目录
1.2 Going-Concern Value和Liquidation Value
1.3 Fair Market Value 和 Investment Value
3.2 集团化折价(conglomerate discount)
1 价值的定义
1.1 内在价值(Intrinsic Value)
估值估的是内在价值
Percieved mispricing = 计算的估值 - 市场估值
True mispricing = 真实内在价值 - 市场估值 = Alpha (Abnormal Return)
Error in Estimate = 计算的估值 - 真实内在价值
The difference between the true (real) but unobservable intrinsic value and the observed market price contributes to the abnormal return or alpha, which is the concern of activ