Equity Valuation Using Multiples: An Empirical Investigation

Langue : anglais

Edité par Deutscher Universitäts-Verlag, 2007

3835006967 / 9783835006966

Série : Livre 1 sur 6 - Schriften zum europäischen Management

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Paperback, xxv + 170 pages, NOT ex-library. Limited green highlighting on five pages (p.33 & p.35 & pp 37-38 & p.117), else interior is very good: clean and bright with tight binding, free of inscriptions and stamps. Cover shows gentle shelfwear, a bit of rubbing to edges. --- This book is motivated by the apparent gap between the widespread usage of multiples in valuation practice and the deficiency of relevant research related to multiples. While valuing firms using multiples seems straightforward on the surface, it actually invokes several complications and open issues. To close this gap, the book examines the role of multiples in equity valuation and transforms the standard multiples valuation method into a comprehensive framework for using multiples in equity valuation. --- Contents: 1 Introduction: - Motivation - Research idea (Research questions for the theoretical part; Research questions for the empirical part; Research design of the empirical study) - Outline of the book; 2 Literature review: - Coverage in standard literature - Empirical research (Valuation accuracy of the multiples valuation method; Selection of value relevant measures; Identification of comparable firms; Industry-preferred multiples; Combination of multiples) - Contribution to prior research; 3 Theoretical foundations: - Theoretical concept of fundamental equity valuation models (Dividend discount model; Discounted cash flow model; Residual income valuation model; Abnormal earnings growth model) - Derivation of intrinsic multiples (Intrinsic P/E multiple derived from the DDM; Intrinsic EV/EBIT multiple derived from the DCF model; Intrinsic P/B multiple derived from the RIV model) - Market multiples (Definition and categorization of market multiples; Common equity value and entity value multiples; Alternative multiples; Trailing and forward-looking multiples); 4 Comprehensive multiples valuation: - Standard multiples valuation method and its criticism (Concept of the multiples valuation method; Four step valuation process; Strengths and weaknesses of the standard multiples method) - Selection of value relevant measures (Equity value versus entity value multiples; Industry specific multiples; Time reference of value drivers; Criteria for the selection of value relevant measures) - Identification of comparable firms (Industry classification systems; Assessment of comparability; Size of the peer group; Criteria for the identification of comparable firms) - Estimation of synthetic peer group multiples - Actual valuation (Ratio analysis; Adjustment factor) - Two-factor multiples valuation model (Decision relevant multiples and hedging multiples; Combination of two decision relevant multiples); 5 Design of the empirical study: - Concept of value relevance (Definition, interpretation, implementation; Link between value relevance and market efficiency) - Research hypotheses - Research methodology (Methodology using single & combined multiples) - Data and sample; 6 Empirical results: Cross-sectional analysis (Absolute valuation accuracy; Equity value versus entity value multiples; Knowledge-related versus traditional multiples; Forward-looking versus trailing multiples; Effect of industry fineness) - Industry analysis (Industry-preferred multiples; Single versus combined multiples) - Evaluation of empirical results (Validation using US data; Limitations); 7 Conclusion: - Summary of findings - Implications for practice - Research outlook; Appendix A: ICB industry classification structure; Appendix B: U.S. evidence; Appendix C: Definition of variables.…

N° de réf. du vendeur 004062

Titre
Equity Valuation Using Multiples: An Empirical Investigation
Auteur
Andreas Schreiner; Klaus Spremann [foreword]
Éditeur
Deutscher Universitäts-Verlag
Année de publication
2007
État de l'article
Good
Reliure
Soft cover
Langue
anglais
ISBN à 10 chiffres
3835006967
ISBN à 13 chiffres
9783835006966
Édition
1st Edition
Série
Livre 1 sur 6: Schriften zum europäischen Management

killarneybooks

Inagh, Clare, Irlande

Vendeur avec une évaluation de 5 étoiles

Vendeur AbeBooks depuis 20 avril 2017

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Article6 à 7 jours ouvrés3 à 4 jours ouvrés
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All U.S.-bound orders are now shipped with UPS for reliable delivery. Additional customs or import fees are highly unlikely; however, please note buyers remain responsible for any duties or taxes that U.S. Customs may assess. -- Killarneybooks is a family-run bookshop based in the Republic of Ireland. We take pride in accurate listings, careful packaging, and prompt service - most orders ship within 24 hours. All books listed are in stock and ready for immediate dispatch - we are not dropshippers. Inquiries always welcome.…

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