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John Burr Williams
John Burr Williams (November 27, 1900 – September 15, 1989) was an American economist, recognized as an important figure in the field of fundamental analysis, and for his analysis of stock prices as reflecting their " intrinsic value". He is best known for his 1938 text ''The Theory of Investment Value'', based on his PhD thesis, in which he articulated the theory of discounted cash flow (DCF) based valuation, and in particular, dividend based valuation. Biography Williams studied mathematics and chemistry at Harvard University, and enrolled at Harvard Business School in 1923. After graduating, he worked as a security analyst, where he realised that "how to estimate the fair value was a puzzle indeed... To be a good investment analyst, one needs to be an expert economist also." In 1932 he enrolled at Harvard for a PhD in economics, with the hopes of learning what had caused the Wall Street crash of 1929 and the subsequent economic depression of the 1930s. For his thesis, Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weston, Massachusetts
Weston is an affluent town in Middlesex County, Massachusetts, United States, located approximately west of Boston. At the time of the 2020 United States census, the population of Weston was 11,851. Weston was incorporated in 1713, and protection of the town's historic resources is driven by the Weston Historical Commission and Weston Historical Society. The town has one Local Historic District, 10 National Register Districts, 26 Historic Areas, and seven houses individually listed on the National Register of Historic Places. Weston's predominance as a residential community is reflected in its population density, which is among the lowest of Boston's suburbs near or within Massachusetts Route 128, Route 128. More than 2,000 acres, or 18 percent of the town's total acreage, have been preserved as parks, fields, wetlands, and forests, with 90 miles of trails for hiking, horseback riding, and cross-country skiing. Thirty-seven scenic roads, as defined by Massachusetts law, maintai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Value
In accounting, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated with production or replacement, market conditions and matters of supply and demand. Subjective factors may also be considered such as the risk characteristics, the cost of and return on capital, and individually perceived utility. Economic understanding Market price There are two schools of thought about the relation between the market price and fair value in any form of market, but especially with regard to tradable assets: * The efficient-market hypothesis asserts that, in a well organized, reasonably transparent market, the market price is generally equal to or close to the fair value, as investors react quickly to incorporate new information about relative scarcity, utility, or potential returns in their bids; see also Rational pricing. * Behavioral finance asserts t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino
A casino is a facility for gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos also host live entertainment, such as stand-up comedy, concerts, and sports. Etymology and usage ''Casino'' is of Italian language, Italian origin; the root means a house. The term ''casino'' may mean a small country villa, Summerhouse (building), summerhouse, or social club. During the 19th century, ''casino'' came to include other public buildings where pleasurable activities took place; such edifices were usually built on the grounds of a larger Italian villa or palazzo, and were used to host civic town functions, including dancing, gambling, music listening, and sports. Examples in Italy include Villa Farnese and Villa Giulia, and in the US the Newport Casino in Newport, Rhode Island. In modern-day Italian, a is a brothel (also called , literally "closed house"), a mess (confusing situation), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Visiting Professor
In academia, a visiting scholar, visiting scientist, visiting researcher, visiting fellow, visiting lecturer, or visiting professor is a scholar from an institution who visits a host university to teach, lecture, or perform research on a topic for which the visitor is valued. In many cases, the position is not salaried because the visitor is salaried by their home institution (or partially salaried, as in some cases of sabbatical leave from US universities). Some visiting positions are salaried. Typically, a visiting scholar may stay for a couple of months or even a year,UT"Visiting Scholar". The University of Texas at Austin. though the stay can be extended. A visiting scholar is usually invited by the host institution, and it is not out of the ordinary for them to provide accommodation. Such an invitation is often regarded as recognizing the scholar's prominence in the field. Attracting prominent visiting scholars often allows the permanent faculty and graduate students t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Analysis
In finance, Security analysis is the evaluation and assessment of stocks or securities to determine their investment potential. It involves analyzing various factors, such as financial statements, industry trends, market conditions, and company-specific information, to make informed investment decisions. There are two primary approaches to security analysis, fundamental Analysis and technical Analysis. Security analysis deals with finding the proper value of individual securities (i.e., stocks, bonds and derivatives). These are usually classified into debt securities, equities, or some hybrid of the two. They can also include derivatives such as tradeable credit derivatives, commodities, futures contracts and options even if some of these are not technically securities. The definition of what is and what is not a security varies by analyst but a common definition is the one used by the United States Supreme Court decision in the case of SEC v. W. J. Howey Co. Security anal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portfolio (finance)
