Aswath Damodaran: Good corporate governance cannot be legislated


Cover of "Damodaran on Valuation: Securit...

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What is common between Aswath Damodaran and Forrest Gump, one a widely published professor of finance at the Stern School of Business at New York University and the other a naive, unintelligent fictional hero? Well, both got lucky with investments in shares ofApple Inc. Damodaran bought the shares for around $5 each in 1997, which he describes as an emotional investment, selling them eventually for $600 last year.

 

Damodaran is known for his books on valuation, includingDamodaran on Valuation and the recent The Little Book of Valuation. In addition he has co-edited a book on investment management with Peter Bernstein and has written books on investment philosophies and risk management. A popular teacher, he was voted as the most popular teacher in a Businessweek survey of MBA students in 2011, in addition to winning Stern’s Excellence in Teaching award seven times.

 

Damodaran is in India for Stern’s first India Business Forum and shared his thoughts on investing in India, factors Indian companies should look out for while making acquisitions, following a value investment strategy in a world of momentum investing and high frequency trading. Edited excerpts from an interview:

 

 

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