Addressing Puzzle About Equity Valuation Using Multiples

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Addressing Puzzle About Equity Valuation Using Multiples

Author : Ja Ryong Kim
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Addressing Puzzle About Equity Valuation Using Multiples by : Ja Ryong Kim

Download or read book Addressing Puzzle About Equity Valuation Using Multiples written by Ja Ryong Kim and published by . This book was released on 2014 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since Liu, Nissim and Thomas (LNT, 2002), researchers have been perplexed by how simple earnings forecasts using multiples, apparently outperform the theory-based residual income model in terms of pricing error. This paper explains mathematically how LNT (2002) find this curious result and demonstrates that, in terms of pricing error, the majority of residual income models in fact outperform earnings forecasts using multiples. The explanation for the LNT (2002) result is in their selection of comparators: they choose residual income models that perform the worst among residual income models, and compare them with the best performing multiples. In terms of future return generation, this paper reports that the majority of residual income models again outperform earnings forecasts using multiples, further supporting the superiority of theory-based valuation models to rule-of-thumb based models in price estimation and future return generation. The paper resolves a decade-old puzzle in equity valuation and demonstrates that theory-based valuation models are empirically superior to rule-of-thumb based valuation models.

Equity Valuation Using Multiples

Author : Andreas Schreiner
Publisher : Deutscher Universitätsverlag
ISBN 13 : 9783835006966
Total Pages : 173 pages
Book Rating : 4.0/5 (69 download)

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Book Synopsis Equity Valuation Using Multiples by : Andreas Schreiner

Download or read book Equity Valuation Using Multiples written by Andreas Schreiner and published by Deutscher Universitätsverlag. This book was released on 2007-04-25 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standard multiples valuation method into a comprehensive framework for using multiples in valuation practice, which corresponds to economic theory and is consistent with the results of a broad empirical study of European and U.S. equity markets.

Equity Valuation Using Multiples

Author : Stefan Henschke
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Equity Valuation Using Multiples by : Stefan Henschke

Download or read book Equity Valuation Using Multiples written by Stefan Henschke and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study addresses the problem of differences between firms and the impact on valuations based on multiples. We investigate the extent to which industry-based multiples ignore additional firm-specific information and develop measures for identifying peer groups that are not comparable with the target firm. Additionally, we compare the performance of different methods that control for differences between firms. We find that differences between firms lead to systematic errors in the value estimates of different multiples. These errors are consistent with our hypotheses, statistically significant, economically substantial, consistent between different value drivers and robust over time. We find that these errors can be predicted very accurately by comparing the financial ratios of the target firm with the financial ratios of its peer group. We show that when adequately controlling for differences between firms, valuation accuracy is improved substantially and all considered value drivers perform almost equally well.

Equity Valuation Using Multiples

Author : Jing Liu
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Equity Valuation Using Multiples by : Jing Liu

Download or read book Equity Valuation Using Multiples written by Jing Liu and published by . This book was released on 2011 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the valuation performance of a comprehensive list of pricing multiples. We find that multiples derived from forward earnings explain stock prices remarkably well for most firms: pricing errors are within 15 percent of stock prices for about half of our sample. In terms of relative performance, the following general rankings are observed: 1) forward earnings measures, 2) historical earnings measures, 3) cash flow measures and book value of equity (tied), and 4) sales. Contrary to the popular view that different industries have different ?best? multiples, we find that these overall rankings are observed consistently for almost all industries examined. Adjusting the ratio formulation typically followed in practice to allow for an intercept offers some improvement, especially for multiples that perform poorly. No improvement is observed, however, when we consider more complex measures of intrinsic value based on short-cut residual income models (where forward earnings are combined with book values, estimated discount rates, and generic terminal value estimates).

