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Security Analysis and Business Valuation on Wall Street,: A ... - lib

Security Analysis and Business Valuation on Wall Street,: A ... - lib

Security Analysis and Business Valuation on Wall Street,: A ... -

  • Page 3 and 4: Security A
  • Page 5 and 6: Security A
  • Page 7 and 8: ContentsPrefaceWhat Is Secu
  • Page 9 and 10: ContentsviiCHAPTER 7Company-Specifi
  • Page 11 and 12: ContentsixCase Study: Keane, Inc. 2
  • Page 13: ContentsxiCHAPTER 27The Emerging Ma
  • Page 16 and 17: xivPREFACEmajor contributing factor
  • Page 18 and 19: xviPREFACEImpact of two market cras
  • Page 20 and 21: xviiiPREFACEOVERVIEW OF THE CONTENT
  • Page 22 and 23: xxPREFACECAPM and
  • Page 25 and 26: CHAPTER 1Why Analyze a Secu
  • Page 27 and 28: WhyAnalyzeaSecurity
  • Page 29 and 30: WhyAnalyzeaSecurity
  • Page 31 and 32: WhyAnalyzeaSecurity
  • Page 33 and 34: WhyAnalyzeaSecurity
  • Page 35 and 36: WhyAnalyzeaSecurity
  • Page 37 and 38: WhyAnalyzeaSecurity
  • Page 39 and 40: CHAPTER 2Who’s Practicing
  • Page 41 and 42: Who’s Practicing Security
  • Page 43 and 44: Who’s Practicing Security
  • Page 45 and 46: Who’s Practicing Security
  • Page 47 and 48: Who’s Practicing Security
  • Page 49 and 50: Who’s Practicing Security
  • Page 51 and 52: CHAPTER 3Seeking a Level Playing Fi
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    Seeking a Level Playing Field 31Man

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    Seeking a Level Playing Field 33gat

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    Seeking a Level Playing Field 35EXH

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    Seeking a Level Playing Field 37Fur

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    Seeking a Level Playing Field 39inv

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    Seeking a Level Playing Field 41EXH

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    Seeking a Level Playing Field 43EXH

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    Seeking a Level Playing Field 4563

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    Seeking a Level Playing Field 47EXH

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    Seeking a Level Playing Field 49Ini

  • Page 73 and 74:

    CHAPTER 4Other Sources of Informati

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    Other Sources of Information 53pres

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    Other Sources of Information 55inve

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    Other Sources of Information 57they

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    CHAPTER 5Starting the Analy

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    Starting the Analysis

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    Starting the Analysis

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    Starting the Analysis

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    Starting the Analysis

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    Starting the Analysis

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    74 PERFORMING THE ANALYSIS AND WRIT

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    76 PERFORMING THE ANALYSIS AND WRIT

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    78 PERFORMING THE ANALYSIS AND WRIT

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    80 PERFORMING THE ANALYSIS AND WRIT

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    82 PERFORMING THE ANALYSIS AND WRIT

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    84 PERFORMING THE ANALYSIS AND WRIT

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    86 PERFORMING THE ANALYSIS AND WRIT

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    88 PERFORMING THE ANALYSIS AND WRIT

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    90 PERFORMING THE ANALYSIS AND WRIT

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    92 PERFORMING THE ANALYSIS AND WRIT

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    94 PERFORMING THE ANALYSIS AND WRIT

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    96 PERFORMING THE ANALYSIS AND WRIT

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    98 PERFORMING THE ANALYSIS AND WRIT

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    100 PERFORMING THE ANALYSIS AND WRI

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    102 PERFORMING THE ANALYSIS AND WRI

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    104 PERFORMING THE ANALYSIS AND WRI

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    106 PERFORMING THE ANALYSIS AND WRI

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    108 PERFORMING THE ANALYSIS AND WRI

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    110 PERFORMING THE ANALYSIS AND WRI

