w***i
发帖数: 115 | 1 From my understanding, valuation is mainly about reserve,and reserve impact
financial statements. actuary always needs quantitative and programming
skills. but it is different from financial engineering.
Is the position related to AG43?
analysis,
strong |
|
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G*****u
发帖数: 1222 | 3 这种事不好说的这么绝对吧。我以前听说的一个例子，两人寿保险公司合并，
valuation的人没事，做pricing有的被开了。 |
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H******t
发帖数: 687 | 4 两个都做过 pricing技术含量低 好上手 valuation 比较难上手一点 但是工作稳定 |
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H******t
发帖数: 687 | 5 All right, based on my own experience in both individual life pricing and
individual life valuation....That's just my opinion. |
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j****j
发帖数: 270 | 6 Corporate Finance
by Jonathan Berk (Author), Peter DeMarzo (Author)
Valuation for Mergers, Buyouts, and Restructuring (Wiley Finance)
by Enrique R. Arzac (Author)
非常感谢。 |
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V******n
发帖数: 881 | 7 tangible asset valuation
知道的大虾能知道一下么? |
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c********g
发帖数: 54 | 8 【 以下文字转载自 Quant 讨论区 】
发信人: cecilafang (ceci), 信区: Quant
标 题: How to valuate a company?
发信站: BBS 未名空间站 (Mon Dec 3 07:52:06 2007)
谢谢。 |
|
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s*********i
发帖数: 1813 | 10 前两天和一个投行面试，被问到对人民币是不是undervalued，因为对这个问题了解不
多，感觉回答的不是很好。想听听大家对人民币valuation是怎么看的，或者有什么分
析深入的文章推荐一下。谢谢。 |
|
f*****0
发帖数: 489 | 11 the key is not about getting the right answers, because there are no right
answers to pretty much any real life question like this.
the key to all such questions is to get the right thought process, and
sometimes how to take advantage of it. you should be able to figure out what
is driving the valuation of rmb. |
|
K******r
发帖数: 152 | 12 Generally, you can use FCFE, FCFF, EVA etc. But the accuracy greatly depends
on your prediction on cash flow, sustainable growth rate and discount rate.
So it is easy to get a reasonable prediction, but hard to get an accurate
prediction.
Other ways include comparative valuation using different ratios available in
the market. |
|
p********0
发帖数: 186 | 13 Hi,
I am using simulation to estimate the swaption value.
I have 500 unique paths of short rate over the next 10 years.
I am trying to use the Black model the valuate the 1 year into 1 year
european option.
In order to use the Black model, I need to figure out the Forward swap rate
volatility.
For each path, The forward swap rate can be backed from FSR(1, 2) = D(0, 1)
- D(0, 2)/Annuity(0, 1, 2).
Since I have short rate for time1, time2, so I can easily get the D(0,1)=EXP
(-AVG(r0, r1)*1). So I c |
|
b******0
发帖数: 227 | 14 现在需要做transaction service，所以需要强化一下关于公司valuation方面的能力，
也可能涉及到简单的modeling，想请教大家有没有推荐的这方面的书？非常感谢！ |
|
|
f********y
发帖数: 278 | 16 最近看Hull的书(Chapter 11)，说说我理解的Risk-neutral valuation,希望大牛指正
，毕竟这几乎是option 定价的基础。
我觉得：
首先，如果我们假定股票的历史价格不能很好的用来预测未来(就像布朗运动一样)，对
于这指股票的未来的价格走势我们基本一无所知，也就是说不知道它的分布范围,也不
能用risk的技术去计算可能的最大损失,这样我们就只能假定它未来的价格收益期望值
是risk-free interest rate.
第二，短期内如果股票的价格只有两种可能，那么根据其价格期望值能唯一确定它上升
和下降的概率．
第三，根据这个概率就能确定option的目前期望价格．
但是感觉到John Hull的书把这些倒过来写了，他先定一个riskless portfolio,然后说
因为这个portfolio是riskless的，所以必定赚risk-free interest rate（否则有
arbitrage）,然后推算option的价格．而且他这段话让人confusing:
The key reason is that we are not valuing... 阅读全帖 |
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l******i
发帖数: 1404 | 17 Generally speaking, the market chose the risk-neutral measure not us!
For any asset in an arbitrage-free market,
the unique arbitrage-free price exists originally,
which has nothing to do with the pricing method.
Risk-neutral valuation formula helps us to find out the price, just a tool. |
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A*****s
发帖数: 13748 | 18 不知道DCF的思路，但是做bond valuation怎么也得知道yield curve是什么吧
知道了yield curve就知道zero curve是什么了。。。 |
|
A*****s
发帖数: 13748 | 19 When a bond is first issued, it bears coupon according to its yield, so its
price equals par. However, as time moves on, the credit of the issuer
changes, so the yield changes, but not its coupon. Now the price of the bond
is not simply its par.