Rethinking Valuation and Pricing Models

Author : Carsten Wehn
Publisher : Academic Press
ISBN 13 : 0124158757
Total Pages : 658 pages
Book Rating : 4.1/5 (241 download)

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Book Synopsis Rethinking Valuation and Pricing Models by : Carsten Wehn

Download or read book Rethinking Valuation and Pricing Models written by Carsten Wehn and published by Academic Press. This book was released on 2012-11-08 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely acknowledged that many financial modelling techniques failed during the financial crisis, and in our post-crisis environment many techniques are being reconsidered. This single volume provides a guide to lessons learned for practitioners and a reference for academics. Including reviews of traditional approaches, real examples, and case studies, contributors consider portfolio theory; methods for valuing equities and equity derivatives, interest rate derivatives, and hybrid products; and techniques for calculating risks and implementing investment strategies. Describing new approaches without losing sight of their classical antecedents, this collection of original articles presents a timely perspective on our post-crisis paradigm. Highlights pre-crisis best classical practices, identifies post-crisis key issues, and examines emerging approaches to solving those issues Singles out key factors one must consider when valuing or calculating risks in the post-crisis environment Presents material in a homogenous, practical, clear, and not overly technical manner

New Insights Into Equity Valuation Using Multiples

Author : Jian Kang
Publisher :
ISBN 13 :
Total Pages : 149 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis New Insights Into Equity Valuation Using Multiples by : Jian Kang

Download or read book New Insights Into Equity Valuation Using Multiples written by Jian Kang and published by . This book was released on 2016 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Boombustology

Author : Vikram Mansharamani
Publisher : John Wiley & Sons
ISBN 13 : 1119575591
Total Pages : 370 pages
Book Rating : 4.1/5 (195 download)

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Book Synopsis Boombustology by : Vikram Mansharamani

Download or read book Boombustology written by Vikram Mansharamani and published by John Wiley & Sons. This book was released on 2019-04-23 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new, fully-updated edition of the respected guide to understanding financial extremes, evaluating investment opportunities, and identifying future bubbles Now in its second edition, Boombustology is an authoritative, up-to-date guide on the history of booms, busts, and financial cycles. Engaging and accessible, this popular book helps investors, policymakers, and analysts navigate the radical uncertainty that plagues today’s uncertain investing and economic environment. Author Vikram Mansharamani, an experienced global equity investor and prominent Harvard University lecturer, presents his multi-disciplinary framework for identifying financial bubbles before they burst. Moving beyond the typical view of booms and busts as primarily economic occurrences, this innovative book offers a multidisciplinary approach that utilizes microeconomic, macroeconomic, psychological, political, and biological lenses to spot unsustainable dynamics. It gives the reader insights into the dynamics that cause soaring financial markets to crash. Cases studies range from the 17th Century Dutch tulip mania to the more recent US housing collapse. The numerous cross-currents driving today’s markets—trade wars, inverted yield curves, currency wars, economic slowdowns, dangerous debt dynamics, populism, nationalism, as well as the general uncertainties in the global economy—demand that investors, policymakers, and analysts be on the lookout for a forthcoming recession, market correction, or worse. An essential resource for anyone interested in financial markets, the second edition of Boombustology: Adopts multiple lenses to understand the dynamics of booms, busts, bubbles, manias, crashes Utilizes the common characteristics of past bubbles to assist in identifying future financial extremes Presents a set of practical indicators that point to a financial bubble, enabling readers to gauge the likelihood of an unsustainable boom Offers two new chapters that analyze the long-term prospects for Indian markets and the distortions being caused by the passive investing boom Includes a new foreword by James Grant, legendary editor of Grant's Interest Rate Observer A comprehensive exploration of how bubbles form and why they burst, Boombustology, 2nd Edition is packed with a wealth of new and updated information for individual and institutional investors, academics, students, policymakers, risk-managers, and corporate managers alike.

The Puzzle of the American Economy

Author : Mark A. Pisano
Publisher : Bloomsbury Publishing USA
ISBN 13 : 1440853118
Total Pages : 177 pages
Book Rating : 4.4/5 (48 download)

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Book Synopsis The Puzzle of the American Economy by : Mark A. Pisano

