Multiples' Valuation: The Selection of Cross-Border Comparable Firms
We studied whether mean industry multiples are similar in Brazil and in the United States. Using multilevel models (hierarchical linear model and additive crossed random-effects model), we concluded that there exists significant variability within firms from the same industry and significant variabi...
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| Veröffentlicht in: | Emerging markets finance & trade 2018-01, Vol.54 (9), p.1973-1992 |
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| container_end_page | 1992 |
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| container_issue | 9 |
| container_start_page | 1973 |
| container_title | Emerging markets finance & trade |
| container_volume | 54 |
| creator | Serra, Ricardo Goulart Fávero, Luiz Paulo Lopes |
| description | We studied whether mean industry multiples are similar in Brazil and in the United States. Using multilevel models (hierarchical linear model and additive crossed random-effects model), we concluded that there exists significant variability within firms from the same industry and significant variability between countries (Brazil and United States). The same tests were applied to firms grouped in clusters by similarity of economic fundamentals and we concluded that part of the variability shifts from (a) the variability within firms from the same industry and the variability between countries to (b) the variability between clusters, which is desirable in multiples' valuation. |
| doi_str_mv | 10.1080/1540496X.2017.1336084 |
| format | Article |
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| ispartof | Emerging markets finance & trade, 2018-01, Vol.54 (9), p.1973-1992 |
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| language | eng |
| recordid | cdi_jstor_primary_26752718 |
| source | Business Source Complete; Jstor Complete Legacy |
| subjects | cross-border multilevel analysis multiples peers valuation |
| title | Multiples' Valuation: The Selection of Cross-Border Comparable Firms |
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