You need to understand what is the coupon and what is the yield, and how
they affect the value of the bond. There is no such a simple thing called "
interest" in the world of fixed-income.
valuation |
|
z****g
发帖数: 1978 | 20 读的书都吃屎了，连YTM和coupon rate都分不清楚
valuation |
|
o**o
发帖数: 3964 | 21 有啊。因为yield市场决定的，基本上是一样的(忽略credit和liquidity)，不同coupon
的只好价格不一样咯。
valuation |
|
m**h
发帖数: 4 | 22 Does any one know how to estimate the discount rate or yield curve in the
loan portfolio valuation given prepay, default, and recovery rate are known?
Thanks. |
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w****r
发帖数: 945 | 23 可能最近会收到一个Offer，大投行，在Midwest，职位是Senior Valuation Analyst，
sitting with commodity front desk。还没谈价钱，想事先有个准备。之前刚毕业的
时候不懂，给自己开了个超低价，基本相当于master的工资。工作了一年，感觉很
underpay，这次跳槽不想再继续老路，也不敢狮子大张口。请问有经验的老兄这个职位
以我这个状况要多少比较reasonable。谢谢！ |
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e****x
发帖数: 692 | 24 最近接触了些structured product，比如clo，cmbs，rmbs，做这些产品的valuation。
这些产品好像都不需要金融工程方面的知识。主要是看经验的。
不知道做这方面以后那些公司需要，职业发展怎么样？ |
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w********l
发帖数: 125 | 25 后台的structure product 的 valuation 是不是更偏ACCOUNTING， CAPITAL多，不需
要很多经验吧？前台的ANALYST多要看经验的。 |
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e****x
发帖数: 692 | 26 对的，后台的valuation和accounting差不多，但是很奇怪，也找FE方面的人。前台的
analyst主要做些什么呢？ |
|
T*******t
发帖数: 9274 | 27 take it as usual fx fwd in terms of valuation and pricing. |
|
c**e
发帖数: 537 | 28 Risk Valuation都是做什么的呀？
是用C++编程吗？
还是做其它的什么？
现在都是什么模型比较POPULAR呀？ |
|
w**z
发帖数: 8232 | 29 http://www.businessinsider.com/best-startup-ceos-to-work-for-20
12. Uber CEO Travis Kalanick has a 58% approval rating.
12. Uber CEO Travis Kalanick has a 58% approval rating.
Paul Sakluma/AP
CEO: Travis Kalanick
CEO rating: 58%
Number of ratings: 254
What employees are saying: "TK [Travis Kalanick] might be our hardest worker
. He's smart and principled and very candid at our weekly company-wide TK Q&
A. It's great having a leader you really believe in."
What it does: Founded in 2009, Uber is a... 阅读全帖 |
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g******7
发帖数: 1532 | 30 【 以下文字转载自 Quant 讨论区 】
发信人: gene2007 (休假式治疗), 信区: Quant
标 题: A job opening (quant Analyst)
发信站: BBS 未名空间站 (Tue Aug 18 18:50:59 2015, 美东)
From career site of Federal Reserve Bank of NY
这个工作需要做统计相关的，会Stata或SAS, data analysis,会一些modeling.
请注意这个工作需要美国公民或者绿卡。感兴趣的请直接去FRB-NY的career site 申请
，也可以把简历给我由我转交。
Quantitative Analyst, Collateral Valuation & Analysis – Markets Group-
242290
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
... 阅读全帖 |
|
g******7
发帖数: 1532 | 31 【 以下文字转载自 Quant 讨论区 】
发信人: gene2007 (休假式治疗), 信区: Quant
标 题: A job opening (quant Analyst)
发信站: BBS 未名空间站 (Tue Aug 18 18:50:59 2015, 美东)
From career site of Federal Reserve Bank of NY
这个工作需要做统计相关的，会Stata或SAS, data analysis,会一些modeling.
请注意这个工作需要美国公民或者绿卡。感兴趣的请直接去FRB-NY的career site 申请
，也可以把简历给我由我转交。
Quantitative Analyst, Collateral Valuation & Analysis – Markets Group-
242290
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
... 阅读全帖 |
|
g******7
发帖数: 1532 | 32 From career site of Federal Reserve Bank of NY
这个工作需要做统计相关的，会Stata或SAS, data analysis,会一些modeling.
