Investor Expectations in Value Based Management Translated by Klemen
Understanding the process of shaping investor expectations is essential to describe and predict changes in the value of assets on the financial markets, especially stock prices on the capital markets, and thus the value of companies listed on them. The ma
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Investor Expectations in Value Based Management
Investor Expectations in Value Based Management
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Magdalena Mikołajek-Gocejna
Investor Expectations in Value Based Management Translated by Klementyna Dec and Weronika Mincer
Magdalena Mikołajek-Gocejna Warsaw School of Economics Institute of Value Management Warsaw Poland
ISBN 978-3-319-06846-6 ISBN 978-3-319-06847-3 (eBook) DOI 10.1007/978-3-319-06847-3 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014943909 © Springer International Publishing Switzerland 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
For my nearest and dearest: daughter Amelka, Husband, Parents and Sister. You have made everything possible.
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Preface
Investors’ expectations about the course of future economic processes are one of the key factors influencing investors’ decisions. Apparently, expectations play a particular role because they constitute unobservable variables that can account for observable economic phenomena. We should also highlight that this is quite a recent topic in research. The beginnings of the expectations theory date back to the 1930s, to I. Fisher’s work, who described inflation as a difference between nominal and real i
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