Bøker av Aswath Damodaran

How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value.Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

"Throughout his storied career, Aswath Damodaran has searched for the universal key to demystify corporate finance and valuation. Now, at last, he offers the groundbreaking answer to readers everywhere. It turns out there is a corporate lifecycle very much like our own - with unique stages of growth and decline. And just as we must learn to act our age, so too must companies. By better understanding how corporations age and the characteristics of each stage of their lifecycle, we can unlock the secrets behind any businesses behavior and optimize our management and investment decisions accordingly"--

Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today's most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm's lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, the author looks at how best to deal with low interest rates, volatile equity risk premiums and political risk in valuation. Readers will gain insight into: Overcoming the temptation to use unrealistic or simplistic valuation methods Risk-free rates, risk premiums and other macroeconomic assumptions Intelligent analysis for angel and early venture capital investing Projecting the impact of regulatory changes The stages of the corporate lifecycle Valuing financial services and commodities companies Damodaran's insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.