MULTIPLES AND THEIR USE FOR EQUITY VALUATION ON EUROPEAN CAPITAL MARKETS

Dragos Ioan Minjina
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Dragos Ioan Minjina: Academy of Economic Studies, Bucharest

Theoretical and Applied Economics, 2008, vol. 11(528)(supplement), issue 11(528)(supplement), 220-228

Abstract: Multiples valuation represents the most used valuation approach. There are few studies that focus on this method and the majority of them use US data. The studies based on European companies’ data have results that generally confirm those of the studies made with US data. At the same time, it is noticed a lower performance of European multiples, explained by the heterogeneity of European fiscal and accounting regulations, by a greater relevance of accounting information published in the United States and by a greater degree of efficiency of US capital market.

Keywords: equity valuation; relative valuation; multiples; comparable assets; capital market. (search for similar items in EconPapers)
Date: 2008
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