Towards a more accurate equity valuation: an empirical analysis
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Wiesbaden
Gabler
2009
|
| Edition: | 1. ed. |
| Series: | Gabler Research : Quantitatives Controlling
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIV, 165 S. graph. Darst. |
| ISBN: | 9783834919274 |
Staff View
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Record in the Search Index
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| adam_text | Titel: Towards a more accurate equity valuation
Autor: Henschke, Stefan
Jahr: 2009
Table of Contents
List of Abbreviations...................................................................................................XV
List of Symbols.........................................................................................................XVII
List of Figures............................................................................................................XXI
List ofTables...........................................................................................................XXIII
1 Introduction................................................................................................................1
1.1 Motivation.........................................................................................................1
1.2 Research objectives and outline of the thesis....................................................3
2 Valuing equity............................................................................................................7
2.1 Overview on valuation methods........................................................................7
2.2 The intrinsic valuation methods........................................................................9
2.2.1 The dividend discount model.....................................................................9
2.2.2 The discounted cash flow model..............................................................10
2.2.3 The residual income model......................................................................13
2.3 The multiple valuation method.......................................................................15
2.4 Linear information modeis..............................................................................18
2.4.1 Introduction and motivation.....................................................................18
2.4.2 The Ohlson (1995) model.........................................................................18
2.4.3 The Feltham/Ohlson (1995) model..........................................................20
2.4.4 The Choi/O Hanlon/Pope (2006) model..................................................24
2.5 Measuring valuation accuracy.........................................................................27
3 The accuracy of equity valuation methods...............................................................33
XI
3.1 Introduction and motivation............................................................................33
3.2 What affects valuation errors?.........................................................................35
3.3 The valuation errors of intrinsic valuation methods.......................................39
3.4 The valuation errors of the multiple valuation method...................................44
3.5 The valuation errors of linear information models.........................................53
3.6 Comparing the valuation errors of different valuation methods.....................58
3.7 Conclusions.....................................................................................................60
4 Multiples: Controlling for differences between firms..............................................63
4.1 Introduction.....................................................................................................63
4.2 Relation to prior research................................................................................65
4.3 Research design...............................................................................................67
4.3.1 Theoretical considerations........................................................................67
4.3.2 The impact of differences between firms.................................................69
4.3.3 Detecting differences between firms........................................................73
4.3.4 Controlling for differences between firms...............................................75
4.4 Sample and data.................... 77
4.4.1 Sample selection........................................... 77
4.4.2 Descriptive statistics................................ 79
4.5 Results.................................... gl
4.5.1 The impact of differences between firms.................................................81
4.5.2 Detecting differences between firms...........................................82
4.5.3 Controlling for differences between firms...............................................84
XII
4.5.4 Benchmarking to prior literature..............................................................86
4.5.5 The impact of differences in industry.......................................................90
4.6 Sensitivity analyses.........................................................................................91
4.7 Conclusions.....................................................................................................99
5 Linear information models: The effects of conservative accounting.....................103
5.1 Motivation and relation to prior research......................................................103
5.2 Research design.............................................................................................106
5.2.1 Model estimation....................................................................................106
5.2.2 Conservatism analyses............................................................................109
5.2.2.1 Partition approach............................................................................109
5.2.2.2 Delta regression...............................................................................111
5.3 Sample selection and sample characteristics.................................................115
5.4 Results...........................................................................................................116
5.4.1 Model estimations and out-of-sample forecasts.....................................116
5.4.2 Partition analyses....................................................................................117
5.4.3 Delta regressions.....................................................................................119
5.4.4 Conservatism specific model estimation................................................121
5.5 Sensitivity analyses.......................................................................................127
5.5.1 Alternative model specification using Feltham/Ohlson (1995).............127
5.5.2 Alternative model specification using Liu Ohlson (2000).....................133
5.5.3 Adjusting for analyst forecast bias.........................................................139
5.5.4 Further sensitivity tests...........................................................................140
XIII
5.6 Conclusions...................................................................................................142
6 Summary and conclusions......................................................................................145
6.1 Summary of findings.....................................................................................145
6.2 Research outlook...........................................................................................147
Appendix 1: Compustat items.....................................................................................151
References.................................................................................................................153
XIV
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| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
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| spelling | Henschke, Stefan Verfasser aut Towards a more accurate equity valuation an empirical analysis Stefan Henschke 1. ed. Wiesbaden Gabler 2009 XXIV, 165 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Gabler Research : Quantitatives Controlling Zugl.: Köln, Univ., Diss., 2009 Unternehmensbewertung Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Unternehmensbewertung (DE-588)4078594-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018604893&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Henschke, Stefan Towards a more accurate equity valuation an empirical analysis Unternehmensbewertung Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4113937-9 |
| title | Towards a more accurate equity valuation an empirical analysis |
| title_auth | Towards a more accurate equity valuation an empirical analysis |
| title_exact_search | Towards a more accurate equity valuation an empirical analysis |
| title_full | Towards a more accurate equity valuation an empirical analysis Stefan Henschke |
| title_fullStr | Towards a more accurate equity valuation an empirical analysis Stefan Henschke |
| title_full_unstemmed | Towards a more accurate equity valuation an empirical analysis Stefan Henschke |
| title_short | Towards a more accurate equity valuation |
| title_sort | towards a more accurate equity valuation an empirical analysis |
| title_sub | an empirical analysis |
| topic | Unternehmensbewertung Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmensbewertung Hochschulschrift |
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