请注意这个工作需要美国公民或者绿卡。感兴趣的请直接去FRB-NY的career site 申请
，也可以把简历给我由我转交。
Quantitative Analyst, Collateral Valuation & Analysis – Markets Group-
242290
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
Overtime Status Exempt
Job Type Experienced
Travel No
Shift Day Job
Overview:
The mission of the Federal Reserve Bank of New York’s (FRBN... 阅读全帖 |
|
g******7
发帖数: 1532 | 33 【 以下文字转载自 Quant 讨论区 】
发信人: gene2007 (休假式治疗), 信区: Quant
标 题: A job opening (quant Analyst)
发信站: BBS 未名空间站 (Tue Aug 18 18:50:59 2015, 美东)
From career site of Federal Reserve Bank of NY
这个工作需要做统计相关的，会Stata或SAS, data analysis,会一些modeling.
请注意这个工作需要美国公民或者绿卡。感兴趣的请直接去FRB-NY的career site 申请
，也可以把简历给我由我转交。
Quantitative Analyst, Collateral Valuation & Analysis – Markets Group-
242290
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
... 阅读全帖 |
|
y*****l
发帖数: 5997 | 34 11/9 ER
https://research.scottrade.com/research/stocks/secfilings/drawFiling.asp?
docKey=137-000114420410058736-6IM04MBUCS1U6UGMGRICK8K85Q&docFormat=HTM&
formType=8-K/A
Explanatory Note:
On July 7, 2010, China Green Agriculture, Inc. (the “Company”) filed a
Current Report on Form 8-K (the “Report”) with the Securities and Exchange
Commission (the “Commission”), with respect to its acquisition of Beijing
Gufeng Chemical Products Co., Ltd., a company organized under the laws of
the People’s Republ... 阅读全帖 |
|
i*******e
发帖数: 349 | 35 my 2 cents.
我觉得LZ这个问题还是和经济学有关系的，可以视为一个卖家利润最大化的问题。作为
卖家会有自己的valuation或者说reservation price，低于这个价钱（可以是0）就不
愿意卖，利润等于价格减去valuation；买家也有一个valuation或者最高出价，高于这
个价钱也不愿意买，消费者剩余等于valuation减去价格。交易能达成的前提是价格能
够两个valuation之间，但是这不足以准确预测价格，因为任何卖家valuation和买家
valuation之间的价格都有可能。
在经济学中有几种价格形成的机制：
1）完全竞争市场，个体买卖双方都没有market power，价格由总需求和供给决定，双
方都必须接受或者不交易，因此价格起到资源配置的作用。
2）卖方垄断，有完全的market power。a)如果卖家只能订出一个价格并且知道需求函
数的反函数P（Q)，就会max P（Q)*P-Q*C，b)如果可以歧视定价并且了解买家的
valuation，就会有很多情况，比如完全的歧视定价就是去收取每个买家的valuation，
不完全的歧视定价的例 |
|
g********n
发帖数: 2314 | 36 【 以下文字转载自 SanFrancisco 讨论区 】
发信人: dadabear (bless you), 信区: SanFrancisco
标 题: [合集] goldenrain的观点未免偏颇
发信站: BBS 未名空间站 (Thu Feb 8 16:24:51 2007), 站内
☆─────────────────────────────────────☆
MSJ (Mission San Jose) 于 (Tue Feb 6 00:42:38 2007) 提到:
看完他blog的《现在在哪里买房风险小》，我只能笑着摇摇头。在我眼里，这个列表与
其说是“风险小”列表，不如说是“房子难涨地区列表”。试论证一二：
1. 常言道“强者恒强，弱者恒弱”。NYC, SF地区房价高企不是一年两年了，支撑房价
的不是那个affordability的percentage，而是能afford的人口数和房子总数的比例。
这里看百分比是没有多大意义的。只要还有人能买得起还愿意买，即使affordability
只有15%又如何呢？
2. 正如high tech公司的P/E要远大于... 阅读全帖 |
|
r***l
发帖数: 9084 | 37 有个哥们给我写信，问问ctrp,我大概看了看，说两句，或许拯救几个青蛙，当然也可
能让您踏空了，呵呵
1. 首先是竞争，携程搞不好就被腾讯和百度彻底击败了，腾讯投资艺龙，百度的去哪
