The Theory of Investment Value by John Burr Williams

The Theory of Investment Value



Download The Theory of Investment Value

The Theory of Investment Value John Burr Williams ebook
Page: 650
Format: pdf
ISBN: 9781607964704
Publisher: Beta Nu Publishing


The author John Burr Williams held four degrees from Harvard. From Williams, "The Theory of Investment Value". Theory.” M&M showed that the value of a firm (and of its cash flows) is independent of the ratio of debt to equity used by the firm in financing its investments. This model of corporate financial structure is therefore called the trade-off theory. The Theory of Investment Value was first written as a Ph.D. Mainstream economists have developed theories in which financial markets are “efficient,” pricing financial assets according to fundamental values. That would not be forthcoming until 1940. 2) Can the business be purchased at a significant discount to its value? Indeed, if finance is efficient in the manner described by Of course, Glass-Steagall did segregate a portion of the financial sector from the payments system: investment banks were allowed freer reign on the asset side of their balance sheets, but they could not issue deposits. The Theory of Investment Value. 1) What is the value of the business? John Burr Williams 1938 treatise The Theory of Investment Value is still the definitive word on value. So it would stand to reason that a company that generates a high level of free cash flow relative to its valuation and competitors should be looked at very favorably. Williams's dissertation, entitled “The Theory of Investment Value,” did not immediately earn him his doctorate. Since "the public is more emotional than logical, it is foolish to expect a relentless convergence of market price toward investment value". In his classic 1938 text The Theory of Investment Value, John Burr Williams published the following poem: A cow for her milk, a hen for her eggs, And a.





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