Written on 04 January 2018.
The Research Foundation of the CFA Institute has just published a research monograph co-authored by EDHEC Faculty member Frank J. Fabozzi, Sergio M. Focardi and Caroline Jonas.
In this publication entitled “Equity Valuation: Science, Art, or Craft?”, the authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value.
Abstract is available here
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the top 15 European business schools. Fully international and directly connected to the business world, EDHEC is a school for business, rather than a business school, where excellence in teaching and research focuses on innovation to stimulate entrepreneurship and creativity. EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching philosophy, inspired by its award-winning research activities, focuses on “learning by doing”.
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