This thesis focuses on the three primitive value drivers of each company valuation model that is based on fundamental analysis: the discount rate, the expected future payoffs during the explicit forecasting period, and the terminal value at the end of the explicit forecasting period. While the first factor is analyzed theoretically by incorporating the government into the classical valuation framework, this thesis studies the other two factors by investigating forecasts made by professional investors, i.e. financial analysts. In the first part we show that the government's and the shareholders discount rate usually differ and analyze how the government's and shareholders different objectives lead to conflicts in the context of capital budgeting. The empirical part of this thesis shows that macroeconomic information is frequently used by financial analysts when updating their earnings expecations and that target price forecastsmade by financial analysts can be used to predict abnormal returns.
There are hundreds of records that I have loved over the course of my life. Some of these records have faded into the depths of my subconscious. Fortunately, most of them have stayed with me year after year remaining fresh in my memory, alive in my heart. I compiled my first “Favorites List” in 1983, and it contained about 600 recordings. Most of the records on the original list are still there today. My current list consists of about 900 recordings. And the list is still growing as I continue to be introduced to more music. You may be familiar with Rolling Stone’s 2004 cover story, “The 500 Greatest Songs of All-Time.” This is certainly a comprehensive compendium on the subject, so why should I bother writing this book? Because I’m taking a different approach, a personal approach. There’s a difference between the “greatest songs” as determined by professional music critics, and someone’s “favorite records.” I’m not a music critic or a musicologist. I’m just a guy who loves good music. Nonetheless, I believe my opinions have value because of the strong connection I have with each record. The primary purpose of this book is to draw us together using our favorite music as the catalyst. In the process of getting to know someone, a commonly asked question is: “What kind of music do you like?” His or her answer usually reveals something about their personality. Not only will you learn what my favorite records are, you will learn about me, why I like these songs and how I came to discover them. I’m hoping to create conversations, not only between you and I, but between all American music lovers. Thousands upon thousands of songs have been recorded over the past 60 years. I’ve been an avid listener for most of my life, but there are still a lot of “hidden treasures” out there I’d love to find. I’m hoping you, by sharing your favorites with me, will help me to find them. I’m also hoping that I will inspire you to listen to some of my favorites. There is a treasure trove of great music out waiting to be enjoyed!
How climate influenced the design strategies of modernist architects Modern Architecture and Climate explores how leading architects of the twentieth century incorporated climate-mediating strategies into their designs, and shows how regional approaches to climate adaptability were essential to the development of modern architecture. Focusing on the period surrounding World War II—before fossil-fuel powered air-conditioning became widely available—Daniel Barber brings to light a vibrant and dynamic architectural discussion involving design, materials, and shading systems as means of interior climate control. He looks at projects by well-known architects such as Richard Neutra, Le Corbusier, Lúcio Costa, Mies van der Rohe, and Skidmore, Owings, and Merrill, and the work of climate-focused architects such as MMM Roberto, Olgyay and Olgyay, and Cliff May. Drawing on the editorial projects of James Marston Fitch, Elizabeth Gordon, and others, he demonstrates how images and diagrams produced by architects helped conceptualize climate knowledge, alongside the work of meteorologists, physicists, engineers, and social scientists. Barber describes how this novel type of environmental media catalyzed new ways of thinking about climate and architectural design. Extensively illustrated with archival material, Modern Architecture and Climate provides global perspectives on modern architecture and its evolving relationship with a changing climate, showcasing designs from Latin America, Europe, the United States, the Middle East, and Africa. This timely and important book reconciles the cultural dynamism of architecture with the material realities of ever-increasing carbon emissions from the mechanical cooling systems of buildings and offers a historical foundation for today’s zero-carbon design.
This thesis focuses on the three primitive value drivers of each company valuation model that is based on fundamental analysis: the discount rate, the expected future payoffs during the explicit forecasting period, and the terminal value at the end of the explicit forecasting period. While the first factor is analyzed theoretically by incorporating the government into the classical valuation framework, this thesis studies the other two factors by investigating forecasts made by professional investors, i.e. financial analysts. In the first part we show that the government's and the shareholders discount rate usually differ and analyze how the government's and shareholders different objectives lead to conflicts in the context of capital budgeting. The empirical part of this thesis shows that macroeconomic information is frequently used by financial analysts when updating their earnings expecations and that target price forecastsmade by financial analysts can be used to predict abnormal returns.
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