Bücher von Austin Murphy

This text provides a practical analysis of the typical investments and funding sources of depository institutions. With a particular emphasis on mortgage-related investments (ARMs, CMOs, IOs and POs), valuation models are included that incorporate both call and default risk.

At least partially because one of the most important financial theories, the theory of efficient markets, makes practical valuation analysis virtually useless by assuming the intrinsic value of any asset is determined by its market price, the subject of practical valuation has been largely neglected in academic research.

This treatment offers scientific procedures for the evaluation of investment strategies and assets. It covers practical methods for credit analysis and demonstrates ways to value equities using a "pro forma" model that integrates forecasting with the use of financial statements and footnotes.