In finance, a portfolio is a collection of investments. Definition The term "portfolio" refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor's risk tolerance, time frame and investment objectives. The monetary value of each asset may influence the risk/reward ratio of the portfolio. When determining asset allocation, the aim is to maximise the expected return and minimise the risk. This is an example of a multi-objective optimization problem: many efficient solutions are available and the preferred solution must be selected by considering a tradeoff between risk and return. In particular, a portfolio A is dominated by another portfolio A' if A' has a greater expected gain and a lesser risk than A. If no portfolio dominates A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Management
Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contract, contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or REIT, Real estate investment trusts. The term ''investment management'' is often used to refer to the management of investment funds, most often specializing in private equity, private and public equity, real assets, alternative assets, and/or bonds. The more generic term ''asset management'' may refer to management of assets not necessarily primarily held for investment purpos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Rubinstein
Mark Edward Rubinstein (June 8, 1944 – May 9, 2019) was a leading financial economics, financial economist and financial engineering, financial engineer. He was Paul Stephens Professor of Applied Investment Analysis at the Haas School of Business of the University of California, Berkeley. He held various other professional offices, directing the American Finance Association, amongst others, especially portfolio insurance and the binomial options pricing model (also known as the John Carrington Cox, Cox-Stephen Ross (economist), Ross-Rubinstein model), as well as his work on discrete time stochastic calculus more generally. His book ''Option Markets'', was "the first work that popularized probabilistic and scientific methods in options, helping inaugurate the derivatives revolution." Along with fellow Berkeley finance professor Hayne E. Leland and adjunct professor John O'Brien, Rubinstein developed the portfolio insurance financial product in 1976. (This strategy later became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard University Press
Harvard University Press (HUP) is an academic publishing house established on January 13, 1913, as a division of Harvard University. It is a member of the Association of University Presses. Its director since 2017 is George Andreou. The press maintains offices in Cambridge, Massachusetts, near Harvard Square, and in London, England. The press co-founded the distributor TriLiteral LLC with MIT Press and Yale University Press. TriLiteral was sold to LSC Communications in 2018. Notable authors published by HUP include Eudora Welty, Walter Benjamin, E. O. Wilson, John Rawls, Emily Dickinson, Stephen Jay Gould, Helen Vendler, Carol Gilligan, Amartya Sen, David Blight, Martha Nussbaum, and Thomas Piketty. The Display Room in Harvard Square, dedicated to selling HUP publications, closed on June 17, 2009. Related publishers, imprints, and series HUP owns the Belknap Press imprint (trade name), imprint, which it inaugurated in May 1954 with the publication of the ''Harvard Guide to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elementary Algebra
Elementary algebra, also known as high school algebra or college algebra, encompasses the basic concepts of algebra. It is often contrasted with arithmetic: arithmetic deals with specified numbers, whilst algebra introduces variable (mathematics), variables (quantities without fixed values). This use of variables entails use of algebraic notation and an understanding of the general rules of the Operation (mathematics), operations introduced in arithmetic: addition, subtraction, multiplication, division, etc. Unlike abstract algebra, elementary algebra is not concerned with algebraic structures outside the realm of real number, real and complex numbers. It is typically taught to secondary school students and at introductory college level in the United States, and builds on their understanding of arithmetic. The use of variables to denote quantities allows general relationships between quantities to be formally and concisely expressed, and thus enables solving a broader scope of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Model
A mathematical model is an abstract and concrete, abstract description of a concrete system using mathematics, mathematical concepts and language of mathematics, language. The process of developing a mathematical model is termed ''mathematical modeling''. Mathematical models are used in applied mathematics and in the natural sciences (such as physics, biology, earth science, chemistry) and engineering disciplines (such as computer science, electrical engineering), as well as in non-physical systems such as the social sciences (such as economics, psychology, sociology, political science). It can also be taught as a subject in its own right. The use of mathematical models to solve problems in business or military operations is a large part of the field of operations research. Mathematical models are also used in music, linguistics, and philosophy (for example, intensively in analytic philosophy). A model may help to explain a system and to study the effects of different components, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Stock
Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Commonwealth realms. This type of share gives the stockholder the right to share in the profits of the company, and to vote on matters of corporate policy and the composition of the members of the board of directors. The owners of common stock do not directly own any assets of the company; instead each stockholder owns a fractional interest in the company, which in turn owns the assets. As owners of a company, common stockholders are eligible to receive dividends from its recent or past earnings, proceeds from a sale of the company, and distributions of residual (left-over) money if it is liquidated. In general, common stockholders have lowest priority to receive payouts from the company. They may not receive dividends until the company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
