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Equity Valuation Using Multiples

An Empirical Investigation

  • Book
  • © 2007

Overview

Authors:
  1. Andreas Schreiner
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Part of the book series: Schriften zum europäischen Management (SEM)

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Table of contents (7 chapters)

  1. Front Matter

    Pages I-XXV
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  2. Introduction

    Pages 1-12

  3. Literature review

    Pages 13-21

  4. Theoretical foundations

    Pages 22-47

  5. Comprehensive multiples valuation

    Pages 48-83

  6. Design of the empirical study

    Pages 84-97

  7. Empirical results

    Pages 98-126

  8. Conclusion

    Pages 127-130

  9. Back Matter

    Pages 131-170
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Keywords

About this book

Accounting-based market multiples are the most common technique in equity valuation. Multiples are used in research reports and stock recommendations ofboth buy-side and sell-side analysts, in fairness opinions and pitch books of investment bankers, or at road shows offirms seeking an IPO. Even in cases where the value of a corporation is primarily determined with discounted cash flow, multiples such as PIE or market-to-book play the important role of providing a second opinion. Mul­ tiples thus form an important basis of investment and transaction decisions of vari­ ous types of investors including corporate executives, hedge funds, institutional in­ vestors, private equity firms, and also private investors. In spite of their prevalent usage in practice, not so much theoretical back­ ground is provided to guide the practical application of multiples. The literature on corporate valuation gives only sparse evidence on how to apply multiples or on why individual multiples or comparable firms should be selected in a particular context.

About the author

Dr. Andreas Schreiner promovierte bei Professor Dr. Klaus Spremann am Schweizerischen Institut für Banken und Finanzen der Universität St.Gallen (HSG).

Bibliographic Information

  • Book Title: Equity Valuation Using Multiples

  • Book Subtitle: An Empirical Investigation

  • Authors: Andreas Schreiner

  • Series Title: Schriften zum europäischen Management

  • DOI: https://doi.org/10.1007/978-3-8350-9531-1

  • Publisher: Deutscher Universitätsverlag Wiesbaden

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2007

  • Softcover ISBN: 978-3-8350-0696-6Published: 25 April 2007

  • eBook ISBN: 978-3-8350-9531-1Published: 15 April 2009

  • Series ISSN: 2627-6364

  • Series E-ISSN: 2627-6372

  • Edition Number: 1

  • Number of Pages: XXV, 173

  • Topics: Finance, general

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