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    112 PERFORMING THE ANALYSIS AND WRI

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    114 PERFORMING THE ANALYSIS AND WRI

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    116 PERFORMING THE ANALYSIS AND WRI

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    118 PERFORMING THE ANALYSIS AND WRI

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    120 PERFORMING THE ANALYSIS AND WRI

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    122 PERFORMING THE ANALYSIS AND WRI

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    124 PERFORMING THE ANALYSIS AND WRI

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    126 PERFORMING THE ANALYSIS AND WRI

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    128 PERFORMING THE ANALYSIS AND WRI

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    130 PERFORMING THE ANALYSIS AND WRI

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    132 PERFORMING THE ANALYSIS AND WRI

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    134 PERFORMING THE ANALYSIS AND WRI

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    136 PERFORMING THE ANALYSIS AND WRI

  • Page 161 and 162:

    CHAPTER 9The Limitations of Account

  • Page 163 and 164:

    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    The Limitations of Accounting Data

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    166 PERFORMING THE ANALYSIS AND WRI

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    168 PERFORMING THE ANALYSIS AND WRI

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    170 PERFORMING THE ANALYSIS AND WRI

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    172 PERFORMING THE ANALYSIS AND WRI

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    174 PERFORMING THE ANALYSIS AND WRI

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    176 PERFORMING THE ANALYSIS AND WRI

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    178 PERFORMING THE ANALYSIS AND WRI

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    180 PERFORMING THE ANALYSIS AND WRI

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    182 PERFORMING THE ANALYSIS AND WRI

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    184 PERFORMING THE ANALYSIS AND WRI

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    186 PERFORMING THE ANALYSIS AND WRI

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    188 PERFORMING THE ANALYSIS AND WRI

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    190 PERFORMING THE ANALYSIS AND WRI

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    192 PERFORMING THE ANALYSIS AND WRI

  • Page 217 and 218:

    CHAPTER 12Valuation

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    Valuation Methodol

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    CHAPTER 13Intrinsic Value a

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    Intrinsic Value and

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    Intrinsic Value and

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    Intrinsic Value and

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    Intrinsic Value and

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    CHAPTER 14Discounted Cash Flow:Choo

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    Discounted Cash Flow: Choosing the

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    Discounted Cash Flow: Choosing the

  • Page 237:

    Discounted Cash Flow: Choosing the

  • Page 240 and 241:

    218 VALUATION AND THE INVESTMENT DE

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    220 VALUATION AND THE INVESTMENT DE

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    222 VALUATION AND THE INVESTMENT DE

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    224 VALUATION AND THE INVESTMENT DE

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    226 VALUATION AND THE INVESTMENT DE

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    228 VALUATION AND THE INVESTMENT DE

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    230 VALUATION AND THE INVESTMENT DE

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    232 VALUATION AND THE INVESTMENT DE

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    234 VALUATION AND THE INVESTMENT DE

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    236 VALUATION AND THE INVESTMENT DE

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    238 VALUATION AND THE INVESTMENT DE

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    240 VALUATION AND THE INVESTMENT DE

  • Page 265 and 266:

    CHAPTER 18Sum-of-the-Parts

  • Page 267 and 268:

    Sum-of-the-Parts Analysis

  • Page 269 and 270:

    Sum-of-the-Parts Analysis

  • Page 271 and 272:

    Sum-of-the-Parts Analysis

  • Page 273:

    Sum-of-the-Parts Analysis

  • Page 276 and 277:

    254 VALUATION AND THE INVESTMENT DE

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    256 VALUATION AND THE INVESTMENT DE

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    258 VALUATION AND THE INVESTMENT DE

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    260 VALUATION AND THE INVESTMENT DE

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    262 VALUATION AND THE INVESTMENT DE

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    264 VALUATION AND THE INVESTMENT DE

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    266 VALUATION AND THE INVESTMENT DE

  • Page 291 and 292:

