Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This as...Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This assumption,however,may not accommodate realistic scenarios in which projects,not initially anticipated,arrive at later times.To accommodate this,we employ forward indifference valuation criteria,which by construction are flexible enough to adapt to such"non-anticipated"cases while yielding time-consistent indifference prices.We consider and analyze in detail two representative cases:valuation adjustments due to incoming non-anticipated project and the relative forward indifference valuation of new projects in relation to existing ones.展开更多
China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still...China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still do not pay much attention to value investment.Blindness and speculative thinking still affect investment.This paper chooses the banking industry as the analysis object and uses the relative valuation approach to evaluate the price-earnings ratio(P/E ratio),price-to-book value ratio(P/B ratio),and price-earnings to growth(PEG)of the 10 listed banks,then judges the investment value of each bank and focuses on the valuation and pricing of the banking with rapid growth.Based on this,the choice of value investment decisions is made,trying to provide a demonstration for investors to make value investment decisions.Finally,it is recommended to invest in China Merchants Bank(CMB),Minsheng Bank,Shanghai Pudong Development Bank(SPDB),Industrial and Commercial Bank of China(ICBC),HSBC Bank,and Bank of China.It is not recommended to invest in Ping An Bank,Bank of Communications,Industrial Bank,and China CITIC Bank.展开更多
Apple has been an American success story for quite a long time.After igniting the personal computer(PC)revolution in the 1970s and reinventing PC in the 1980s,it again brought various innovative and game-changing prod...Apple has been an American success story for quite a long time.After igniting the personal computer(PC)revolution in the 1970s and reinventing PC in the 1980s,it again brought various innovative and game-changing products,including smartphones,computers,and wearables in recent years.Its dominant product,iPhone,sparked years of massive growth and has become the biggest drive of the company's success.Besides,with a market capitalization of more than$2T,Apple is currently the world's most valuable company.This makes many investors interested in AAPL stock.Hence,this paper will explore whether the APPL stock is worth investing based on the analysis of its business model,SWOT analysis,and relative valuation in hope to provide some recommendations and predictions for investors.展开更多
文摘Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This assumption,however,may not accommodate realistic scenarios in which projects,not initially anticipated,arrive at later times.To accommodate this,we employ forward indifference valuation criteria,which by construction are flexible enough to adapt to such"non-anticipated"cases while yielding time-consistent indifference prices.We consider and analyze in detail two representative cases:valuation adjustments due to incoming non-anticipated project and the relative forward indifference valuation of new projects in relation to existing ones.
文摘China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still do not pay much attention to value investment.Blindness and speculative thinking still affect investment.This paper chooses the banking industry as the analysis object and uses the relative valuation approach to evaluate the price-earnings ratio(P/E ratio),price-to-book value ratio(P/B ratio),and price-earnings to growth(PEG)of the 10 listed banks,then judges the investment value of each bank and focuses on the valuation and pricing of the banking with rapid growth.Based on this,the choice of value investment decisions is made,trying to provide a demonstration for investors to make value investment decisions.Finally,it is recommended to invest in China Merchants Bank(CMB),Minsheng Bank,Shanghai Pudong Development Bank(SPDB),Industrial and Commercial Bank of China(ICBC),HSBC Bank,and Bank of China.It is not recommended to invest in Ping An Bank,Bank of Communications,Industrial Bank,and China CITIC Bank.
文摘Apple has been an American success story for quite a long time.After igniting the personal computer(PC)revolution in the 1970s and reinventing PC in the 1980s,it again brought various innovative and game-changing products,including smartphones,computers,and wearables in recent years.Its dominant product,iPhone,sparked years of massive growth and has become the biggest drive of the company's success.Besides,with a market capitalization of more than$2T,Apple is currently the world's most valuable company.This makes many investors interested in AAPL stock.Hence,this paper will explore whether the APPL stock is worth investing based on the analysis of its business model,SWOT analysis,and relative valuation in hope to provide some recommendations and predictions for investors.
