S*******l
发帖数: 36 | 1 rt
本人本科是工科，现在master读finance，一共有以下这些课，第一学期选哪几门比较
好？
Short-Term Financial Management
Corporate Finance: Applications and Advanced Topics
Equity Valuation
Seminar in Equity Trading
Financial Strategy
Enterprise Risk Management
Mergers and Acquisitions
International Financial Management
Corporate Finance: Theory, Tools and Concepts
Fixed Income Valuation and Strategies
Derivatives
Advanced Portfolio Theory and Practice
Internship in Finance
Management of Financial Institutions
Real Estate Investment |
|
E********t
发帖数: 2447 | 2 个人意见，仅供参考：）
Short-Term Financial Management
Corporate Finance: Applications and Advanced Topics
Equity Valuation X
Seminar in Equity Trading
Financial Strategy
Enterprise Risk Management
Mergers and Acquisitions X
International Financial Management
Corporate Finance: Theory, Tools and Concepts X
Fixed Income Valuation and Strategies X
Derivatives
Advanced Portfolio Theory and Practice
Internship in Finance
Management of Financial Insti |
|
f*****h
发帖数: 1327 | 3 if it were me,
equity valuation, M&A, FI valuation, Corp Finance,
intern is always necessary |
|
c******s
发帖数: 58 | 4 IBD的Valuation是建议给Issuer的卖价，Research的Valuation是建议给Potential
Buyer的买家（或者反映为相应的Buy/Hold/Sell Rating）。所以才有Conflict of
Interest阿。 |
|
c*******i
发帖数: 49 | 5 Analysts usually launch coverage 40 days after IPO. Prior to IPO, research
ananlyst will conduct valuation as well, independent of banking analysis.
Research's valuation is important to the deal as well since often times,
research analysts know the industry and competitors or comparable companies
very well. |
|
v*******7
发帖数: 1 | 6 http://www.sec.gov/litigation/complaints/2007/comp20112.pdf
, age 31, is married to Chen and resides with him in Queens, New York. Since
August 29, 2005, Wang has been employed by Morgan Stanley, a registered
broker-dealer, as Vice-President and manager of the Securitized Product
Group, in a group referred to as the Valuation Review sub-department, which
itself was a sub-department of the Financial Control department in Morgan
Stanley’s Finance Division (“Valuation Review Group”). She is current |
|
d*****y
发帖数: 1073 | 7 这几天看了不少MSF的帖子，也认识了几个新鲜毕业的，原来就读的MSF项目的director
最近也跟着在全国跑，向各大投行推销自己的毕业生们。说点自己的看法吧。
新鲜毕业生一张嘴就是我要做投行，M&A，或者是investment management，说实话我当
年就读MSF的时候，也是这种想法，但是工作两年，觉得最重要的还是脚踏实地。大实话呢就
是，一个并非名校，而且以前没有任何工作，实习经验的，刚来美不久的同学，来读MSF，想要做
ibank, M&A, structuring是不太现实的。
比如说MA这档子事，卖家买家肯定有自己的老油条，雇用fresh grad来做transaction
的可能性。。。不是很高。Legal Review也轮不到msf毕业生，那么唯一的就是会计事务所的
transaction review有可能愿意雇佣msf同学来做，但那跟大家心里想象的M&A是两码事。
说到底，最现实可行的推销门路，就是银行里面的product valuation review，因为对
技术要求比一般的高，合适中国msf学生的背景，而来呢，这是一个支持产品监控，trader，和
... 阅读全帖 |
|
i****k
发帖数: 804 | 8 WACC depends on equity return, which in turn depends on the historical stock
return.
If the valuation calculated from FCF & WACC differs from the observed sum of
market cap and other sources of funding, the difference could be attributed
to:
+ beta: the historical beta may no longer be the right beta due to internal
or external changes. For example, Google's beta has changed in the past few
years significantly.
+ Rm: You could be using a market return different from the market
expectation.
