投资回报率与财务报表(英文版).pptVIP

Investment Returns, Equity Value, and Financial Statements PART I 第一页，共三十一页。 Understanding investment returns and how analysts’ styles are determined by their approach to forecasting returns Chapter 3 Understanding valuation models that value forecasted returns Chapter 4 Understanding how earnings are related to returns and how valuations based on forecasted earnings work (or don’t work) Chapter 5 Understanding how forecasts of income statements and balance sheets produce a valuation Chapter 6 With this understanding proceed to · Analysis of information (Part II) · Forecasting and Valuation (Part III) Gaining the Understanding to do Fundamental Analysis 第二页，共三十一页。 Chapter 3 Investment Returns 第三页，共三十一页。 Investment Returns Chapter 1 established that forecasting returns is at the heart of fundamental analysis Link to Previous Chapter This chapter explains what returns are, distinguishes normal and abnormal returns, and explains how analysts specialize in forecasting normal and abnormal returns This Chapter Chapter 4 will show how valuation models are constructed to measure the value of forecasted returns Link to Next Chapter Link to Web Page How are returns calculated? What is a normal return and an abnormal return? How might an analyst gain an advantage in forecasting normal or abnormal returns? What has been the historical experience in equity investing? 第四页，共三十一页。 What you will learn in this chapter How investment returns are calculated The difference between normal and abnormal returns What an efficient market price means What an arbitrage opportunity is The difference between active and passive investment The difference between an alpha and a beta How asset pricing models work (in outline) How screening strategies work (and don’t work) What a contrarian strategy is How fundamental analysis differs from screening and contrarian analysis How various stock selection strategies have worked in the past 第五页，共三十一页。 For a t