Equity Valuation Using Multiples

By Jing Liu, Doron Nissim, Jacob K. Thomas. 2002

425 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/06bf594569dd1ae91d2f73d00fd07fbd1f3a4fa8

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Katherine Schipper
2. Rodrigo S. Verdi
3. Per Olsson
4. Dan S. Dhaliwal
5. Jennifer Francis
6. Ryan Lafond
7. A. Damodaran
8. Partha Mohanram

In Finance

1. Rodrigo S. Verdi
2. Katherine Schipper
3. Per Olsson
4. Dan S. Dhaliwal
5. Partha Mohanram
6. Daniel A. Cohen
7. Omrane Guedhami
8. Jennifer Francis

In Strategy and Management

1. Omrane Guedhami
2. Katherine Schipper
3. Daniel A. Cohen
4. Per Olsson
5. Partha Mohanram
6. A. Damodaran
7. Jennifer Francis
8. Dan S. Dhaliwal

Citations in the corpus

• Accounting based valuation models: What have we learned? (2004, neutral): “O95 Ohlson (2001) Dechow, Hutton and Sloan (1999) vt FO95 Liu and Ohlson (2001) Callen and Segal (2003) v1t,v2t”
• Do Analysts Practice What They Preach and Should Investors Listen? Effects of Recent Regulations (2009, neutral): “If not available, we extrapolate earnings 18 For more on these models, see Frankel and Lee (1998), Lee et al. (1999), Liu et al. (2002), Easton (2004), and Hope et al. (2008).”
• Customer Concentration Risk and the Cost of Equity Capital (2016, background): “If the industry ROE is less than the risk-free rate, we set the industry ROE to be the risk-free rate (Liu et al., 2002).”
• Valuation Approaches and Metrics: A Survey of the Theory and Evidence (2007, methodology): “One adaptation of the model was suggested by Luehrman (1997), where he presents an example where the dollar debt level, rather than remain fixed as it does in conventional APV, changes over time as a fraction of book value.”
• The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, neutral): “Liu, Nissim, and Thomas (2002) Archival, I/B/E/S, 1982-1999.”
• Costs of Equity and Earnings Attributes (2004, positive): “Analytical research {described in Section II) by Easley and O'Hara (2004), O'Hara (2003), and Leuz and Verrecchia (2004) demonstrates that firm-specific information risk is priced (that is, it affects the cost of equity), and this risk cannot be diversified away.”
• Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections (2017, background): “It is well documented that IPO volumes vary with economic and market conditions (Lowry (2003), Pástor and Veronesi (2005), and Ivanov and Lewis (2008)).”
• Equity valuation, production, and financial planning: A stochastic programming approach (2006, background): “The separation between operational and financial decisions in both literatures simplifies complex problems and can be justified by the seminal work of Modigliani and Miller (1958), which proves that a firm’s investment and financial decisions can be made separately in a perfect capital market; howev”
• Inferring the Cost of Capital Using the Ohlson–Juettner Model (2003, background): “Leverage Modigliani and Miller (1958) suggest that the risk premium should be an increasing function of leverage.”