    CHAPTER 20Private EquityThous

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    Private Equity 2712 percent of comm

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    Private Equity 273EXHIBIT 20.2 True

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    Private Equity 275in public compani

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    Private Equity 277EXHIBIT 20.7 Prem

  • Page 302 and 303:

    280 SPECIAL CASES4. Management’s

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    282 SPECIAL CASESEXHIBIT 21.3 Encor

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    284 SPECIAL CASESEXHIBIT 21.4(Conti

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    286 SPECIAL CASESPipelinesPumpsSurf

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    288 SPECIAL CASESEXHIBIT 21.9Encore

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    290 SPECIAL CASESEXHIBIT 21.12Ranki

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    292 SPECIAL CASESEXHIBIT 21.13Anglo

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    294 SPECIAL CASESsince such actions

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    296 SPECIAL CASESEXHIBIT 22.1The Fi

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    298 SPECIAL CASESTWO SETS OF SKILLS

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    300 SPECIAL CASESIn part, a financi

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    302 SPECIAL CASESA quick glance at

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    304 SPECIAL CASESEXHIBIT 22.12 Capi

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    306 SPECIAL CASESEXHIBIT 22.14 J.P.

  • Page 331 and 332:

    CHAPTER 23Insurance CompaniesInsura

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    Insurance Companies 311PRINCIPAL FU

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    Insurance Companies 313FINANCIAL ST

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    Insurance Companies 315competitive

  • Page 339 and 340:

    Insurance Companies 317EXHIBIT 23.6

  • Page 341 and 342:

    Insurance Companies 319EXHIBIT 23.8

  • Page 343 and 344:

    CHAPTER 24Highly Speculative Stocks

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    Highly Speculative Stocks 323EXHIBI

  • Page 347 and 348:

    Highly Speculative Stocks 325Gross

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    Highly Speculative Stocks 327his Ba

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    Highly Speculative Stocks 329Step 3

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    CHAPTER 25Distressed Securities

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    Distressed Securities and

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    Distressed Securities and

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    Distressed Securities and

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    Distressed Securities and

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    Distressed Securities and

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    CHAPTER 26International StocksIn an

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    International Stocks 345EXHIBIT 26.

  • Page 369 and 370:

    International Stocks 347EXHIBIT 26.

  • Page 371 and 372:

    International Stocks 349DiscountRat

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    CHAPTER 27The Emerging MarketsIn th

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    The Emerging Markets 353The stock m

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    The Emerging Markets 355EXHIBIT 27.

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    The Emerging Markets 357Political R

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    The Emerging Markets 359To ensure l

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    The Emerging Markets 361EXHIBIT 27.

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    The Emerging Markets 363EXHIBIT 27.

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    The Emerging Markets 365EXHIBIT 27.

  • Page 389:

    PARTFiveIn ConclusionChapter 28Chap

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    370 IN CONCLUSIONand

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    372 IN CONCLUSIONGovernment Regulat

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    374 IN CONCLUSIONwas credit driven,

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    376 IN CONCLUSIONEXHIBIT 28.1 Finan

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    378 IN CONCLUSIONEXHIBIT 28.2

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    380 IN CONCLUSIONmarket declines by

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    382 IN CONCLUSIONthis morass of con

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    384 NOTESCHAPTER 11Financial Projec

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    IndexA. H. Belo, 158, 346Aaker, Dav

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    Index 389EAC value per share on, 28

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    Index 391Corning, 106Corporate advi

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    Index 393target equity returns by c

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    Index 395Fur retailing industry, 81

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    Index 397“Insurance Underwriting

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    Index 399Manulife, Inc., 319Margin,

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    Index 401Pakistan, 351Palmisano, Sa

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    Index 403Recreation sector, 76Redwo

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    Index 405Sell-side reports, 62Semic

  • Page 429 and 430:

    Index 407practices, emerging market

  • Page 431:

    Praise for the First Edition“A we

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