+ G... 阅读全帖 |
|
C********n
发帖数: 346 | 9 最大的变化是Accounting加了两章，inventory & long-lived assets （financing
lease vs. operating lease, etc.).跟一级相应的内容差不多。
PE valuation那章删掉了LBO valuation。
看不出别的了。有包子吗？:) |
|
i****0
发帖数: 49 | 10 每个人情况不一样，我尽了final round 但没拿到offer，是valuation team。final
当天面了6个人，每人大概40分钟的样子，包括HR和firm的partner. 基本都是让你把自
己的经历讲讲和问什么想做这份工作，他们听你故事时会提问题，还有一个专门负责面
technical Qs，valuation的问题和基本的finance问题，不难。祝好运，不要紧张。 |
|
v********e
发帖数: 1058 | 11 I think it depends on your valuations of the fruits...
for heterogeneous items you may have very different valuations for different
combinations of items, but in the case of fruits that sounds implausible,
so you may assume linearity.
, |
|
r*****g
发帖数: 9999 | 12 先说好俺不是game theory大牛，不许拍砖。
比如有参加auction的有两个人，一个按照1st price auction来bid，另一个按照2nd
price auction来bid，我的感觉是最后的结果（who is the winner and how much is
the payment）应该等同于两个人都按照1st price或2nd price auciton来bid的情形。
也就是说谁的true valuation高谁赢，payment都是等于2nd highest bidder's true
valuation。如果参加auction的有多人，而且有多个item，结果是否仍然是一样的呢？
这个问题可能没什么现实意义，我在网上大概找了一下居然没有什么文献，这种
auction有没有什么特定的名字？哪里能找到一些结论性的东西？
thx！ |
|
G****n
发帖数: 145 | 13 But Andrei Shleifer, who won the clark medal is the real deal!
The law and economics of self-dealing[PDF] from uva.nl…, R La Porta, F
Lopez-de-Silanes, A Shleifer - 2005 - nber.org
... Andrei Shleifer Department of Economics Harvard University Littauer
Center M-9 Cambridge,
MA 02138 and NBER a*******[email protected] Page 3. 1 1. Introduction. Over the
last twenty
years, both academic and practical approaches to corporate ...
Cited by 462 - Related articles - Library Search - BL Direct - All 71
vers... 阅读全帖 |
|
G****n
发帖数: 145 | 14 Liu Qiao 100+ papers
Corporate governance and market valuation in China[PDF] from umich.eduCE Bai
, Q Liu, J Lu, FM Song… - … of Comparative Economics, 2004 - Elsevier
... Journal of Comparative Economics 32 (4) (2004) 599–616. ... of the firm
market valuations, we use
various measures of corporate governance to determine Tobin's q values for .
.. highlighted by Berle
and Means led to the development of the agency approach to corporate finance
. ...
Cited by 209 - Related articles - Library Sear... 阅读全帖 |
|
kx
发帖数: 16384 | 15 ☆─────────────────────────────────────☆
Gaojun (Gaojun) 于 (Mon Nov 14 12:04:02 2011, 美东) 提到:
Between trust and control: Developing confidence in partner cooperation in
alliancescuny.edu 中的 [PDF]…, BS Teng - Academy of management Review, 1998
- JSTOR
Strategic alliances have been recognized as arenas with potential for
opportunistic behavior
by partners. Hence, a firm needs to have an adequate level of confidence in
its partner's
cooperative behavior. In this article we examine the notion of... 阅读全帖 |
|
G****n
发帖数: 145 | 16 Between trust and control: Developing confidence in partner cooperation in
alliances
[PDF] from cuny.edu…, BS Teng - Academy of management Review, 1998 - JSTOR
Strategic alliances have been recognized as arenas with potential for
opportunistic behavior
by partners. Hence, a firm needs to have an adequate level of confidence in
its partner's
cooperative behavior. In this article we examine the notion of confidence in
partner ...
