## 金融代写|股权市场代写Equity Market代考|BSE58

statistics-lab™ 为您的留学生涯保驾护航 在代写股权市场Equity Market方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写股权市场Equity Market股权市场Equity Market相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|股权市场代写Equity Market代考|BUS-F529

statistics-lab™ 为您的留学生涯保驾护航 在代写股权市场Equity Market方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写股权市场Equity Market股权市场Equity Market相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|股权市场代写Equity Market代考|Three Approaches to Enterprise Valuation

There are three professionally recognized methodologies to address these questions:

• Financial accounting, which generates a measure called Book Value
• Financial modeling techniques that rely on the concept of Discounted Cash Flows (DCFs), borrowed from the world of bond pricing, which calculates the Net Present Value of the company’s current and projected future cash flows
• Market Multiples, which use the price signals generated by the financial markets, to produce Valuation Ratios
We will examine these three approaches in the following chapters, but to be clear up front, market ratios are superior to the other methods, broadly on grounds of the timeliness, observability, and concreteness of the market prices that compose them. ${ }^{8}$
• And there are five additional reasons:
• First – Raw Data Quality. ${ }^{9}$ Market metrics draw upon high-quality data generated and updated continuously by the financial markets. Market price is the simplest of all the data types, the easiest to obtain, the most objective, the least subject to uncertainty, and the most difficult to manipulate. (The only other data type of similar quality is the Dividend.) All the other data types used in the other valuation methods are subject to some uncertainty. ${ }^{10}$ They may incorporate large and disputable assumptions, unstable definitions, and methodological bias or manipulation.

## 金融代写|股权市场代写Equity Market代考|The Challenge of Using Market Metrics

Market ratios are easy to calculate and use. This sometimes leads to carelessness in how they are handled. There has been surprisingly little systematic analysis of the various alternatives and parameters affecting these ratios. Even obvious questions – such as whether and under what conditions a $\mathrm{P} / \mathrm{E}$ based on historical earnings is better or worse at predicting various outcomes than a P/E based on forecast earnings – have not been thoroughly studied. As a result, market ratios are often difficult to interpret and therefore sometimes hard to apply. There is no standards-setting body for “Multiples,” no public methodology for comparing different versions applied to different problems. ${ }^{16}$ The “same” ratio may be constructed differently by different users, without necessarily making it clear. Are the earnings adjusted for inflation or seasonality? Does the denominator of the $\mathrm{P} / \mathrm{E}$ ratio include all shares issued or only some of them? Where do the forecasts of future earnings come from? The lack of methodological control is a weakness today of the Market Value-based approach. The interpretation of even a simple P/E ratio – as we shall see in the next chapter – can be elusive.

The goal of this book, then, is to give some order to an important set of questions and research findings related to the application of market ratios to a range of valuation objectives, especially those related to investment decisions. Regarding specific questions (such as whether Trailing or Forward $P / E$ is more accurate), the answers are often still unclear. But progress can still be made by putting a framework in place that can hopefully ensure that the proper questions are raised and future research efforts brought into sharper focus.

## 金融代写|股权市场代写Equity Market代考|Three Approaches to Enterprise Valuation

• 财务会计，生成称为账面价值的度量
• 依赖于贴现现金流 (DCF) 概念的财务建模技术，借鉴了债券定价领域，计算公司当前和预计未来现金流的净现值
• 市场倍数，它使用金融市场产生的价格信号来产生估值比率
我们将在接下来的章节中研究这三种方法，但首先要明确的是，市场比率优于其他方法，主要是基于构成它们的市场价格的及时性、可观察性和具体性。8
• 还有五个额外的原因：
• 首先——原始数据质量。9市场指标利用金融市场不断生成和更新的高质量数据。市场价格是所有数据类型中最简单、最容易获得、最客观、受不确定性影响最小、最难操纵的数据类型。（唯一具有类似质量的其他数据类型是股息。）其他估值方法中使用的所有其他数据类型都存在一定的不确定性。10它们可能包含大量且有争议的假设、不稳定的定义以及方法论偏差或操纵。

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|股权市场代写Equity Market代考|FIN203

statistics-lab™ 为您的留学生涯保驾护航 在代写股权市场Equity Market方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写股权市场Equity Market股权市场Equity Market相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|股权市场代写Equity Market代考|Enterprise Valuation: Goals, Challenges, Methods

