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The market approach to comparable company valuation

Author: Matthias Meitner
Publisher: Heidelberg : Physica-Verlag ; [Mannheim] : ZEW, Zentrum für Europäische Wirtschaftsforschung, ©2006.
Dissertation: doctoral Universität, Erlangen-Nürnberg
Series: ZEW economic studies, 35.
Edition/Format:   Thesis/dissertation : Document : Thesis/dissertation : eBook   Computer File : EnglishView all editions and formats
Publication:Springer e-books
Database:WorldCat
Summary:
"Corporate valuation using multiples is one of the most popular corporate valuation approaches. In this book, the different steps of this valuation approach such as the selection of comparable companies or the choice of the reference variables are discussed. Then, the circumstances required for a sound valuation (e.g., the degree of efficiency of the equity market) are described. Additionally, the book gives insight  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Meitner, Matthias.
Market approach to comparable company valuation.
Heidelberg : Physica-Verlag ; [Mannheim] : ZEW, Zentrum für Europäische Wirtschaftsforschung, ©2006
(DLC) 2006902903
(OCoLC)70249366
Material Type: Document, Thesis/dissertation, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Matthias Meitner
ISBN: 9783790817232 3790817236
OCLC Number: 262693554
Description: 1 online resource (xi, 241 pages) : illustrations.
Contents: Cover --
Table of Contents --
1 Introduction --
1.1 Motivation --
1.2 Research Aims --
1.3 Reading Guide --
2 Foundations of Comparable Company Valuation --
2.1 Definitions and Scope --
2.2 Comparable Company Valuation Within the Business Valuation Framework --
2.2.1 Value Theories --
2.2.2 Value Versus Price --
2.2.3 Approaches to Company Valuation --
2.2.4 Purposes of Appraisal --
2.2.5 Classification of Comparable Company Valuation --
2.3 Rationale and Style of Comparable Company Valuation --
2.3.1 Immediate Valuation Models --
2.3.2 Single-Factor Valuation Models --
2.3.3 Multi-Factor Valuation Models --
2.4 Special Tasks in Comparable Company Valuation --
2.4.1 Quality of Accounting Variables --
2.4.2 Aggregating the Peer Group Results --
2.4.3 Premiums and Discounts --
3 Interrelation of Comparable Company Selection and Valuation Model Choice --
3.1 Determinants of Comparable Company Selection --
3.1.1 Degree of Similarity of the Peer Group Companies --
3.1.2 Degree of Market Efficiency and Pricing Quality --
3.1.3 Consequences for Comparable Company Valuation with Special Regard to the Peer Group Selection --
3.1.4 Implications for the Choice of the Valuation Model --
3.2 Determinants of Valuation Model Choice --
3.2.1 Value Relevance of the Reference Variables --
3.2.2 Future Similarity Between the Target Company and Comparable Companies --
3.2.3 Technical Limitations of Valuation Models --
3.2.4 Consequences for Comparable Company Valuation with Special Regard to the Choice of the Valuation Model --
3.2.5 Implications for the Selection of Comparable Companies --
3.3 Comparable Company Valuation as an Integrated Process --
4 Processing Comparable Company Valuation --
4.1 Immediate Comparable Company Valuation --
4.1.1 Valuation Process --
4.1.2 Problems Associated with Immediate Comparable Company Valuation Models --
4.2 Single-Factor Comparable Company Valuation --
4.2.1 Valuation Process --
4.2.2 Problems Associated with Single-Factor Comparable Company Valuation Models --
4.3 Multi-Factor Comparable Company Valuation --
4.3.1 Existing Models --
4.3.2 Derivation of a Two-Factor Model Based on Book Value and Earnings --
5 Empirical Study --
5.1 Data --
5.1.1 Sample Selection --
5.1.2 Variables --
5.2 Value Relevance --
5.2.1 Previous Empirical Results --
5.2.2 Variable Definition --
5.2.3 Hypotheses and Econometric Methodology --
5.2.4 Results --
5.3 Pricing Accuracy --
5.3.1 Previous Empirical Results --
5.3.2 Variable Definition and Methodology --
5.3.3 Results --
6 Concluding Remarks --
6.1 Implications for Business Valuation --
6.2 Implications for Future Research --
7 Appendix --
7.1 Detailed Derivation of the Two-Factor Comparable Company Valuation Model --
7.2 Proof of the Convergence of R[sup(2)] --
7.3 Industries Included in the Empirical Study --tidtid6.
Series Title: ZEW economic studies, 35.
Responsibility: Matthias Meitner.
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Abstract:

Corporate valuation using multiples is one of the most popular corporate valuation approaches. This book discusses the different steps of this valuation approach such as the selection of comparable  Read more...

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