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Valuation: Avoiding the Winner's Curse Hardcover – Jan 24 2002


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Product Details

  • Hardcover: 240 pages
  • Publisher: FT Press; 1 edition (Jan. 24 2002)
  • Language: English
  • ISBN-10: 013034804X
  • ISBN-13: 978-0130348043
  • Product Dimensions: 1.3 x 15.2 x 22.8 cm
  • Shipping Weight: 558 g
  • Average Customer Review: 2.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: #2,138,320 in Books (See Top 100 in Books)
  • See Complete Table of Contents


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"On 24 June 1997, the major financial newspapers carried a significant press release from Eli Lilly and Company, one of the world's leading pharmaceutical companies." Read the first page
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By A Customer on July 1 2004
Format: Hardcover
This book, and another by Ferris, was a required textbook for a class taught by the author (Ferris) at the school where he teaches. It is an indication of the respect that the other Finance and Accounting profs have for Prof Ferris that his books are used by no other profs there- in fact, many riducle the simple errors and theoretical mistakes that are present in this book. As a guide to valuation of public firms, this book is useful only in outlining a simplisitc cookie-cutter format that lacks any depth or analysis.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 3 reviews
5 of 6 people found the following review helpful
A Good Read! July 22 2005
By Rolf Dobelli - Published on Amazon.com
Format: Hardcover
The evidence is undeniable - most mergers fail and most acquisitions never achieve their promised synergies. Yet firms keep bidding top prices to acquire targets. Economists have a name for this phenomenon: the winner's curse. This theory says that the winner in any auction is apt to be the bidder who has most drastically overestimated the purchase's value. The winner, in this case, turns out to be a real loser. Authors Kenneth R. Ferris and Barbara S. Pecherot Petitt present compelling examples of companies that overpaid disastrously for acquisitions. They outline several approaches to valuation that might spare other companies from that sorry fate. We recommend this comprehensive and quite directly applicable book, which is full of cautionary notes and recommendations on how and when to use various valuation models. Why do companies continue to flirt with the winner's curse? The authors conclude, perhaps naively, that companies simply don't know how to correctly value their targets. Whatever the cause, there continue to be many cases where losing, rather than winning, would be a blessing to shareholders.
3 of 4 people found the following review helpful
Insightful! July 27 2004
By Hossam Alsaady - Published on Amazon.com
Format: Hardcover
I took a course offered by Ken Ferris before the book was published, then read the material. It reminded me of a lot of the insights that I gained from the course. Good book for practitioners.
6 of 12 people found the following review helpful
Met the man, taken his courses... July 1 2004
By A Customer - Published on Amazon.com
Format: Hardcover
This book, and another by Ferris, was a required textbook for a class taught by the author (Ferris) at the school where he teaches. It is an indication of the respect that the other Finance and Accounting profs have for Prof Ferris that his books are used by no other profs there- in fact, many riducle the simple errors and theoretical mistakes that are present in this book. As a guide to valuation of public firms, this book is useful only in outlining a simplisitc cookie-cutter format that lacks any depth or analysis.

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