Towards a more accurate equity valuation - An empirical analysis. Dissertation Universität zu Köln, 2009. With a Preface by Carsten Homburg

The accurate valuation of companies is essential for investors and managers. What appears to be straightforward from an academic perspective - discount expected future payoffs using adequate cost of capital - can be extremely difficult to implement. Using an empirical approach, Stefan Henschke investigates and improves the performance of different equity valuation methods. His research provides guidance for identifying inaccurate valuations and for improving the accuracy of valuations based on multiples.

List of contents

Valuing equity.- The accuracy of equity valuation methods.- Multiples: Controlling for differences between firms.- Linear information models: The effects of conservative accounting.- Summary and conclusions.

About the author

Dr. Stefan Henschke received his doctor’s degree at the University of Cologne, his supervisor was Prof. Dr. Carsten Homburg from the Department of Management Accounting.

Summary

The accurate valuation of companies is essential for investors and managers. What appears to be straightforward from an academic perspective – discount expected future payoffs using adequate cost of capital – can be extremely difficult to implement. Using an empirical approach, Stefan Henschke investigates and improves the performance of different equity valuation methods. His research provides guidance for identifying inaccurate valuations and for improving the accuracy of valuations based on multiples.

Product details

• Authors: Stefan Henschke
• Publisher: Gabler
• Languages: German
• Product format: Paperback / Softback
• Released: 31.08.2009
• EAN: 9783834919274
• ISBN: 978-3-8349-1927-4
• No. of pages: 165
• Weight: 262 g
• Illustrations: XXIV, 165 S. 17 Abb.
• Series: Gabler Research; Quantitatives Controlling; Gabler Research; Quantitatives Controlling
• Subjects: Social sciences, law, business > Business > Business administration; Bewertung (wirtschaftlich), Unternehmen, Business and Management, Accounting, Finance, Finance, general, Financial Economics, Management science, Management accounting & bookkeeping, Bookkeeping