Cited by 1749 - Related articles - BL Direct - All 9 versions
A reso... 阅读全帖 |
|
k*********l
发帖数: 1218 | 17 【 以下文字转载自 Automobile 讨论区 】
发信人: katharinezl (linlin), 信区: Automobile
标 题: 求助：sue insurance公司的settlement amount too low
发信站: BBS 未名空间站 (Wed Jan 19 12:54:15 2011, 美东)
车祸，对方全责，我的车全报废，对方的insurance公司陪款额和我自己查的kkb的
retail price差了2000，insurance公司坚持他们的valuation，他们自己有个
valuation公司，然后找了2个comparable car的value，我现在准备上small count
请问这个赢的几率大吗? 我是sue insurance公司，还是sue对方的driver？
多谢 |
|
j****c
发帖数: 19908 | 18 【 以下文字转载自 Quant 讨论区 】
发信人: jjjstc (买买提就是一个垃圾处理站), 信区: Quant
标 题: 猎头公司发给我的关于高盛五个quant职位的email
发信站: BBS 未名空间站 (Tue Feb 15 14:09:32 2011, 美东)
两星期前发的，估计这人喜欢没事在各大学校物理系网站瞎逛，看到要毕业的就发
email，我第一次直接拖到垃圾箱里了，过了五天又发了一次。我对这个行业没兴趣，
今天刚知道这个版，转贴到这里，不知道这些信息是否有用
From: Clint Tankersley [mailto:c***[email protected]]
Sent: Monday, January 31, 2011 9:16 AM
To: 'j****[email protected]'
Subject: Clint / Ignited
jjjstc:
We’ve not spoken, so my name won’t be familiar. I visited your mitbbs Web
page, however, so I know you’re... 阅读全帖 |
|
q*****r
发帖数: 43 | 19 看到一个猎头职位，感兴趣的可以看看，投简历前注意看要求。
The team is responsible for the validation of valuation models within the
risk department. The team also develops and implements methodologies for
risk measurement and looks after the policy framework for valuation,
validation and risk measurement in Interest Rates & FX & Derivatives trading.
Quantitative Analyst
My client, a reputable investment bank, is looking to recruit a Quantitative
Analyst to join their Risk Methodologies & Policies team based in Shanghai.
The |
|
a*******i
发帖数: 4 | 20 Equity Asset Valuation
Equity Asset Valuation Workbook
Fixed Income Analysis
Fixed income analysis workbook
international financial statement analysis
international financial statement analysis workbook
Managing Investment portfolios
Managing Investment portfolios workbook
Quantitative Investment Analysis
Quantitative Investment Analysis workbook
email me for details
a*********[email protected] |
|
a*******i
发帖数: 4 | 21 包括notes practice
阅读材料包括
Equity Asset Valuation
Equity Asset Valuation Workbook
Fixed Income Analysis
Fixed income analysis workbook
international financial statement analysis
international financial statement analysis workbook
Managing Investment portfolios
Managing Investment portfolios workbook
Quantitative Investment Analysis
Quantitative Investment Analysis workbook
有兴趣email联系：
a*********[email protected] |
|
t*******8
发帖数: 67 | 22 Designing and implementing software tools for valuation, risk monitoring
and
management. Modeling financial products that span fixed income,
equity,
other financial markets.
Strong quantitative and coding skills, preferably including C++ are
required
. Knowledgeable of derivatives markets and valuation methods in
equities
and/or fixed income are preferred. Finance industry experience
preferred,
but new graduates and those with technical experience in other
industries
will be co |
|
I*E
发帖数: 152 | 23 如下的Job Description指的就是Quant吗？
Job Description:
1. Develop and Implement mathematical models of the joint dynamics of
the financial factors impacting valuation and risk management of
positions traded by the firm.
2. Develop, implement, estimate and calibrate under both pricing and
physical measure the valuation and risk management tools and analytics
used by the Desk Strats for identifying revenue position and risk.
3. Design and implement model structure to enable models and analytics
to be shar |
|
l******i
发帖数: 1404 | 24 For short, I think it is not confined to dynamics under martingale measure.
It has nothing to do with martingale.
