Towards a more accurate equity valuation: An empirical analysis [Paperback]

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