Greg Filbeck - Equity Markets, Valuation, and Analysis

Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers' professional and personal knowledge and understanding.

The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, as well as much more.

For a list of available titles, visit our Web site at www.WileyFinance.com.

Equity Markets, Valuation, and Analysis

H. KENT BAKER

GREG FILBECK

HALIL KIYMAZ

Copyright 2020 by H. Kent Baker, Greg Filbeck, and Halil Kiymaz. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993, or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

Library of Congress Cataloging-in-Publication Data:

Names: Baker, H. Kent (Harold Kent), 1944- editor. | Filbeck, Greg, editor. | Kiymaz, Halil, 1964- editor.

Title: Equity markets, valuation, and analysis / H. Kent Baker, Greg Filbeck, Halil Kiymaz.

Description: Hoboken, New Jersey : Wiley, [2020] | Series: Wiley finance series | Includes index.

Identifiers: LCCN 2020021382 (print) | LCCN 2020021383 (ebook) | ISBN 9781119632931 (cloth) | ISBN 9781119632948 (adobe pdf) | ISBN 9781119632924 (epub)

Subjects: LCSH: Stock exchanges. | Valuation.

Classification: LCC HG4551 .E65 2020 (print) | LCC HG4551 (ebook) | DDC 332.63/2042dc23

LC record available at https://lccn.loc.gov/2020021382

LC ebook record available at https://lccn.loc.gov/2020021383

Cover Design: Wiley

Cover Image: AnuStudio/Getty Images