アクティビティ

Interpolated rate = rate for lower bound + (interpolated rate − lower bound)(higher bound rate − lower bound rate) / ( upper bound − lower bound)

Swap sprea […]

build-up method=the risk-free rate+ the equity risk premium+the small stock premium+a company-specific risk premium+industry risk premium

The Excess Earnings Method

w:working capital A ×rA
f:fixed assets B × rB
ee:excess earnings = E − w − f

V:value of intangible assets={ee×(1+b)}/(r-g)

firm value = V+working capital+fixed assets

EV = market value of common stock + market value of preferred equity + market value of debt + minority interest – cash and investments

earnings surprise = reported EPS − expected EPS

standardized unexpected ear […]

RI = Earnings(t時) − r × Book(t−1時)

PV of continuing residual income in year T-1
PV  = RI/(1+r−ω)
ω=persistence factor,0≤ω≤1
RIはTの時

The present value of continuing residual income
={(P−B) +RI}/(1+r)