Generally speaking, we usually require a martingale measure to make the
market arbitrage free and derive the risk-neutral valuation formula. However
in the other way, we can use PDE framework as I introduced above to derive
analytic price formula instead of risk-neutral valuation formula to avoid
Monte Carlo simulation. That's why Markov property is so important. |
|
k***t
发帖数: 57 | 25 不知这个单子的面向对象是什么
大概看了看 似乎列了40来本 不知道看到哪个程度可以应付quan的面试 又或后面的
hardcore是工作后的进阶的
本人fresh phd还没毕业 大概还有一年多的时间 理工背景 统计有时用用 不知道如何
利用这个书单
谁能指点一下吧 谢了先
////////////////////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////
///////////////////
0.0 First steps -- General:
A. Black Scholes and Beyond: Option Pricing Models, N A Chriss
B. Derivative Securities, R Jarrow, S Turnbull
C. Introduction to Mathematical Finance: Discrete ... 阅读全帖 |
|
a*********n
发帖数: 602 | 26 What is private equity?" was the common question asked in China back in the
1990s.
The terminology was not as widespread as it is today, with only a handful of
private equity firms active in the market. I recall having to conduct a
small
seminar with a company's management team, explaining the virtues of private
equity
before any transaction terms could be discussed. Times have changed since
the
early years as China is now home to over 200 China-dedicated funds raising
over
$15bn (Rmb 103bn, 0.8... 阅读全帖 |
|
j****c
发帖数: 19908 | 27 两星期前发的，估计这人喜欢没事在各大学校物理系网站瞎逛，看到要毕业的就发
email，我第一次直接拖到垃圾箱里了，过了五天又发了一次。我对这个行业没兴趣，
今天刚知道这个版，转贴到这里，不知道这些信息是否有用
From: Clint Tankersley [mailto:c***[email protected]]
Sent: Monday, January 31, 2011 9:16 AM
To: 'j****[email protected]'
Subject: Clint / Ignited
jjjstc:
We’ve not spoken, so my name won’t be familiar. I visited your mitbbs Web
page, however, so I know you’re a physics Ph.D. student there. I’m a
headhunter with 12 years of experience recruiting technologists, technology/
project managers, busines... 阅读全帖 |
|
m********l
发帖数: 4394 | 28 对， 我说的business valuation就是stock valuation. (我忘记了有差别）。
Investment Management是属于啥部门的？
=====
还有。 请收包子。 |
|
M*S
发帖数: 459 | 29 请问这里说的价格跟bond valuation 是一回事吗？我感觉不是一样的，这里的价格应
该是指发行债券的时候，债券的购买价钱。而bond valuation 谈论的是bond 的time
value. |
|
y***e
发帖数: 17 | 30 关于中信证券
中信证券股份有限公司（以下简称“中信证券”，“公司”）是一家以证券业务为核心
，提供证
券经纪、承销与保荐、证券自营、资产管理、证券投资咨询、融资融券等金融服务的综
合性证券公司。
在中国证券行业中，中信的总资产、净资本和盈利规模最大，业务牌照最齐全，综合实
力最强。
公司成立于1995 年10 月，总部位于深圳市。2003 年1 月，公司在上海证券交易所挂
牌上市交易，
股份名称“中信证券”，股票代码为 600030。中信证券第一大股东为中国中信集团公
司。截至2010
年底，中信集团公司持有中信证券的股份为23.45%。中信证券秉承中信集团勇于创新的
精神，与中信
银行、中信信托等公司共同组成综合经营模式，积极为客户提供境内外全面金融服务。
成立15 年来，中信证券伴随着中国经济的快速成长，以及资本市场的发展壮大，不断
扩展业务
领域，创新产品与服务。由一家净资产规模仅3 亿元、18 家证券营业部、450 余名员
工组成的专业证
券公司，发展成为净资产700 多亿元、140 余家营业网点、逾万名员工的大型证券集团
公司，为国内
外众多客户提供全方位的证券金融服务。截止... 阅读全帖 |
|
n**r
发帖数: 1587 | 31 post for my recruiter, please contact them directly.
f******************[email protected]
Contact : 201 468 0519
Statistical Modeling-(PhD) - New York
Our clients, top-tier Management consulting firms advising international
banks and other financial firms based in NY, are looking for PhDs with
strong statistical modeling skills to join Quantitative Research & Analytics
teams.
