Equity Valuation Using Multiples: An Empirical Investigation

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Brief contents1 Introduction .....................................................................................................11.1 Motivation.................................................................................................11.2 Research idea ............................................................................................51.3 Outline of the book .................................................................................112 Literature review ...........................................................................................132.1 Coverage in standard literature...............................................................132.2 <strong>Empirical</strong> research ..................................................................................152.3 Contribution to prior research.................................................................203 Theoretical foundations ................................................................................223.1 Theoretical concept of fundamental equity valuation models................223.2 Derivation of intrinsic multiples.............................................................313.3 Market multiples.....................................................................................384 Comprehensive multiples valuation.............................................................484.1 The standard multiples valuation method and its criticism ....................484.2 Selection of value relevant measures......................................................564.3 Identification of comparable firms .........................................................684.4 Estimation of synthetic peer group multiples .........................................744.5 Actual valuation......................................................................................764.6 Two-factor multiples valuation model....................................................805 Design of the empirical study .......................................................................845.1 The concept of value relevance ..............................................................845.2 Research hypotheses...............................................................................885.3 Research methodology............................................................................895.4 Data and sample......................................................................................93
Brief contentsIX6 <strong>Empirical</strong> results ........................................................................................... 986.1 Cross-sectional analysis ......................................................................... 986.2 Industry analysis................................................................................... 1136.3 Evaluation of empirical results............................................................. 1217 Conclusion.................................................................................................... 1277.1 Summary of findings............................................................................ 1277.2 Implications for practice....................................................................... 1297.3 Research outlook .................................................................................. 130
Page 1 and 2: Equity Valuation Using Multiples:An
Page 4 and 5: IVForewordframework. Schreiner demo
Page 6 and 7: VIPrefacement from my friends, whic
Page 10 and 11: ContentsForeword...................
Page 12 and 13: XIIContents4.5 Actual valuation....
Page 14 and 15: List of figures 1Figure 1.1: Valuat
Page 16 and 17: Notations and abbreviationsPrice an
Page 18 and 19: XVIIINotations and abbreviationsM&A
Page 20 and 21: 2 Introductiongroup multiples must
Page 22 and 23: 4 Introductionexpenditures, amortiz
Page 24 and 25: 6 Introductiontion, therefore, aims
Page 26 and 27: 8 Introduction• Research question
Page 28 and 29: 10 Introductionscope of the solutio
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40 Theoretical foundationsThe loose
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42 Theoretical foundationscomings,
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44 Theoretical foundationsability c
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46 Theoretical foundationsposure to
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4 Comprehensive multiples valuation
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50 Comprehensive multiples valuatio
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5 Design of the empirical studyThe
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86 Design of the empirical studytio
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88 Design of the empirical studypir
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90 Design of the empirical study5.3
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92 Design of the empirical studyCha
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94 Design of the empirical studyand
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96 Design of the empirical studyass
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6 Empirical resultsThe following ch
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100 Empirical resultsous multiples
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102 Empirical resultsvalue multiple
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104 Empirical results6.1.3 Knowledg
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106 Empirical resultsknowledge-rela
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108 Empirical resultsTable 6.4: Per
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110 Empirical results6.1.5 The effe
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112 Empirical resultsThe second tes
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114 Empirical results6.2.1 Industry
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116 Empirical resultsExamination of
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118 Empirical resultscoefficients a
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120 Empirical results• The simple
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122 Empirical resultsTable 6.11: Co
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124 Empirical resultshowever, lapse
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126 Empirical resultsoped equity ma
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128 Conclusionmultiples, in particu
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130 Conclusion7.3 Research outlookE
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132 Appendix A: ICB industry classi
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134 Appendix A: ICB industry classi
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136 Appendix B: U.S. evidenceEquity
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138 Appendix B: U.S. evidencePerfor
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146 Appendix B: U.S. evidenceIndust
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148 Appendix B: U.S. evidenceFactor
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150 Appendix B: U.S. evidenceTime s
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152 Appendix C: Definition of varia
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ReferencesAboody, D., 2006. Financi
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156 ReferencesBernard, V.L., Thomas
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158 ReferencesDamodaran, A., 2001.
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160 ReferencesFama, E.F., 1976. Fou
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162 ReferencesGuo, R.-J., Lev, B.,
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164 ReferencesLev, B., Nissim, D.,
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166 ReferencesO’Hanlon, J., Peasn
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168 ReferencesRoss, S.A., Westerfie
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Curriculum VitaeName:Born:Andreas S
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Equity Valuation Using Multiples: An Empirical Investigation

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