儿，两面夹击携程。相比网上订票业务，网游竞争也激烈，可网游毕竟运气好搞个好游
戏就彻底翻身了，网上订票这种业务市场被蚕食基本就万劫不复了。目前携程的前景类
似这个。
2. 然后是TA,这图也太难看了吧，虽然我TA水平不咋样，可也知道别买
3. 买这类前景"暗淡"的公司，要等到接近它的valuation价值. 携程的股价目前离它的
valuation价值仍然太远，畅游虽然也不景气，但起码cyou 30以下的价格握着无须担心
，因为这个价格已经是cyou valuation的价格了。而携程的valuation价格乐观估计也
就是10-15刀。我估算valuation的价格基本计算公式是， (valuation market cap-
current cash)/current annual profit=5
ctrp current cash=0.7B （无债务)
current an... 阅读全帖 |
|
l**********y
发帖数: 2050 | 38 发信人: rival (sss), 信区: Stock
标 题: ctrp别买
发信站: BBS 未名空间站 (Thu Dec 8 22:19:49 2011, 美东)
有个哥们给我写信，问问ctrp,我大概看了看，说两句，或许拯救几个青蛙，当然也可
能让您踏空了，呵呵
1. 首先是竞争，携程搞不好就被腾讯和百度彻底击败了，腾讯投资艺龙，百度的去哪
儿，两面夹击携程。相比网上订票业务，网游竞争也激烈，可网游毕竟运气好搞个好游
戏就彻底翻身了，网上订票这种业务市场被蚕食基本就万劫不复了。目前携程的前景类
似这个。
2. 然后是TA,这图也太难看了吧，虽然我TA水平不咋样，可也知道别买
3. 买这类前景"暗淡"的公司，要等到接近它的valuation价值. 携程的股价目前离它的
valuation价值仍然太远，畅游虽然也不景气，但起码cyou 30以下的价格握着无须担心
，因为这个价格已经是cyou valuation的价格了。而携程的valuation价格乐观估计也
就是10-15刀。我估算valuation的价格基本计算公式是， (valuation market cap-
cur... 阅读全帖 |
|
c******n
发帖数: 4216 | 39 食物链篇
1.Managing Director(董事总经理）
鬓发整齐，指甲修过，足下的鞋子比一般人家的家具还贵。是投行业务的发起者，四处
奔波，寻求潜在的为公司也为他们赚钱的任何渠道。通常这些人舔过的客户屁股要比公
共厕所马桶一年沾过的屁股还要多。
2.Executive Director(执行董事)
基本和MD差不多，只不过呢，这些人舔屁股的本事还没到顶，因此呢，接到的生意也要
少，负责的team也要小。但是基本上来说，他们的base salary也要过千万了。
3.Vice President (副总裁)
光鲜的名字，其实呢，他就和军队里的排长差不多一个等级，属于业务处理机器，没有
什么办公以外的生活。不用出什么太多idea，平时就是带着一群associate或是
analysts替md/ed卖命，离开办公室一般就是睡觉。因为这些人基本没有额外的时间出
去交际，认识俊男靓女，即便他们的base salary有过500万，但是他们最大限量，也就
是泡泡办公室里面的实习生，或者小秘书,比较萎缩。脾气通常极其暴躁，基本就像公
寓大楼里面的下水管道，不断地把MD那边对他的谩骂，以及愤怒... 阅读全帖 |
|
B*******a
发帖数: 801 | 40 【 以下文字转载自 Chicago 讨论区 】
发信人: chicmoon (春重锦官城), 信区: Chicago
标 题: 真实的投资银行世界（转）（很长）
发信站: BBS 未名空间站 (Tue Oct 26 09:43:42 2010, 美东)
食物链篇
1.Managing Director(董事总经理）
鬓发整齐，指甲修过，足下的鞋子比一般人家的家具还贵。是投行业务的发起者，四处
奔波，寻求潜在的为公司也为他们赚钱的任何渠道。通常这些人舔过的客户屁股要比公
共厕所马桶一年沾过的屁股还要多。
2.Executive Director(执行董事)
基本和MD差不多，只不过呢，这些人舔屁股的本事还没到顶，因此呢，接到的生意也要
少，负责的team也要小。但是基本上来说，他们的base salary也要过千万了。
3.Vice President (副总裁)
光鲜的名字，其实呢，他就和军队里的排长差不多一个等级，属于业务处理机器，没有
什么办公以外的生活。不用出什么太多idea，平时就是带着一群associate或是
analysts替md/ed卖命，离开办公室一般就是睡觉。因为... 阅读全帖 |
|
q********g
发帖数: 10694 | 41 观点很象这里Jenny12以前说的。从中也学习到一些分析医药股的方法。例文欣赏。
http://seekingalpha.com/article/895051-sarepta-therapeutics-loo
Sarepta Therapeutics Looks Highly Undervalued
September 28, 2012 | 37 commentsby: Sean Anderson | about: SRPT
R.S. Analytics wrote up the long case for Sarepta Therapeutics (SRPT)
earlier this month here. I agree with that thesis, and won't bore everyone
by repeating it here since R.S. did such a great job telling it already.
