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The Theory of Investment Value, by John Burr Williams.    After graduating from Harvard Business School and successfully working on Wall Street for several years, Williams took time off to earn a Ph.D. in economics.  The result was this book, originally written as a doctoral thesis, which describes how to calculate a security's investment value.  No mere academic project, this thesis formalized the now famous dividend discount model--used the world over by institutional investors to value investments.  In this book, Williams also differentiates such important concepts as market value versus investment value, and investment versus speculation.  Though meant for the professional investor (and filled with algebra and formulas), this book will prove fascinating to anyone who wants to understand the theory and math behind security valuation.

ISBN: 087034126X
Format: Paperback, 564pp
Pub. Date: Sept 1997
Publisher: Fraser Publishing Company

 

 

 

"Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment."

Peter L. Bernstein