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Investment Fables

Investment Fables

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Published by tathaagat

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Published by: tathaagat on Nov 29, 2009
Copyright:Attribution Non-commercial

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01/05/2013

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Investment Fables
In an increasingly competitive world, it is qualityof thinking that gives an edge—an idea that opens newdoors, a technique that solves a problem, or an insightthat simply helps make sense of it all.We work with leading authors in the various arenasof business and finance to bring cutting-edge thinkingand best learning practice to a global market.It is our goal to create world-class print publicationsand electronic products that give readersknowledge and understanding which can then beapplied, whether studying or at work.To find out more about our businessproducts, you can visit us atwww.ft-ph.com 
 
Chapter 1
Introduction 1
The Power of the Story 1Categorizing Investment Stories 2Stories for the Risk Averse 2Stories for the Risk Seeker 4Stories for the Greedy 6Stories for the Hopeful 8Deconstructing an Investment Story 9I. Theoretical Roots: Isolating the Kernel of Truth 10II. Looking at the Evidence: Getting the Full Picture 11III. Crunching the Numbers: Developing a Frame of Reference 13IV. More to the Story: Probing for Weaknesses 14V. Lessons for Investors 15Conclusion 16
Chapter 2
High Dividend Stocks: Bondswith Price Appreciation? 17
Core of the Story 18
xiii
Contents
Theoretical Roots: Dividends and Value 19Dividends Do Not Matter: The Miller-Modigliani Theorem 20Dividends Are Bad: The Tax Argument 21
 
Dividends Are Good: The Clientele and Signaling Stories 22Looking at the Evidence 23Do Higher Yield Stocks Earn Higher Returns? 24The Dividend Dogs 26Dividend Increases 29Crunching the Numbers 30Dividend Yields: Across Companies and Over Time 30Sector Differences in Dividend Policy 33A Portfolio of High Dividend Stocks 35The Rest of the Story 35Unsustainable Dividends 38Low Growth 44Taxes 47Lessons for Investors 50Conclusion 51
Chapter 3
This Stock Is So Cheap!The Low Price Earnings Story 57
Core of the Story 58Theoretical Roots: Determinants of PE Ratio 59What Is the PE Ratio? 60A Primer on Accounting Earnings 61Determinants of PE Ratios 63Looking at the Evidence 66

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