While the facts of these valuations are long ago, the methods are still applicable today. Trivia About Theory of Investm This definition provides a measure of intrinsic value which is independent of stock market prices, enabling the investor to assess whether the current market price is high or low compared with the Investment Value of the stock.
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This definition provides a measure of intrinsic value which is independent of stock market prices, enabling the investor to assess whether the current market price is high or low compared with the Investment Value of the stock.
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English View all editions and formats. Posted on 12 July but originally written on 11 August This book has a special place inveshment my heart, as it holds the record for the longest delay between my buying a book and reading it. To see what your friends thought of this book, please sign up. Trivia About Theory of Investm Williams was one of the first to economically explain the wilkiams of discounting a stream of income to the present value which ultimately came to be known as the discounted cash flow model.
The review below is the first review of any book that I posted on the Amazon website.
Review of "The Theory of Investment Value" by John Burr Williams
I purchased a copy in from Foyles in London, in my mid twenties, as I was keen to learn about investment appraisal. WorldCat is the world's largest library catalog, helping you find library materials online. Modigliani and Miller show that Williams, invesstment, had not actually proved this law, as he had not made it clear how an arbitrage opportunity would arise if his Law were to fail.
The Theory of Investment Value - John Burr Williams - Google Books
Various publishers refused the work since it contained algebraic symbolsand Harvard University Press published The Theory of Investment Value inonly after Williams had agreed to pay part of the inestment cost. Tap here for MENU. John Burr Williams Publisher: A business which can reinvest its earnings at a high rate of return ought to do so.
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Please enter recipient e-mail address es. The author writes grippingly well, illustrated by this extract: Please respect others when commenting.
While Williams did not originate the idea of present value he substantiated the concept of discounted cash flow valuation and is generally regarded as having developed the basis for the dividend discount model DDM. While the facts of these valuations are long ago, the methods are still applicable today.
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The theory of investment value,
Those who bought their stock long ago will know their answer in the main by now, but those who buy now will hear theirs only in the future. More like this User lists Similar Items. User lists Similar Items. There are two absolutely wonderful ideas in this book even though it takes hundreds of pages for John to get it out.
Join my email list. The prediction of earnings and dividends is based on analytical approach of breaking down and studying the business.
John Burr Williams
This should be manageable to anyone who has finished high school, and arises only because in the author did not have the benefit of computer spreadsheets for doing growth projections and discounting calculations. A business which cannot reinvest its earnings at a high rate ought not do so. Add a review and share your thoughts with other readers.
Jairo Alex rated it it was amazing Feb 24, Jan 21, Gabriel Pinkus added it.