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Extra resources for Analysis of Equity Investments: Valuation
A working selection of these risk factors would include the following (AICPA, 2002): Poor quality of accounting disclosures, such as segment information, acquisitions, accounting policies and assumptions, and a lack of discussion of negative factors. Existence of related-party transactions. Existence of excessive officer, employee, or director loans. High management or director turnover. Excessive pressure on company personnel to make revenue or earnings targets, particularly when combined with a dominant, aggressive management team or individual.
In fulfilling this role, they help clients achieve their investment objectives and contribute to the efficient functioning of capital markets. Analysts can contribute to the welfare of shareholders through monitoring the actions of management. In performing valuations, analysts need to hold themselves accountable to both standards of competence and standards of conduct. An effective research report contains timely information; is written in clear, incisive language; is unbiased, objective, and well researched; contains analysis, forecasts, valuation, and a recommendation that are internally consistent; presents sufficient information that the reader can critique the valuation; states the risk factors for an investment in the company; and discloses any potential conflicts of interests faced by the analyst.
1 percent. Solution to 3. 5 percent. The equity analyst recognizes that, no matter how hard he or she works to identify mispriced securities, uncertainty is associated with realizing a positive expected alpha, however accurate the forecasts and whatever the valuation approach used. Even if the analyst is highly confident about the accuracy of forecasts and risk adjustments, there is no means of Chapter 1 The Equity Valuation Process ensuring the ability to capture the benefits of any perceived mispricing without risk.