Franchise value and the price/earnings ratio

書誌事項

Franchise value and the price/earnings ratio

Martin L. Leibowitz, Stanley Kogelman

(The Research Foundation of AIMR and Blackwell series in finance)

Blackwell, 2000

この図書・雑誌をさがす

注記

"Reissued in new format by Blackwell Publishers Ltd 2000"--T.p. verso

Includes bibliographical references (p. 238-239)

内容説明・目次

内容説明

This monograph develops the franchise value approach to analyzing the prospective cash flows that determine a company's price-to-earnings ratio. The franchise factor model retains the simplicity and intuitive appeal of the dividend discount model, but it offers the advantages of flexibility in application and insight into the components of P/E growth.

目次

Foreword. Preface. 1. Introduction. 2. The Franchise Factor. 3. The Franchise Portfolio. 4. A Franchise Factor Model for Spread Banking. 5. The Franchise Factor for Leveraged Firms. 6. Franchise Value and the Growth Process. 7. The Growth Illusion: The P/E "Cost" of Earnings Growth. 8. The Effects of Inflation. 9. Resolving the Equity Duration Paradox. 10. Theoretical Price/Earnings Ratios and Accounting Variables. Appendix A. Derivation of the Franchise Factor Model. Appendix B. Firm Valuation with Varying Investment and Return Patterns. Appendix C. A Franchise Factor Formula for the Base P/E. Appendix D. The Franchise Factor Model Applied to the Leveraged Firm. Appendix E. The Effects of External Financing. References.

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