投资回报率&股本价值&财务报表

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1、InvestmentReturns,EquityValue,andFinancialStatementsPARTI天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632Understandinginvestmentreturnsandhowanalysts’stylesaredeterminedbytheirapproachtoforecastingreturnsChapter3UnderstandingvaluationmodelsthatvalueforecastedreturnsCh

2、apter4Understandinghowearningsarerelatedtoreturnsandhowvaluationsbasedonforecastedearningswork(ordon’twork)Chapter5UnderstandinghowforecastsofincomestatementsandbalancesheetsproduceavaluationChapter6Withthisunderstandingproceedto·Analysisofinformation(PartII)·ForecastingandValuation

3、(PartIII)GainingtheUnderstandingtodoFundamentalAnalysis天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632Chapter3InvestmentReturnsInvestmentReturnsChapter1establishedthatforecastingreturnsisattheheartoffundamentalanalysisLinktoPreviousChapterThischapterexplainswhatretur

4、nsare,distinguishesnormalandabnormalreturns,andexplainshowanalystsspecializeinforecastingnormalandabnormalreturnsThisChapterChapter4willshowhowvaluationmodelsareconstructedtomeasurethevalueofforecastedreturnsLinktoNextChapterLinktoWebPageHowarereturnscalculated?Whatisanormalreturnan

5、danabnormalreturn?Howmightananalystgainanadvantageinforecastingnormalorabnormalreturns?Whathasbeenthehistoricalexperienceinequityinvesting?WhatyouwilllearninthischapterHowinvestmentreturnsarecalculatedThedifferencebetweennormalandabnormalreturnsWhatanefficientmarketpricemeansWhatana

6、rbitrageopportunityisThedifferencebetweenactiveandpassiveinvestmentThedifferencebetweenanalphaandabetaHowassetpricingmodelswork(inoutline)Howscreeningstrategieswork(anddon’twork)WhatacontrarianstrategyisHowfundamentalanalysisdiffersfromscreeningandcontrariananalysisHowvariousstockse

7、lectionstrategieshaveworkedinthepastForaterminalinvestment:Foraninvestmentinequity:Foraone-yearequityinvestmentPayoff:Return:Rate-of-Return:ExpectedReturn:ExpectedRate-of-Return:RequiredPayoffperdollar:RequiredRate-of-Return:Therequiredreturnisalsocalledthenormalreturnorthecostofcap

8、italTheStructureofI