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PageiValuationMeasuringandManagingtheValueofCompaniesPageiiWILEYFINANCEAdvancedFixed-IncomeValuationTools,NarasimhamJegadeeshandBruceTuckmanBeyondValueatRisk,KevinDowdBuyingandSellingVolatility,KevinB.ConnollyChaosandOrderintheCapitalMarkets:NewViewofCycles,Prices,andMarketVolatility,SecondEdition,EdgarE.PetersCorporateFinancialDistressandBankruptcy,SecondEdition,EdwardI.AltmanCreditDerivatives:AGuidetoInstrumentsandApplications,JanetTavakoliCreditRiskMeasurement:NewApproachestoValueatRiskandOtherParadigms,AnthonySaundersCurrencyDerivatives:PricingTheory,ExoticOptions,andHedgingApplications,DavidF.DeRosaDamodaranonValuation:AnalysisforInvestmentandCorporateFinance,AswathDamodaranDerivativesDemystified:UsingStructuredFinancialProducts,JohnC.BraddockDerivativesforDecision-Makers:StrategicManagementIssues,GeorgeCrawfordandBidyutSenDerivativesHandbook:RiskManagementandControl,RobertJ.SchwartzandCliffordW.Smith,Jr.Derivatives:TheTheoryandPracticeofFinancialEngineering,PaulWilmottDictionaryofFinancialEngineering,JohnF.MarshallDynamicHedging:ManagingVanillaandExoticOptions,NassimTalebTheEquity-RiskPremium:Long-RunFutureoftheStockMarket,BradfordCornellFinancialStatementAnalysis:APractitioner'sGuide,SecondEdition,MartinS.FridsonFixedIncomeSecurities:ToolsforToday'sMarkets,BruceTuckmanFixed-IncomeAnalysisfortheGlobalFinancialMarket,GiorgioQuestaTheForeignExchangeandMoneyMarkets,SecondEdition,JulianWalmsleyGlobalTradeFinancing,HarryM.VenedikianandGeraldA.WarfieldTheHandbookofEquityDerivatives,RevisedEdition,JackFrancis,WilliamToy,andJ.GreggWhittakerTheIndependentFiduciary:InvestingforPensionFundsandEndowmentFunds,RussellL.OlsonInterest-RateOptionModels,RicardoRebonatoInternationalM&A,JointVentures,andBeyond:DoingtheDeal,DavidJ.BenDanielandArthurRosenbloomInvestinginAfrica:AnInsider'sGuidetotheUltimateEmergingMarket,JustinBeckettandMichaelSudarkasaInvestmentManagement,PeterL.BernsteinandAswathDamodaranInvestmentTimingandtheBusinessCycle,JonG.TaylorInvestmentValuation,AswathDamodaranM&A:APracticalGuidetoDoingtheDeal,JeffreyC.HookeManagingCreditRisk:TheNextGreatFinancialChallenge,JohnCaouette,EdwardAltman,andPaulNarayananManagingDerivativeRisks:TheUseandAbuseofLeverage,LilianChewMeasuringMarketRiskwithValueatRisk,PietroPenzaandVipulK.BansalNewDimensionsinInvestorRelations,BruceMarcusandSherwoodWallaceNewFinancialInstruments:Investor'sGuide,JulianWalmsleyOptionPricingModels,LesClewlowandChrisStricklandOptionsonForeignExchange,SecondEdition,DavidF.DeRosaOptions,Futures,andExoticDerivatives:Theory,Application&Practice,EricBriysPensionFundExcellence:CreatingValueforStockholders,KeithP.AmbachtsheerandD.DonEzraPortfolioIndexing:TheoryandPractice,HaroldHutchinsonPricingFinancialInstruments:TheFiniteDifferenceMethod,DomingoTavellaandCurtRandallProjectFinancing:Asset-BasedFinancialEngineering,JohnD.FinnertyRelativeDividendYield:CommonStockInvestingforIncomeandAppreciation,SecondEdition,AnthonyE.SpareRiskArbitrage:AnInvestor'sGuide,KeithM.MooreRiskManagement:ApproachesforFixedIncomeMarkets,BennettW.GolubandLeoM.TilmanSecurityAnalysisonWallStreet:AComprehensiveGuidetoToday'sValuationMethods,JeffreyC.HookeStyleInvesting:UniqueInsightintoEquityManagement,RichardBernsteinUsingEconomicIndicatorstoImproveInvestmentAnalysis,SecondEdition,EvelinaTainerValuation:MeasuringandManagingtheValueofCompanies,McKinsey&Company,Inc.,TomCopeland,TimKoller,andJackMurrinValueInvesting:ABalancedApproach,MartinJ.WhitmanPageiiiValuationMeasuringandManagingtheValueofCompaniesThirdEditionMcKinsey&Company,Inc.TomCopelandTimKollerJackMurrinPageivDisclaimer:ThisnetLibraryeBookdoesnotincludetheancillarymediathatwaspackagedwiththeoriginalprintedversionofthebook.Copyright©1990,1994,2000byMcKinsey&Company,Inc.Allrightsreserved.PublishedbyJohnWiley&Sons,Inc.Nopartofthispublicationmaybereproduced,storedinaretrievalsystemortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanningorotherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,222RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)750-4744.RequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWiley&Sons,Inc.,605ThirdAvenue,NewYork,NY10158-0012,(212)850-6011,fax(212)850-6008,E-Mail:PERMREQ@WILEY.COM.Thispublicationisdesignedtoprovideaccurateandauthoritativeinformationinregardtothesubjectmattercovered.Itissoldwiththeunderstandingthatthepublisherisnotengagedinrenderingprofessionalservices.Ifprofessionaladviceorotherexpertassistanceisrequired,theservicesofacompetentprofessionalpersonshouldbesought.ThistitleisalsoavailableinprintasISBN0-471-36190-9(cloth)FormoreinformationaboutWileyproducts,visitourwebsiteat
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