Download or read book The Puzzle of the American Economy written by Mark A. Pisano and published by Bloomsbury Publishing USA. This book was released on 2017-03-09 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how sweeping demographic changes have resulted in the ineffectiveness of recent monetary and fiscal policies, and it identifies corrective actions that will start to reverse the trends of low economic growth and widespread government deficits. The field of demographics does not focus on the economic impacts and the funding issues resulting from demographic change. Similarly, economics does not take into account demographic changes. The omissions in both fields are negatively impacting the nation: income reductions caused by demographic changes that have not been accounted for are so large that current fiscal policies are not able to mitigate them. The Puzzle of the American Economy: How Changing Demographics Will Affect Our Future and Influence Our Politics exposes the factors that are undermining the nation's prospects for improving the rate of economic growth and keeping up with citizens' needs for government-provided services. Author Mark A. Pisano explains the hidden drag on the economy that has led to the ineffectiveness of recent monetary and fiscal policies, how uncertainty in economic policymaking is affecting America politically as well as at the individual household level, and why those who are adversely impacted are becoming politically disaffected. He also presents an agenda for corrective individual action. Readers will understand how the results of changes in demographics will last for decades and extend beyond the United States to many developed countries—particularly Japan and nations in Europe—as well as to some developing countries. The book will be of value to students studying macro and micro economics; those in public policy at all levels of government, public administration, and governmental budgeting; and anyone attempting to understand the current dilemma in economic policymaking and our disjointed political process.

Family Firms and Private Equity

Author : Oliver Ahlers
Publisher : Springer
ISBN 13 : 3658040947
Total Pages : 253 pages
Book Rating : 4.6/5 (58 download)

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Book Synopsis Family Firms and Private Equity by : Oliver Ahlers

Download or read book Family Firms and Private Equity written by Oliver Ahlers and published by Springer. This book was released on 2014-07-25 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how “soft factors” such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.

Information Risk and Long-Run Performance of Initial Public Offerings

Author : Frank Ecker
Publisher : Springer Science & Business Media
ISBN 13 : 3834981176
Total Pages : 146 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Information Risk and Long-Run Performance of Initial Public Offerings by : Frank Ecker

Download or read book Information Risk and Long-Run Performance of Initial Public Offerings written by Frank Ecker and published by Springer Science & Business Media. This book was released on 2009-02-14 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frank Ecker examines the performance of U.S. initial public offerings (IPOs) from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author proposes effective measures for a long-term profitable investment strategy in IPOs.

Survey Research in Corporate Finance

Author : H. Kent Baker
Publisher : Oxford University Press
ISBN 13 : 019534037X
Total Pages : 460 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Survey Research in Corporate Finance by : H. Kent Baker

Download or read book Survey Research in Corporate Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2011-01-19 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: As there is no current book that deals extensively or exclusively with survey research in corporate finance Survey Research in Corporate Finance is the only one of its kind. For even while there are numerous books on survey methodology, none focus on this methodology as specifically applied to corporate finance. In the book, Baker, Singleton, and Velt do nothing less than provide an overview of survey methodology useful to financial researchers, synthesize the major streams or clusters of survey research in corporate finance, and offer a valuable resource and guide for those interested in conducting survey research in finance. Thus this volume will be an essential reference for practitioners, academics, and graduate students - who all must know the methodology of finance survey research. In addition to methodology, the book identifies areas that will be best served by survey-based research. Researchers will have a wealth of information regarding past surveys and will be aware of suitable candidates for future surveys. Several chapters are devoted to synthesizing survey results on major issues in finance. These will help decision makers in finance and in non-finance firms to acquire knowledge learned from years of communications between academics and practitioners.

Equity Asset Valuation

Author : Jerald E. Pinto
Publisher : John Wiley & Sons
ISBN 13 : 1119104645
Total Pages : 624 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis Equity Asset Valuation by : Jerald E. Pinto

Download or read book Equity Asset Valuation written by Jerald E. Pinto and published by John Wiley & Sons. This book was released on 2015-10-16 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.

The Siting Puzzle

Author :
Publisher :
ISBN 13 :
Total Pages : 242 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis The Siting Puzzle by :

Download or read book The Siting Puzzle written by and published by . This book was released on 1985 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Succession Management the “How To” Puzzle—Solved!

