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Business Valuation. Adjusting Markets Multiples for Country Risk in Emerging Markets - Empirical Study for Romania

Aurelia Bobe

The Valuation Journal, 2015, vol. 10, issue 2, 68-85

Abstract: This paper aims to research an area of interest closely studied by specialists in the field of valuation services for companies. The main purpose is to analyze the applicability of the method of estimating the market value of a business by applying multiples in the context of emerging economies. I have chosen to approach this issue because I have considered it like a challenge considering the practical difficulties encountered in the valuation process of an enterprise's equity through market approach. I wish that the research conducted on the specific case of Romania completes the previous studies conducted on other emerging economies and also provides an appropriate framework for appraisers so that they have at their disposal a sound theoretical and empirical basis for adjusting market multiples derived from a developed economy and applied in an emerging economy.

JEL-codes: G30 G10 F30 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:vaj:journl:v:10:y:2015:i:2:p:68-85