Application of Fundamental Valuation to Russian Non-Traded Companies: Towards Private Equity Market Formation

Alexander Bukhvalov () and Egor D. Nikulin

No 8610, Conference Papers from Graduate School of Management, St. Petersburg State University

Abstract: The goal of the paper is to develop an approach to assessing the fundamental (intrinsic) value of Russian traded and non-traded companies and in doing so to contribute to the private equity market formation. To obtain a measure for fundamental value a modified Ohlson model is proposed and then tested using regression analysis on a sample of Russian traded companies for the period 2002-2013. The results of our study enable to derive a formula for a particular accounting year that can be used in order to assess the value of companies of different industries.

Keywords: market capitalization; Ohlson model; fundamental valuation; intrinsic value; companies' value; trade companies; non-trade companies; Russia (search for similar items in EconPapers)
Date: 2016
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