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In addition to going-concern value, however, the marketplace considers other values. ^' For many companies, the value added by assets working together and by human capital applied to managing those assets makes estimated going-concern value greater than liquidation value. " The higher of going-concern value or liquidation value is the company's fair value. If the marketplace has confidence that the company's management is acting in the owners' best interests, market prices should on average reflect fair value.

The ex ante alpha is 12 - 10 = 2 percent. Assume that a year passes, and the l7 The remaining chapters of this book will discuss these issues in detail for the valuation approaches presented. IX For brevity, we sometimes use return for rate of return in this discussion. 15 Valuation Concepts and Models stock has a return of -5 percent. The ex post alpha depends on the contemporaneous required return. If the contemporaneous required return was -8 percent, the stock would have an ex post alpha of - 5 - (- 8) = 3 percent.

The ex post alpha depends on the contemporaneous required return. If the contemporaneous required return was -8 percent, the stock would have an ex post alpha of - 5 - (- 8) = 3 percent. EXAMPLE 1-5. Intrinsic Value and Return Concepts (1). A. MI), a leading Italian-headquartered automobile manufacturer. 895 (based on the closing price on 22 March 2002). 26. 365, to be fully corrected. 6 1. 6 percent a year. Using the above information: 1. MI shares are overvalued, fairly valued, or undervalued, based on your forecasts.

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