Author : Mark Caruso
Publisher : AuthorHouse
ISBN 13 : 1452058555
Total Pages : 281 pages
Book Rating : 4.4/5 (52 download)

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Book Synopsis Succession Management the “How To” Puzzle—Solved! by : Mark Caruso

Download or read book Succession Management the “How To” Puzzle—Solved! written by Mark Caruso and published by AuthorHouse. This book was released on 2014-03-18 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organizations have risk management strategies and procedures in place for disaster recovery, for employee safety, for computer system outages, and more. But not all organizations have an active succession planning strategy in place, which is a risk management plan for the key talent in the organization. But consider thishow much would it benefit your organization to predict leadership openings, using data and discussions in the same way that you predict other business risks? How much would it reduce your external recruiting costs to address future leadership gaps by proactively developing your top talent, with a sense of urgency to avoid or to lessen the negative impact of a predicted leadership opening when it arrives? The truth is that eventually each employee will leave the organization. Therefore, the risk management function of succession planning is the most critical risk management function for organizational success. Effective succession planning is a process of fitting together the puzzle pieces of organizational talent needs and employee career interests, for the purpose of identifying, retaining and developing talent for business success. This book provides the strategy and the puzzle pieces you will need to plan and to implement an active and effective succession program for your organization. Succession management expert Mark Caruso has created easy-to-use plans and tools you can use to create and implement a succession strategy that achieves results and doesnt sit on a shelf. Use the interview guides and the talent meeting agendas in this book to generate rich talent discussions and to make better talent decisions. Refer to the leadership models and ideas in this book to build leadership programs that address the competency needs of your top talent and successors. Make sure you have an effective succession plan in place for the most critical important asset of your companyyour talent!

Financial Economics

Author : Antonio Mele
Publisher : MIT Press
ISBN 13 : 0262046849
Total Pages : 1147 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Financial Economics by : Antonio Mele

Download or read book Financial Economics written by Antonio Mele and published by MIT Press. This book was released on 2022-11-22 with total page 1147 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive reference for financial economics, balancing theoretical explanations, empirical evidence, and the practical relevance of knowledge in the field. This volume offers a comprehensive, integrated treatment of financial economics, tracking the major milestones in the field and providing methodological tools. Doing so, it balances theoretical explanations, empirical evidence, and practical relevance. It illustrates nearly a century of theoretical advances with a vast array of models, showing how real phenomena (and, at times, market practice) have helped economists reformulate existing theories. Throughout, the book offers examples and solved problems that help readers understand the main lessons conveyed by the models analyzed. The book provides a unique and authoritative reference for the field of financial economics. Part I offers the foundations of the field, introducing asset evaluation, information problems in asset markets and corporate finance, and methods of statistical inference. Part II explains the main empirical facts and the challenges these pose for financial economists, which include excess price volatility, market liquidity, market dysfunctionalities, and the countercyclical behavior of market volatility. Part III covers the main instruments that protect institutions against the volatilities and uncertainties of capital markets described in part II. Doing so, it relies on models that have become the market standard, and incorporates practices that emerged from the 2007–2008 financial crisis.

Handbook of Media Management and Economics

Author : Alan Albarran
Publisher : Routledge
ISBN 13 : 1351747525
Total Pages : 654 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis Handbook of Media Management and Economics by : Alan Albarran

Download or read book Handbook of Media Management and Economics written by Alan Albarran and published by Routledge. This book was released on 2018-04-27 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 2019 Robert Picard Book Award The Handbook of Media Management and Economics has become a required reference for students, professors, policy makers and industry practitioners. The volume was developed around two primary objectives: assessing the state of knowledge for the key topics in the media management and economics fields; and establishing the research agenda in these areas, ultimately pushing the field in new directions. The Handbook's chapters are organized into parts addressing the theoretical components, key issues, analytical tools, and future directions for research. With its unparalleled breadth of content from expert authors, the Handbook provides background knowledge of the various theoretical dimensions and historical paradigms, and establishes the direction for the next phases of research in this evolving arena of study. Updates include the rise of mobile and social media, globalization, audience fragmentation and big data.

New Principles of Equity Investment

Author : Les Coleman
Publisher : Emerald Group Publishing
ISBN 13 : 1789730651
Total Pages : 280 pages
Book Rating : 4.7/5 (897 download)

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Book Synopsis New Principles of Equity Investment by : Les Coleman

Download or read book New Principles of Equity Investment written by Les Coleman and published by Emerald Group Publishing. This book was released on 2019-03-14 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book aligns the best of established theory, empirical evidence and industry practice to operationalise equity investment and match it to practices in the real world. It does not merely repackage the contemporary investment paradigm, but develops a new perspective that follows a rigorous research philosophy and is based on field evidence.