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A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS APPROACHES TO EQUITY VALUATION

Standard formulas for valuing equities require prediction of
payoffs "to infinity" for going concerns but a practical analysis
requires that they be predicted over finite horizons. This truncation
inevitably involves (often troublesome) "terminal value" calculations.
This paper contrasts dividend discount techniques, discounted cash flow
analysis, and techniques based on accrual earnings when applied to a
finite-horizon valuation. Valuations based on average ex post payoffs
over various horizons, with and without terminal value calculations, are
compared with (ex ante) market prices to give an indication of the error
introduced by each technique in truncating the horizon. Comparisons of
these errors show that accrual earnings techniques dominate free cash
flow and dividend discounting approaches. Further, the relevant
accounting features of each technique are identified and the source of
the accounting that makes it less than ideal for finite horizon analysis
(and for which it requires a correction) are discovered. Conditions
where a given technique requires particularly long forecasting horizons
are identified and the performance of the alternative techniques under
those conditions is examined.

Details: A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS APPROACHES TO EQUITY VALUATION

January 22nd, 2017
Size: 266.19 KB
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25 Rules of Trading

The success that a trader achieves in the markets is directly correlated to one�s trading
discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is
very simple:Trade with discipline and you will succeed; trade without discipline and you
will fail.

Details: 25 Rules of Trading

January 22nd, 2017
Size: 121.81 KB
Downloaded: 469 times

Interactive Brokers Forex Instrument Average Spreads

Contains all forex instruments of Interactive Brokers and their average spreads. Couldn't find data on some. Used four sources to get data, and last row is smallest spread of the sources. Measured in pips, 1 = 1 pip spread.

Details: Interactive Brokers Forex Instrument Average Spreads

January 22nd, 2017
Size: 28.79 KB
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Forex Trading With Candlestick And Pattern

Includes 3 chapters.

Details: Forex Trading With Candlestick And Pattern

January 17th, 2017
Size: 4.46 MB
Downloaded: 134 times

Russian Forex Studybook

All in Russian!

Details: Russian Forex Studybook

January 17th, 2017
Size: 4.92 MB
Downloaded: 54 times

Predicting Price Action

Price action is the foundation of all technical indicators, yet most traders do little to understand it. Within trades, price action creates the most important element of context, defining inflection points that affect market entry and exit. The sophisticated investor understands price action and uses it to frame every trading decision.

Details: Predicting Price Action

January 17th, 2017
Size: 642.49 KB
Downloaded: 655 times

Keywords: forex

FOREX On-Line Manual For Successful Trading

Includes 7 chapters on forex market.

Details: FOREX On-Line Manual For Successful Trading

January 17th, 2017
Size: 2.94 MB
Downloaded: 99 times

Trading As A Business

Includes 9 chapters, author unknown

Details: Trading As A Business

January 17th, 2017
Size: 2.02 MB
Downloaded: 320 times

Fear and Greed in Financial Markets: A Clinical Study of Day-Traders

Andrew W. Loy, Dmitry V. Repinz, and Brett N. Steenbargeryy
First Draft: December 27, 2004
Abstract
We investigate several possible links between psychological factors and trading performance
in a sample of 80 anonymous day-traders. Using daily emotional-state surveys over a ve-
week period as well as personality inventory surveys, we construct measures of personality
traits and emotional states for each subject and correlate these measures with daily normal-
ized prots-and-losses records. We nd that subjects whose emotional reaction to monetary
gains and losses was more intense on both the positive and negative side exhibited sig-
nicantly worse trading performance, and large sudden swings in emotional states seem
especially detrimental to cumulative prots-and-losses. Psychological traits derived from
a standardized personality inventory survey instrument do not reveal any specic \trader
personality prole", raising the possibility that trading skills may not necessarily be innate,
and that dierent personality types may be able to perform trading functions equally well
after proper instruction and practice.

Details: Fear and Greed in Financial Markets: A Clinical Study of Day-Traders

January 17th, 2017
Size: 198.20 KB
Downloaded: 173 times

Keywords: market psychology behaviorial finance efficiency

All About The Foreign Exchange Market In The USA by Sam Cross

Published 1998. Overview of Forex Market

The focus of the present book is once again
on the U.S. segment of the global foreign
exchange market. Chapters 1-3 describe the
structure of the market and how it has
changed. Chapters 4-6 comment on the main
participant groups and the instruments that
are traded. Chapters 7-8 look at foreign
exchange trading from a micro, rather than
macro, point of view�how an individual
bank or other dealing firm sees things.
Chapters 9-11 comment on some of the
broader issues facing the international
monetary system and how governments,
central banks, and market participants
operate within that system. This is followed by
an epilogue, emphasizing that there are many
unanswered questions, and that we can expect
many further changes in the period ahead,
changes that we cannot now easily predict.

Details: All About The Foreign Exchange Market In The USA by Sam Cross

January 17th, 2017
Size: 1.01 MB
Downloaded: 52 times

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