Expectations Investing: Reading Stock Prices for Better Returns

Alfred Rappaport, Michael J. Mauboussin

244 pages, parution le 14/02/2003

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Résumé

Expectations Investing offers a unique and powerful alternative for identifying value-price gaps. Rappaport and Mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. And they add an important twist: they suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price.
An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions. To help investors anticipate such revisions, Rappaport and Mauboussin introduce an "expectations infrastructure" framework for tracing the process of value creation from the basic economic forces that shape a company's performance to the resulting impact on sales, costs, and investment.
Investors who use Expectations Investing will have a fundamentally new way to evaluate all stocks, setting them on the path to success. Managers will be able to use the book to devise, adjust, and communicate their company's strategy in light of shareholder expectations.

Contents

The Case for Expectations Investing

Gathering the Tools

How the Market Values Stocks
The Expectations Infrastructure
Analyzing Competitive Strategy

Implementing the Process

How to Estimate Price-Implied Expectations
Identifying Expectations Opportunities
Buy, Sell, or Hold?
Beyond Discounted Cash Flow
Across the Economic Landscape

Reading Corporate Signals

Mergers and Acquisitions
Share Buybacks
Incentive Compensation

L'auteur - Alfred Rappaport

Alfred Rappaport is the Leonard Spacek Professor Emeritus at Northwestern's Kellogg School and is Shareholder Value Adviser to L.E.K. Consulting. He originated the Shareholder Scoreboard for the Wall Street Journal.

L'auteur - Michael J. Mauboussin

Michael J. Mauboussin is a Managing Director and Chief U.S. Investment Strategist at Credit Suisse First Boston. He is also an Adjunct Professor at Columbia Business School.

Caractéristiques techniques

	PAPIER
Éditeur(s)	Harvard Business School Press (HBS)
Auteur(s)	Alfred Rappaport, Michael J. Mauboussin
Parution	14/02/2003
Nb. de pages	244
Format	14,5 x 22,5
Couverture	Broché
Poids	366g
Intérieur	Noir et Blanc
EAN13	9781591391272
ISBN13	978-1-59139-127-2