an alpha and a beta
How asset pricing models work (in outline)
How screening strategies work (and don’t work)
What a contrarian strategy is
How fundamental analysis differs from screening and contrarian analysis
How various stock selection strategies have worked in the past
For a terminal investment:
For an in