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An Examination of Equity-Share Price Valuation Models

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Title: An Examination of Equity-Share Price Valuation Models
Authors: Kushner, Jeffrey
Issue Date: 26 Sep 2014
Publisher: University of Hawaii at Manoa
Abstract: The problem of equity valuation has engendered long debates and disparate contentions within the field of investment decision-making. However, the problem is by no means limited to the realm of theoretical finance. Equity valuation is a problem for both the firm and the individual investor. From the point of view of the firm, valuation is a ubiquitous concern. In as much as there is little disagreement today that maximization of shareholder wealth is the objective of the firm, valuation becomes the criterion by which to measure the efficacy of the three finance functions. Indeed, the three decisions of investment, financing, and dividends are unified only with reference to this objective. Such problems as capital structure, cost of capital, capital rationing, etc. are so inextricably bound with the matter of valuation that much attention has been directed to casting this subject into a more commodious form. Theindividualtoohasbeenlongconcernedwithequityvaluation, perhapseventoagreaterextentthanthefirm.Tohim,therationale forinvestmentshouldbewealthmaximization.Aswiththefirm,he facesatriumvirateofproblems;unlikethefirm,however,security valuationdoesnotconstitutethepivotalpointofhisdecisions. Instead,athreetieredapproachtoequityinvestmentisrequired
Pages/Duration: iv, 116 pages
Rights: All UHM Honors Projects are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission from the copyright owner.
Appears in Collections:Honors Projects for Finance

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