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and the market value of the firm. Journal of Financial Economics 14:399-422.

Michaely, R., and K. L. Womack. 1999. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12:653-686.

Niederhoffer, V., and M. F. M. Osborne. 1966. Market making and reversal on the stock exchange. Journal of the American Statistical Association 61:891-916.

Peters, E. E. 1991. Chaos and order in the capital markets. New York: John Wiley & Sons.

Pradhuman, S. 2000. Small cap dynamics. Princeton, NJ: Bloomberg Press.

Praetz, P. D. 1972. The distribution of share price changes. Journal of Business 45(0:49-55.

Reinganum, M. R. 1983. The anomalous stock market behavior of small firms in January: Empirical tests for tax-loss effects. Journal of Financial Economics 12.

Rendleman, R. J., C. P. Jones, and H. A. Latene. 1982. Empirical anomalies based on unexpected earnings and the importance of risk adjustments. Journal of Financial Economics 10:269-287.

Richards, R. M., and J. D. Martin. 1979. Revisions in earnings forecasts: How much response? Journal of Portfolio Management 5:47-52.

Ritter, J., and N. Chopra. 1989. Portfolio rebalancing and the turn of the year effect. Journal of Finance 44:149-166.

Roll, R. 1983. Vas ist das? Journal of Portfolio Management 9:18-28.

Roll, R. 1984. A simple implicit measure of the bid-ask spread in an efficient market. Journal of Finance 39:1127-1139.

Rosenberg, В., К. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11:9-17.

Seyhun, H. N. 1998. Investment intelligence from insider trading. Cambridge, MA: MIT Press.

Shiller, R. 1999. Irrational exuberance. Princeton, NJ: Princeton University Press.

Sunder, S. 1973. Relationship between accounting changes and stock prices: Problems of measurement and some empirical evidence. In Empirical Research in Accounting: Selected Studies 1-45. Toronto: Lexington.

Sunder, S. 1975. Stock price and risk related accounting changes in inventory valuation. Accounting Review 305-315.

Womack, K. 1996. Do brokerage analysts recommendations have investment value? Journal of Finance 51:137-167.

Woodruff, C. S., and A. J. Senchack, Jr. 1988. Intradaily price-volume adjustments of NYSE stocks to unexpected earnings, journal of Finance 43(2):467-491.

Глава 7. БЕЗРИСКОВЫЕ СТАВКИ И ПРЕМИИ ЗА РИСК

Altman, Е. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, journal of Finance 23:589-609.



Altman, Е. I., and V. Kishore. 2000. The defauh experience of U.S. bonds. Working paper. Salomon Center, New York University.

Booth, L. 1999. Estimating the equity risk premium and equity costs: New way of looking at old data. Journal of Applied Corporate Finance 12(1):100-112.

Bruner, R. E, K. M. Eades, R. S. Harris, and R.C. Higgins. 1998. Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education 14-28.

Chan, K. C, G. A. Karolyi, and R. M. Stulz. 1992. Global financial markets and the risk premium on U.S. equity, journal of Financial Economics 32:132-167.

Damodaran, A. 1999. Estimating the equity risk premium. Working paper. www.stern.nyu.edu /-adamodar / New Home Page / papers.html.

Eh on, E., M. J. Gruber, and J. Mei. 1994. Cost of capital using arbitrage pricing theory: A case study of nine New York utilities. Financial Markets, Institutions and Instruments 3:46-73.

Fama, E. E, and K. R. French. 1988. Permanent and temporary components of stock prices. Journal of Political Economy 96:246-273.

Godfrey, S., and R. Espinosa. 1996. A practical approach to calculating the cost of equity for investments in emerging markets. Journal of Applied Corporate Finance 9(3):80-81.

Ibbotson, R. G., and G. P. Brinson. 1993. Global investing. New York: McGraw-Hill.

Indro, D. C, and W. Y. Lee. 1997. Biases in arithmetic and geometric averages as estimates of long-run expected returns and risk premium. Financial Management 26:81-90.

Pettit, J. 1999. Corporate capital costs: A practitioners guide, journal of Applied Corporate Finance 12(1):113-120.

Rosenberg, В., and V. Marathe. 1979. Tests of capital asset pricing hypotheses. Research in Finance 1:115-124.

Stocks, bonds, bills and inflation. 1999. Chicago: Ibbotson Associates.

Stulz, R. M... 1999. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 12(1).

Глава 8. ОЦЕНКА ПАРАМЕТРОВ РИСКА И СТОИМОСТИ ФИНАНСИРОВАНИЯ

Blume, М. 1979. Betas and their regression tendencies: Some further evidence. Journal of Finance 34(l):265-267.

Brown, S. J., and J. B. Warner. 1980. Measuring security price performance. Journal of Financial Economics 8(3):205-258.

Brown, S. J., and J. B. Warner. 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14(1):3-31.

Bruner, R. E, K. M. Eades, R. S. Harris and R. C. Higgins. 1998. Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education 14-28.



Dimson, Е. 1979. Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics 7(2):197-226.

Hamada, R. S. 1972. The effect of the firms capital structure on the systematic risk of common stocks. Journal of Finance 27:435-452.

Scholes, M., and J. T. Williams. 1977. Estimating betas from nonsynchronous data. Journal of Financial Economics 5(3):309-327.

Глава 9. ИЗМЕРЕНИЕ ПРИБЫЛИ

Aboody, D., and B. Lev. 1998. The value relevance of intangibles: The case of software capitalization. Journal of Accounting Research 36(0):161-191.

Bernstein, L. A., and J. G. Siegel. 1979. The concept of earnings quality. Financial Analysts Journal 35:72-75.

Damodaran, A. 1999. The treatment of operating leases. Working paper. www.stern.nyu.edu/~adamodar/New Home Page/papers.html.

Damodaran, A. 1999. The treatment of R&D. Working paper, www.stern.nyu. edu / ~adamodar/New Home Page/papers.html.

Deng, Z., and B. Lev. 1998. The valuation of acquired R8cD. Working paper. New York University.

Глава 10. ОТ ПРИБЫЛИ к ДЕНЕЖНЫХ ПОТОКАМ

Brennan, М. J. 1970. Taxes, market valuation and corporation financial policy. National Tax Journal 417-427.

Graham, J. R. 2000. How big are the tax benefits of debt? Journal of Finance 55(5):1901-1941.

Graham, J. R. Proxies for the corporate marginal tax rate. Journal of Financial Economics 42(2):187-221.

Глава 11. ОЦЕНКА РОСТА

Arnott, R. D. 1985. The use and misuse of consensus earnings. Journal of Portfolio Management 11:18-27.

Bathke, A. W, Jr., and K. S. Torek. 1984. The relationship between time-series models and the security markets expectation of quarterly earnings. Accounting Review 163-176.

Box, G., and G. Jenkins. 1976. Time series analysis: Forecasting and control. Oakland, CA: Holden-Day.

Brown, L. D., and M. S. Rozeff. 1979. Univariate time series models of quarterly accounting earnings per share: A proposed model. Journal of Accounting Research 178-189.

Brown, L. D., and M. S. Rozeff. 1980. Analysts can forecast accurately! Journal of Portfolio Management 6:31-34.

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