The group conducts extensive research and builds prototype models that
estimate the economic stress on the credit risk of struc... 阅读全帖 |
|
|
w*****9
发帖数: 27 | 33 http://blog.renren.com/share/245259375/14561621914?from=0101010
投行和hedge fund的春梦血泪
来源： 李昂的日志
过去的这6个月，仿佛狂风骤雨一般，扫过我薄如蝉翼的生命。激荡风雷之刹那，每一
秒钟都好像是永恒。记得2月份的时候，去过一次波士顿。当时的波士顿，就好像3年前
暑假在harvard stem cell institute做实习的时候一样，古朴安静的小城，凉风里绿
草如茵。9月初的时候，又偶然去了一次波士顿。走在south station边的回廊，看着路
旁呆板的灰色的砖楼，竟又陌生的恍如隔世。从4月初开始找投行工作开始，命运的木
船仿佛在飓风卷动的怒涛里翻覆挣扎，在恣肆横行的风魔里无力的试图划动出前进的方
向。四面八方的阴魂来袭，黑暗的烟雾里飘闪隐现着诡秘的紫霓白光。细细的指南针被
眩晕的磁场扭曲成虬结，呼哧作响的布帆在咆哮嘶鸣的风波里撕裂飘荡。每一天都好像
一个新的纪元，上帝的金光好像随时都能穿云透雾，射到我的周身和脸上。每一个夜晚
都好像世界的末日，退去的灯火的黄晕好像随时都会永久的离开我的僵体，让位... 阅读全帖 |
|
w*****9
发帖数: 27 | 34 http://blog.renren.com/share/245259375/14561621914?from=0101010
投行和hedge fund的春梦血泪
来源： 李昂的日志
过去的这6个月，仿佛狂风骤雨一般，扫过我薄如蝉翼的生命。激荡风雷之刹那，每一
秒钟都好像是永恒。记得2月份的时候，去过一次波士顿。当时的波士顿，就好像3年前
暑假在harvard stem cell institute做实习的时候一样，古朴安静的小城，凉风里绿
草如茵。9月初的时候，又偶然去了一次波士顿。走在south station边的回廊，看着路
旁呆板的灰色的砖楼，竟又陌生的恍如隔世。从4月初开始找投行工作开始，命运的木
船仿佛在飓风卷动的怒涛里翻覆挣扎，在恣肆横行的风魔里无力的试图划动出前进的方
向。四面八方的阴魂来袭，黑暗的烟雾里飘闪隐现着诡秘的紫霓白光。细细的指南针被
眩晕的磁场扭曲成虬结，呼哧作响的布帆在咆哮嘶鸣的风波里撕裂飘荡。每一天都好像
一个新的纪元，上帝的金光好像随时都能穿云透雾，射到我的周身和脸上。每一个夜晚
都好像世界的末日，退去的灯火的黄晕好像随时都会永久的离开我的僵体，让位... 阅读全帖 |
|
y***r
发帖数: 32 | 35 在finance领域，过去多少年诺奖一直钟情于asset valuation,Black–Scholes–
Merto这一流派。而对过气的efficient market并未重视。 对于这些年来hedge fund的
booming，及Fama自己屡屡被提名，结果每次都被asset valuation那拨人拿奖，Fama这
早就急得红鼻子赤脸的。在自己的小圈子里对hedge fund这一波是从来是不择手段的打
压。掩饰不住他多年的嫉妒恨。看他面相就气量狭小之人。 在小圈子里，这都是公开
的秘密。
诺奖也真没骨气。今年把不相干的三个人胡乱拼凑一下。 |
|
j*****1
发帖数: 66 | 36 【 以下文字转载自 JobHunting 讨论区 】
发信人: johnus1 (John), 信区: JobHunting
标 题: SAS Quant Developer - Los Angeles
发信站: BBS 未名空间站 (Mon Sep 15 01:03:38 2014, 美东)
contractor 职位，但可以办H1B transfer（不能申请新的H1B），如果合适会长期雇用
。公司是个Fixed Income Asset Management Firm.
