詳情信息:
Product Details 基本信息
ISBN-13 書號:9781118747964
Author 作者:Carlisle, Tobias E.
齣版社:Wiley
Publication Date 齣版日期:20140729
Product Dimensions 商品尺寸:23.1x14.9x2.7cm
Shipping Weight 商品重量:0.43kg
Shipping Weight Language 語種:英語
pages 頁數:240
Book Contents 內容簡介
This book seeks to describe the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond It is intended to be a practical guide that also canvases the academic and industry research and provides important details alongside engaging anecdotes It will discuss how activists identify targets and the strategies and tactics employed to unseat management or foment change Its called Deep Value a term and investment philosophy first described by Benjamin Graham and this book describes that activist investor philosophy Grahams Deep Value approach which Carlisle discusses in detail in this book identified activist targets by their discount to liquidation value While it was appropriate to the time and extremely effective those opportunities have largely disappeared from the investment landscape In response modern activists including Icahn who straddle the two most recent epochs of shareholder activism had to adapt employing a wider palate to assess value and exploiting a broader array of tools to achieve their ends For a little background the conditions are in place for a new golden age of shareholder activism like the hostile takeovers and leveraged buyout wave in the 1980s and the private equity boom in the early 2000s Many public companies are now trading at a significant discount to their intrinsic value This is likely due to recent absence of activist hedge funds and the lull in merger and acquisition (M A) activity which has been sluggish in the first half of 2012 with 17 562 deals at a value of approximately 1 1 trillion This is a temporary period of cyclical weakness likely to reverse soon Past periods of persistent undervaluation have been followed by a steep increase in M A activity Other participants in the market now have unprecedented levels of firepower American corporations hold 2 2 trillion in cash on their balance sheets more than at any time in the last half century and private equity firms hold record levels of capital for buyouts at approximately 3 trillion Activist hedge funds quiet after a period of success in the early 2000s are likely to re emerge as the stars move back into alignment for activist investing The economic climate shareholder sentiment and opportunities available have the potential to create a fertile environment for activism ?
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