Equity Markets, Valuation, and Analysis. H. Kent Baker
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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.
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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 332.63/2042—dc23
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
Acknowledgments
A good editor is someone who cares a little less about the author's needs than the reader's.
Dene October
Bringing this book from the idea stage to publication was a team effort. We greatly appreciate the roles played by all participants – some more direct than others. We thank our chapter authors for sharing their knowledge. They painstakingly wrote and then revised each chapter multiple times without complaint. We edited your words but not your message. Without your dedication, this book would not exist.
We also thank the highly talented professionals at John Wiley & Sons, especially Bill Falloon (executive editor), Richard Samson (project editor), and Koushika Ramesh (production editor), for their guidance. We also thank everyone at Cape Cod Compositors, Inc. Additionally, we recognize the support provided by the Kogod School of Business at American University, the Behrend College at Penn State Erie, and the Crummer Graduate School of Business at Rollins College.
Finally, we express gratitude for our families, who have largely been our silent partners in this process. We dedicate this book to Linda and Rory Baker; Janis, Aaron, Andrea, Kyle, and Grant Filbeck; Nilgün and Tunc Kiymaz.
About the Editors
H. Kent Baker, CFA, CMA, is University Professor of Finance at the Kogod School of Business at American University. Professor Baker is an award-winning author/editor of 36 books, including Debt Markets and Investments; Investment Traps Exposed: Navigating Investor Mistakes and Behavioral Biases; Financial Behavior: Players, Services, Products, and Markets; Investor Behavior: The Psychology of Financial Planning and Investing; and Survey Research in Corporate Finance. He is also the editor of two book series: Financial Markets and Investments (Oxford University Press) and the H. Kent Baker Investments Series (Emerald Publishing). As one of the most prolific finance academics, he has published about 190 refereed academic journal articles and 125 practitioner-oriented articles appearing in such outlets as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Corporate Finance, Financial Analysts Journal, Journal of Portfolio Management, and Harvard Business Review. He has consulting and training experience with more than 100 organizations and has conducted more than 800 training programs in North America and Europe. He is the past president of the Southern Finance Association and its 2019 Distinguished Scholar. Professor Baker holds a BSBA from Georgetown University; an MEd, MBA, and DBA from the University of Maryland; and an MA, MS, and two PhDs from American University.
Greg Filbeck, CFA, FRM, CAIA, CIPM, PRM, is the Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend, and serves as the director for the Black School of Business. He formerly served as senior vice president of Kaplan Schweser and held academic appointments at Miami University and the University of Toledo, where he served as the Associate Director of the Center for Family Business. Professor Filbeck is an author/editor of 14 books and has published more than 100 refereed academic journal articles in the Financial Analysts Journal, Financial