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Market value added = Market value of capital − Total capital

FCFE = NI – Net capital expenditure – WCInv + New debt financing

The major concepts are as follows:

EPS plus per-share depreciation, amort […]

Market value added = Market value of company – Accounting book value of total capital
Market value of firm = Market value of debt + Market value of e […]

When the company being analyzed has significant noncash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all […]

EEM では、運転資金、固定資産、無形資産を異なる割引率で評価することができる。EEMが民間企業全体の価格決定に用いられることはまれである

Generally, the EEM is used to value intangible assets and very small businesses when other such market approach methods are not feasible, and […]

Normalized EPS is the level of earnings per share that the company could currently achieve under mid-cyclical […]

ノーマライズド・ファイナンシャル・ステートメント（Normalized Financial Statements）とは？企業の決算の実態を把握するために、企業の非経常的な費用や収益を調整する […]

The return on capital employed (ROCE) is a pre-tax return measure that can be useful in the peer comparison of companies in countries with different tax structures. […]

debt-to-equity ratio is 0.5の場合は
MVCE/(MVD+MVCE)＝1.0/(0.5+1.0)になることに注意（ミスに注意）

Sum-of-the-parts analysis is most useful when valuing a company with segments in different industries that have different valuatio […]

TC = […]

An ETF’s tracking error is typically reported as the annualized standard deviation of the daily differential returns of the ETF and its benchmark.

資産運用会社（ETF スポンサー）
・ETF の組成・ポートフォリオ運用及び管理・ETF の上場手続き及 […]

Relative VaR is a measure of the degree to which the performance of the portfolio might deviate from its benchmark. Relative VaR is also referred to as “ex ante tracking error.”

Ex ante tracking error cor […]

A hedonic index is a transaction-based real estate index, which relies on a single sale of a property as opposed to repeat sales of the same property.

NOI is a component of return in an appraisal-based […]

gross lease, which requires the owner to pay the operating […]

Implied volatility is a measure of estimated future volatility, not historical volatility.
Volatility skew tends to steepen whenever the market price of hedging is rising, which causes its shape to be different […]

payer swaption＝ swap component – bond component
receiver swaption = bond component – swap component.

the effective convexity of a putable bond is always positive. It is the effective convexity of a callable bond that will change from positive to negative if interest rates fall and the call option is near the […]

short-term structured finance vehicles with granular, homogeneous assets tend to be evaluated using a statistical-based approach to the existing book of loans (the reading exhibit refers under “Credit Analysis A […]

担保付翌日物金利（SOFR）は、米国債を担保とする翌日物現金借入金利で、米国債現先（またはレポ）市場のバロメーターとなっています。SOFRは、ある日の適格レポ市場における全取引の出来高加重指数であり、担保付調達市場の需給状況に影響される。

Secured Overnight Financing Rate（担保付翌日物調達金利）の略称。米国の銀行間取引の指標となる金利で、ニューヨーク連邦準備銀行が2018年4月から公表 […]

(exσ、x＝金利ツリーにおけるある年の最下位ノードより上のノード数の2倍）

dominance principle:将来無リスクでペイオフされる金融資産は、今日、正の価格を持たなければならない

The interest r […]

Capital Budgeting
Expansion Project Analysis
Initial investment outlay
outlay = FCInv + NWCInv

shipping and installation (FCInv)
investment in net working capital (NWCInv).

NWCInv = Δnon-cash current assets − Δn […]

Pre-Offer Defense Mechanisms

Poison […]

Forms of Integration
statutory […]

Theories of Dividend Policy

ex-dividend：配当落ち

Bird-in-hand (dividend preference theory)：手 […]

MM Proposition I (No Taxes)
VL = VU
VL = value of levered firm
VU = value of unlevered firm（unlevered：企業が全額資本金で資金調達（無借金経営）した場合）
MM Proposition II (No Taxes)
税金がなく、倒産コストがなく、期待値が均質な完全市場を想定。低コストの負債の利点は、株式のコ […]

The Beneish model
M-score = –4.84 + 0.920 (DSRI) + 0.528 (GMI) + 0.404 (AQI) + 0.892 (SGI)+ 0.115 (DEPI) − 0.172 (SGAI) + 4.679 (Accruals) − 0.327 (LEVI […]

CAMELS
capital adequacy:自己資本
asset quality:資産内容
management:経営
earnings:収益性
liquidity:流動性
sensitivity:市場リスクに対する感応性

バーゼルIII
Tier1 資本
普通株式Tier1資本(最も重要・最も損失吸収力の高い資本構成要素)。普通株式、資本剰余金、利益剰余金、その他の包括利益 […]

local currency
現地通貨はビジネスをする国の通貨です。

functional currency
事業活動上の主要な通貨をいい、企業が現金を稼いだり、支出 […]