Intrinsic Value, Market Value, and the Search for Information
Intrinsic Value, Market Value, and the Search for Information
This chapter deals with the financial analysts’ assumption that companies have a so-called intrinsic value that can be identified and is partly reflected in the stock price. It highlights the role the search for new information plays in the endeavor to define such intrinsic value. In explaining how analysts frame, select, and weight information, it shows that, rather than being a straightforward activity, financial analysis is heavily influenced by what analysts perceive to be valuable information.
Keywords: financial analysts, fundamental analysis, intrinsic value, investment, information, market signal, market value, security analysis, speculation
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