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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|股权市场代写Equity Market代考|The Use of Valuation Ratios

The diagram at the beginning of this chapter depicts what we are calling the Value Triangle. The vertices of the Triangle represent the three single-focus perspectives on enterprise value – none of which, taken in isolation, provides a complete and accurate picture.

To deal with these shortcomings, the financial industry often adopts a comparative approach, based on simple ratios, such as $\mathrm{P} / \mathrm{E}, \mathrm{P} / \mathrm{B}$, and ROA, represented by the sides of the Triangle. By comparing, say, the market view of value (Price) to fundamental operating performance (Earnings), we hope to gain insight that neither Price nor Earnings alone can provide.

The theoretical justification for these comparisons is not always clear. Take the P/E. The financial market is a complex system, the functioning of which is the subject of much controversy. How Mr. Market arrives at a price (P) for Ford’s shares remains something of a mystery, if we are honest about it. It is a blend of sentiment, hard information, rumor, expectation, market weather, fear, and greed, all swirling through a complex supercomputer (actually, a network of dozens of trading platforms) that in the end produces a unitary price point. ${ }^{24} \mathrm{On}$ the other hand, the number that is the arguably best earnings figure (E) – the estimate of the company’s one-year forward earnings – is also a blend of a large number of known and partially known factors that affect or could affect the company’s performance in the coming year. Using one mystery to illuminate another is tricky. Exactly how a dollar of next year’s earnings relates to a dollar of market value turns out to be quite a deep question (as the puzzles in Chapter 1 have suggested). Nevertheless, there is reason to argue that the use of ratios is superior to any of the singlefocus methods.

## 金融代写|股权市场代写Equity Market代考|Price-to-Book

$\mathrm{P} / \mathrm{B}$ is the conservative choice, stylistically at least. The academic literature tends to favor it, particularly for analyses of so-called “value investing” – the search for deeply undervalued companies. ${ }^{25}$ In its “normal” state, P/B is assumed to be properly equal to 1 (or nearly so) ${ }^{26}$ However, the difficulty of working with Book Value is clear from the previous discussion. As the denominator in the P/B ratio, its inherent flaws inevitably compromise the accuracy of the ratio. $\mathrm{P} / \mathrm{B}$ today often deviates very significantly from 1 , as we have seen. It is a very poor predictor of profitability (either Operating Margin or Net Margin) or return on equity (ROE).

Still, the Price-to-Book ratio can serve some limited purposes. It can be used negatively, so to speak, to identify companies that have large and important intangible assets. The fact that Coke trades at a P/B ratio of 10 alerts us to look for the missing “dark matter” the intangibles that don’t show up on the balance sheet (in Coke’s case, it is mainly brand equity). P/B can also be useful for comparisons between companies in the same sector, which have similar business models and accounting policies. Differences in Sector P/B can highlight differences between business models. A related measure, adopted by many academics – Tobin’s $Q$ – is based not on the historical cost of the company’s assets, but on their replacement value, which tends to mitigate, conceptually, the problem of stale “at-cost” balance sheet values (although it is much more difficult to construct than conventional Book Value). We will look at both of these ratios in more detail in the following chapter.

# 股权市场代考

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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