发简历到 [email protected]
(function(){try{var s,a,i,j,r,c,l,b=document.getElementsByTagName("script");l=b[b.length-1].previousSibling;a=l.getAttribute('data-cfemail');if(a){s='';r=parseInt(a.substr(0,2),16);for(j=2;a.length-j;j+=2){c=parseInt(a.substr(j,2),16)^... 阅读全帖 |
|
d*****y
发帖数: 1365 | 37 【 以下文字转载自 DataSciences 讨论区 】
发信人: donaghy (I am an NBA referee), 信区: DataSciences
标 题: Data science/Quant analysis positions
发信站: BBS 未名空间站 (Tue Mar 3 21:38:32 2015, 美东)
We are seeking Quantitative Research Analysts who will work as Financial
Engineers, Data Scientists, Risk Analysts or Software Developers in our
Advanced Data Analytics Unit (ADAU) at Financial Industry Regulatory
Authority (FINRA).
ADAU is a newly formed unit at FINRA to leverage on data analytics to
effectively examine and c... 阅读全帖 |
|
d*****y
发帖数: 1365 | 38 【 以下文字转载自 DataSciences 讨论区 】
发信人: donaghy (I am an NBA referee), 信区: DataSciences
标 题: Data science/Quant analysis positions
发信站: BBS 未名空间站 (Tue Mar 3 21:38:32 2015, 美东)
We are seeking Quantitative Research Analysts who will work as Financial
Engineers, Data Scientists, Risk Analysts or Software Developers in our
Advanced Data Analytics Unit (ADAU) at Financial Industry Regulatory
Authority (FINRA).
ADAU is a newly formed unit at FINRA to leverage on data analytics to
effectively examine and c... 阅读全帖 |
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w*********l
发帖数: 164 | 39 【 以下文字转载自 LosAngeles 讨论区 】
发信人: whatsupgirl (远方), 信区: LosAngeles
标 题: 有谁要找HR或者投资方面的工作吗？有两个opening
发信站: BBS 未名空间站 (Mon Jul 13 13:31:54 2015, 美东)
是国内某大公司在美国分公司招聘的，一个是director of human resources，一个是
director of investment。
Director- LA
Requirements:
1. Bachelor’s degree in Human Resources, Business or equivalent
preferred.
2. 15+ years of HR experience with 5+ years in an HR director role
required.
3. Professional certification such as PHR, SPHR, SHRM-CP, or SHRM-SCP or
other HR Certifica... 阅读全帖 |
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S******y
发帖数: 1123 | 41 最近挺忙，长期潜水。到年底了来吐个泡:-)
读了songkun 大侠让大家睡不着的帖子 :-) 有感而发。 湾区现在机会还真不少。
根据2012年数据，湾区（硅谷+旧金山）占全美venture capital 投资总额的约40%。
今年估计只会更多。最近去旧金山市内， 看到一片欣欣向荣， startup 象雨后春洵
:-)
http://www.siliconvalleyindex.org/index.php/economy/innovation
据我在湾区个人的观察，统计虽然没有software engineer机会多 （大概1：10) 还是
有机会加入上市之前的公司，或者刚刚上市的公司的。一般来说，公司刚开始的时候，
一般都是software engineer； 然后是product manager； 然后客户多了，数据多到一
定地步，开始hire analyst 或者 statistician 。 这时候公司往往已经上了规模。
好处是这时候加入 你可以看得比较清楚前景。（美中不足是这时候往往已经融资到了
Series C 即第三轮之后 甚至更晚一点， valuation 比较高了... 阅读全帖 |
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N****a
发帖数: 100 | 42 从目前来看，到底partnership有多好？ 我总是觉得医院收入好像更稳定些？本人是菜
鸟，
请哪位有切身经验的前辈科普一下，不胜感激！
how does this sound about potential partnership: 2 years to partnership with
buy in potential. Business is valuated every 3-5 years and the valuation
is used for the buy in number. Buy in is 10% cash and 90% pretax money.
Established criteria for eligibility for partnership.
Ownership brings access to the profit pool – quarterly bonus and access to
the real estate portion. |
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d*****y
发帖数: 1365 | 43 We are seeking Quantitative Research Analysts who will work as Financial
Engineers, Data Scientists, Risk Analysts or Software Developers in our
Advanced Data Analytics Unit (ADAU) at Financial Industry Regulatory
Authority (FINRA).
