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The market approach to comparable company valuation [electronic resource] / Matthias Meitner.

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Bibliographic Details
Online Access: Full Text (via Springer)
Main Author: Meitner, Matthias, 1974-
Format: Thesis Electronic eBook
Language:English
Published: Heidelberg : [Mannheim] : Physica-Verlag ; ZEW, Zentrum für Europäische Wirtschaftsforschung, ©2006.
Series:ZEW economic studies ; 35.
Subjects:
Corporations > Valuation > Mathematical models.
Investment analysis.
Table of 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.

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