There are, however, a few points that I'd like to expand on.
In ... 阅读全帖 |
|
y***r
发帖数: 16594 | 42 ACKMAN 的话，可以解释去年苹果股价的各种不如意。。。。
我早给你们概括了：“ It is dragged down by its own weigh, period.”
细节很复杂，包括什么growth to value呀，index fund buy when price up,index
fund sell when price down. The trend continue until value investors come up.
一句话就是： 老大不好当。
今年应该不一样了，把老大的位置让给GOOGLE就好了。。。
下面是转发。
Index Funds
Index funds and other passive managers have gained increasing market share
in recent years. Investing capital in funds and ETFs that track major market
indexes has recently been what one might call a “one way b... 阅读全帖 |
|
y***r
发帖数: 16594 | 43 ACKMAN 的话，可以解释去年苹果股价的各种不如意。。。。
我早给你们概括了：“ It is dragged down by its own weigh, period.”
细节很复杂，包括什么growth to value呀，index fund buy when price up,index
fund sell when price down. The trend continue until value investors come up.
一句话就是： 老大不好当。
今年应该不一样了，把老大的位置让给GOOGLE就好了。。。
下面是转发。
Index Funds
Index funds and other passive managers have gained increasing market share
in recent years. Investing capital in funds and ETFs that track major market
indexes has recently been what one might call a “one way b... 阅读全帖 |
|
y***n
发帖数: 2318 | 44 5 Principal Reasons Why I'm Still Short Tesla
Aug. 8, 2017 5:29 PM ET|
https://seekingalpha.com/article/4096526-5-principal-reasons-still-short-
tesla
Amit Ghate
Long/short equity, value
Summary
I review my long-standing TSLA short position.
Despite a large run-up in price, I find the reasons to be short the stock
more compelling than ever.
In particular, corporate governance, emerging competition, bloated
valuations and a slow change in sentiment toward the company may help
reverse the stock ru... 阅读全帖 |
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发帖数: 5516 | 45 Nuclear Power Has a Bright Future: Amir Adnani
The Energy Report | Jun. 5, 2012, 4:00 AM | 0 |
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发帖数: 7881 | 46 It’s the end of the rainbow for Silicon Valley’s unicorns — and the pots
of gold are getting snatched away, too.
Fidelity Investments has slashed the value of its stake in Snapchat by 25
percent, making the disappearing-photos app the latest and biggest casualty
among so-called tech unicorns valued at $1 billion and up.
Snapchat — whose 25-year-old CEO Evan Spiegel earlier this year was jetting
around the globe courting investors in China and the Persian Gulf — saw
its value sink to $12 billion ... 阅读全帖 |
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发帖数: 80 | 47 job description from the credit role:
Description: We are a multi-national, middle-office, financial derivatives
team of 25 people based in three locations world-wide. The team covers all
aspects of model validation, model-related issues in trade approvals and
reserves for interest rates, equity, FX and credit products, assessment of
the impact of models on valuation, market, and credit risks. Together with
other teams, it also develops methodologies for aggregating market, credit
and operationa... 阅读全帖 |
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发帖数: 80 | 48 忘了说，还有一个rates的职位，在纽约附近
Description We are a multi-national, middle-office, financial derivatives
team of 25 people based in three locations worldwide. The team covers all
aspects of model validation, model-related issues in trade approvals and
reserves for interest rates, equity, FX and credit products, assessment of
the impact of models on valuation, market, and credit risks. Together with
other teams, we also develop methodologies for aggregating market, credit
and operational risks to provide... 阅读全帖 |
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l*******z
发帖数: 4276 | 49 I have a question about Uber valuations:
According to current stock prices,
the total valuation of BABA's taobao + AMZN's marketplace + EBAY's
marketplace is currently at 260B (These valuations already take into account
their respective projections). These entities are more than monopolized
global consumer e-Commerce market, now and the future. And both BABA and
AMZN are already aggressively priced.
So even if one day Uber does achieve the market share as the three entities
do in e-Commerce, wou... 阅读全帖 |
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w**z
发帖数: 8232 | 50 Reality check:
http://www.wsj.com/articles/highly-valued-startup-zenefits-runs
Human-resources startup Zenefits Inc. is falling short of its aggressive
revenue targets and has started to curb expenses, making it the latest
highly valued venture-backed company struggling to meet investor
expectations.
Since late summer, Zenefits has frozen hiring in certain departments as
sales teams have repeatedly missed targets, according to people familiar
with the matter. It has cut the pay of some employees... 阅读全帖 |
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