ADAU is a newly formed unit at FINRA to leverage on data analytics to
effectively examine and conduct surveillance of market participants in
mainly Broker-Dealer space. ADAU staff will support the examination and
surveillance efforts by closely aligning with internal... 阅读全帖 |
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y*****2
发帖数: 2435 | 44 ABSOLUTE VALUATION要求更多的信息以及更多的假设，所以个人做ABSOLUTE VALUATON
FA不现实，我一般都是COMPARABLE VALUATION。 |
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y*****2
发帖数: 2435 | 46 1. 大家注意所有的ER都是未经AUDIT的，审计公司不对在SEC FILE的ER承担任何责任。
理论上一个公司，可以在ER的时候随便吹，在出报表的时候再予以更正。但是大家一般
都注重了ER，反倒每人去看10Q,10K了。这些才是被保证的。当然一般公司为了维持自
己的信誉，会让审计师先浏览一下报表，大致认为ER没有问题，才放出来。
2. 所有的季度ER，都是未经审计的，审计师只进行REVIEW，所以造假空间较大，季度
ER比较容易BEAT。所有年度ER都是经过审计的，所以操作空间较小。
3. 几乎所有的上市公司，都会合法或非法的操纵报表，这个已经被一篇会计界的论文
论证过了。凡是所有invove management estimate的地方，都不可信，例如Provision
for Credit Loss, Accounts receivable, inventory allowance, goodwill, 还有所
有的LEVEL III valuation。 这个操作空间太大，就是用external valuation
specialist都不行。一个deal,高盛说10m，MS就 |
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p**8
发帖数: 3883 | 47 Stocks Pricing In Recession, But That Is 'Unlikely': Cohen
ABBY JOSEPH COHEN, RECESSION, CNBC, MARGO D. BELLER, STOCK MARKET, STANDARD
& POOR'S, S&P, DOW
Posted By: Margo D. Beller | Special to CNBC.com
CNBC.com | 19 Aug 2011 | 04:27 PM ET
The stock market may be pricing in a recession, but such a severe slowdown
in the U.S. economy is an "unlikely scenario," well-known stock market guru
Abby Joseph Cohen told CNBC Friday.
"Let’s be very clear, there are some fundamental worries," the Goldman
Sa... 阅读全帖 |
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T*********s
发帖数: 17839 | 48 【 以下文字转载自 Stock 讨论区 】
发信人: lucan (采菊东篱者), 信区: Stock
标 题: 说两句关于PE和 value investrment
发信站: BBS 未名空间站 (Thu Mar 1 14:34:34 2012, 美东)
看到不少人在说，也掺和一下。本人是value investor，所以valuation的factors看得
会多些，PE, PB什么的。
不过这些不是作为投资的决定因素，暂且看作是screening的一个工具，或者是引发分
析和讨论的催化剂。中国的太阳能，干货运输行业都是我曾经关于过得，因为便宜，所
以感兴趣的了就看得多些。不过valuation factor不是做投资决定的唯一原因，因为PE
低往往有PE低的理由，市场不是傻子，凭啥人家都不看好，都在卖，drive PE value
lower，而我一买就涨啊，这是不现实的。
决定你能否赚钱的因素太多，仅对价值投资而言，列几条：
1, 大盘因素
这个不用多说了吧，大方向看错了，都扯淡
2, 价值投资是否in favor
就今年来看growth stock outperform ... 阅读全帖 |
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d****7
发帖数: 2241 | 50 【 以下文字转载自 PraticalTrading 俱乐部 】
发信人: googer (cutie), 信区: PraticalTrading
标 题: 10 Bank Stocks Trading Below Book Value
发信站: BBS 未名空间站 (Fri Jun 18 16:41:23 2010, 美东)
这篇文章对几个小银行做了一个比较好的介绍，包括 fbp, crbc, pcbc, bbx, prwt,
snv, bpop, cse, mi & c. 每个包括目前状态，资本充足与否，可能风险，资产品质以及可
能前景。 可做参考。
10 Bank Stocks Trading Below Book Value
FBP
First Bancorp (FBP) of San Juan, Puerto Rico was trading for just 0.2 times
tangible book value on Thursday, when shares closed at $1.06, down 54% year-
to-date.
TARP Status: ... 阅读全帖 |
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