July 2009
Intermediate to advanced
600 pages
19h 50m
English
book
The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
by Aswath Damodaran
Content preview from The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
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Declining Companies in the Economy
Every economy has companies whose best days are behind them. They tend to be clustered in a few sectors. Some of these firms can be large companies that account for a significant share of economic output and employment. In the U.S., for instance, the automobile and steel companies, which at one time represented the heart of the economy, have been in decline for decades. But they still employ large numbers of people and account for a significant portion of the overall economy.
A Life Cycle View of Declining Companies
As we noted in Chapter 11, growth companies do not want to become mature companies, and mature companies constantly try to rediscover their growth roots. By the same token, no mature company wants ...
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