Equity Valuation Using Multiples: An Empirical Investigation

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The University of St. Gallen, Graduate School of Business Administration, Economics,Law and Social Sciences (HSG) hereby consents to the printing of the presentdissertation, without hereby expressing any opinion on the views herein expressed.St. Gallen, January 22, 2007The President:Prof. Ernst Mohr, Ph.D.
Page 1: Equity Valuation Using Multiples:An
Page 5 and 6: PrefaceReviewing my time as a resea
Page 7 and 8: Executive summaryThis book is motiv
Page 9 and 10: Brief contentsIX6 Empirical results
Page 11 and 12: ContentsXI3 Theoretical foundations
Page 13 and 14: ContentsXIII7 Conclusion...........
Page 15 and 16: List of tables 2Table 5.1: Sample c
Page 17 and 18: Notations and abbreviationsXVIIAddi
Page 19 and 20: 1 Introduction1.1 MotivationEquity
Page 21 and 22: Introduction 3Fourth, screening on
Page 23 and 24: Introduction 51.2 Research ideaThe
Page 25 and 26: Introduction 7residual income valua
Page 27 and 28: Introduction 9deals with the tradeo
Page 29 and 30: Introduction 11500. To enable a com
Page 31 and 32: 2 Literature reviewDespite their wi
Page 33 and 34: Literature review 15Finally, Sprema
Page 35 and 36: Literature review 17information, en
Page 37 and 38: Literature review 19In sum, the las
Page 39 and 40: Literature review 21tion of value r
Page 41 and 42: Theoretical foundations 23Below, I
Page 43 and 44: Theoretical foundations 25vestors o
Page 45 and 46: Theoretical foundations 27affect th
Page 47 and 48: Theoretical foundations 29counting
Page 49 and 50: Theoretical foundations 31come. Bes
Page 51 and 52: Theoretical foundations 33vPR ⋅NI
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Theoretical foundations 35vFCF⎛ g
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Theoretical foundations 37and, even
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Theoretical foundations 39(e.g., gr
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Theoretical foundations 41The origi
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Theoretical foundations 43fact that
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Theoretical foundations 45striking
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Theoretical foundations 47& Deng 20
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Comprehensive multiples valuation 4
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Design of the empirical study 85the
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Design of the empirical study 87tur
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Design of the empirical study 89•
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Design of the empirical study 91ing
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Design of the empirical study 93Whe
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Design of the empirical study 95a m
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Design of the empirical study 97acc
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Empirical results 99equity data. Th
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Empirical results 1016.1.2 Equity v
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Empirical results 103Figure 6.1 sum
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Empirical results 105tangible asset
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Empirical results 107Inspection of
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Empirical results 109ranks. Far beh
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Empirical results 111numbers in the
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Empirical results 1136.2 Industry a
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Empirical results 115ings and, toge
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Empirical results 117industry. This
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Empirical results 119rize the resul
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Empirical results 121Table 6.10: Pe
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Empirical results 123One aspect of
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Empirical results 125standing this
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7 Conclusion7.1 Summary of findings
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Conclusion 1297.2 Implications for
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Appendix A: ICB industry classifica
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Appendix A: ICB industry classifica
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Appendix B: U.S. evidenceSample cha
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Appendix B: U.S. evidence 137Absolu
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Appendix B: U.S. evidence 139Perfor
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Appendix B: U.S. evidence 145S&P 50
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Appendix B: U.S. evidence 147Correl
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Appendix C: Definition of variables
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Appendix C: Definition of variables
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References 155Barclay, M.J., Smith,
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References 157Brealy, R.A., Myers,
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References 159Easton, P.D., 2004b.
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References 161Frankel, R., Lee, C.M
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References 163Kahle, K.M., Walkling
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References 165Lynch, P., 2000. One
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References 167Penman, S.H., 2004. F
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References 169Thomson Financial, 20
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