Enterprise valuation is hardcore Finance. It takes on tough questions:

• How to set a fair and accurate price for an active, ongoing business
• How to benchmark that price against the valuations for similar firms or the market as a whole
• How to account not just for the value of the company’s current earnings and assets, but also its future prospects (for growth or decline)
• How to reflect the dynamism of the company’s operating environment in a competitive economy, with all its possibilities for surprise, opportunity, and disruption
• How to do all this quickly, before things change too much, before the data goes stale…
It can be a hazardous undertaking. Valuation errors have killed deals, wrecked court cases, ruined careers, crashed markets, and overturned governments. The financial crisis of 2008 was precipitated by the sudden catastrophic revaluation of vast portfolios of incorrectly marked assets, which brought down giant institutions – Bear Stearns, Fannie Mae, Freddie Mac, Wachovia, Merrill Lynch, AIG, Lehman Bros., etc. Across the global economy, the “discrepancies” were measured in trillions.

Valuation is also central to the calmer day-to-day side of Finance – analyzing investments, buying and selling real estate, underwriting insurance, pricing corporate acquisitions, and preparing financial statements. Accurate valuation is at the heart of the banking business. It animates the capital markets. It is essential for auditing, credit rating, hedging, and risk management. Financial innovations, from index construction and the design of ETFs to the securitization of mortgages, credit card debt, and student loans, depend upon it.

## 金融代写|股权市场代写Equity Market代考|The Challenges of Enterprise Valuation

Valuing an individual asset – a truck, a plot of land, a case of vintage Bordeaux – is straightforward. We look to recent transactions involving similar assets. Houses, used cars, antiques, works of art, and the like are appraised, priced, and put up for sale by referring to “comparables.”

Valuing a live business is different matter. It is much more than a static collection of assets. It is a dynamic socio-technical system, a “going concern,” continuously generating new quanta of value that accountants call “sales” and “earnings” and creating or acquiring new assets. The valuation process must consider the value in hand today and the value that will come to hand in a month or a year or ten years – which is of course shrouded in uncertainty. Enterprise valuation has to somehow account for all the chickens, both the hatched and the unhatched.

Forlarge companies, there are few transactions of similar nature, close enough in time, to allow for meaningful price-benchmarking. In fact, the nature of the modern economic system is such that most companies specialize. They seek competitive advantage through differentiation. They develop differentiated products, brands, technologies, business models, and competitive strategies. The “comparables” approach is hard to apply.

Consider, for example, Coke and Pepsi – that is, The Coca-Cola Company and Pepsico. We think of them as a pair, as archrivals, twins almost, competing head-to-head. Actually their businesses are rather dissimilar. Virtually all of Coke’s revenue is derived from selling beverages (juice, soft drinks, tea, coffee, water, sports drinks). On the other hand, over half of Pepsi’s revenue comes from food products, especially snacks (Frito-Lay is Pepsi’s biggest and most profitable business unit) – a different business model. ${ }^{6}$ Coke derives just $20 \%$ of its sales from North America. Almost $60 \%$ of Pepsi’s revenue comes from the US market. The two companies actually do not match up very well. Any attempt to value Coke’s business by comparing it to Pepsi would require a lot of tricky adjustments.

## 金融代写|股权市场代写Equity Market代考|Enterprise Valuation: Goals, Challenges, Methods

• 如何为活跃、持续的业务设定公平准确的价格
• 如何将该价格与类似公司或整个市场的估值进行基准比较
• 如何不仅考虑公司当前收益和资产的价值，还考虑其未来前景（增长或下降）
• 如何在竞争激烈的经济中反映公司经营环境的活力，以及惊喜、机遇和颠覆的所有可能性
• 如何在事情发生太大变化之前、在数据过时之前快速完成这一切……
这可能是一项危险的工作。估值错误导致交易失败、法庭案件破裂、职业生涯受损、市场崩溃以及政府被推翻。2008 年的金融危机是由大量错误标记资产组合的突然灾难性重估引发的，这导致了大型机构——贝尔斯登、房利美、房地美、美联银行、美林证券、AIG、雷曼兄弟等。全球经济，“差异”以万亿计。

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。