{"id":"https://openalex.org/W2064101021","doi":"https://doi.org/10.1108/14757700610668958","title":"The valuation accuracy of equity valuation using a combination of multiples","display_name":"The valuation accuracy of equity valuation using a combination of multiples","publication_year":2006,"publication_date":"2006-04-01","ids":{"openalex":"https://openalex.org/W2064101021","doi":"https://doi.org/10.1108/14757700610668958","mag":"2064101021"},"language":"en","primary_location":{"id":"doi:10.1108/14757700610668958","doi":"https://doi.org/10.1108/14757700610668958","is_oa":false,"landing_page_url":"https://doi.org/10.1108/14757700610668958","pdf_url":null,"source":{"id":"https://openalex.org/S95074589","display_name":"Review of Accounting and Finance","issn_l":"1475-7702","issn":["1475-7702","1758-7700"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Accounting and Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103057098","display_name":"Yong Keun Yoo","orcid":"https://orcid.org/0000-0002-7745-9878","observed_orcids":["https://orcid.org/0000-0002-7745-9878"]},"institutions":[{"id":"https://openalex.org/I197347611","display_name":"Korea University","ror":"https://ror.org/047dqcg40","country_code":"KR","type":"education","lineage":["https://openalex.org/I197347611"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Yong Keun Yoo","raw_affiliation_strings":["Korea University Business School, Korea University, Sungbuk\u2010Gu, Seoul, Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Korea University Business School, Korea University, Sungbuk\u2010Gu, Seoul, Korea","institution_ids":["https://openalex.org/I197347611"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5103057098"],"corresponding_institution_ids":["https://openalex.org/I197347611"],"apc_list":null,"apc_paid":null,"fwci":7.7159,"has_fulltext":false,"cited_by_count":64,"citation_normalized_percentile":{"value":0.96828329,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"5","issue":"2","first_page":"108","last_page":"123"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9922000169754028,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9922000169754028,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.005100000184029341,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0017000000225380063,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-valuation","display_name":"stock valuation","score":0.9729999899864197},{"id":"https://openalex.org/keywords/valuation-accuracy","display_name":"valuation accuracy","score":0.7570000290870667},{"id":"https://openalex.org/keywords/analysts-earnings-forecasts","display_name":"analysts' earnings forecasts","score":0.7670000195503235},{"id":"https://openalex.org/keywords/selection-bias","display_name":"selection bias","score":0.7039999961853027}],"concepts":[{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.8306692838668823},{"id":"https://openalex.org/C164680029","wikidata":"https://www.wikidata.org/wiki/Q1055293","display_name":"Multiple","level":2,"score":0.5833203792572021},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5375504493713379},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.44599393010139465},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3971499800682068},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.394815593957901},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.277397483587265},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.23259276151657104},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.18471279740333557},{"id":"https://openalex.org/C94375191","wikidata":"https://www.wikidata.org/wiki/Q11205","display_name":"Arithmetic","level":1,"score":0.12557610869407654},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.05894461274147034},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1108/14757700610668958","doi":"https://doi.org/10.1108/14757700610668958","is_oa":false,"landing_page_url":"https://doi.org/10.1108/14757700610668958","pdf_url":null,"source":{"id":"https://openalex.org/S95074589","display_name":"Review of Accounting and Finance","issn_l":"1475-7702","issn":["1475-7702","1758-7700"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Accounting and Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eme:rafpps:14757700610668958","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/14757700610668958/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:eme:rafpps:v:5:y:2006:i:2:p:108-123","doi":null,"is_oa":false,"landing_page_url":"http://www.emeraldinsight.com/Insight/viewContentItem.do;jsessionid=0EB7F1BEA16A797DD11F0552D8E511FC?contentType=Article&amp;contentId=1556674","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":16,"referenced_works":["https://openalex.org/W91331468","https://openalex.org/W1513538699","https://openalex.org/W1926291594","https://openalex.org/W1950516253","https://openalex.org/W2037393175","https://openalex.org/W2066979814","https://openalex.org/W2071496267","https://openalex.org/W2073043309","https://openalex.org/W2090758019","https://openalex.org/W2274159779","https://openalex.org/W2315740057","https://openalex.org/W2952690300","https://openalex.org/W3123014936","https://openalex.org/W3123363184","https://openalex.org/W3124252552","https://openalex.org/W4229811043"],"related_works":["https://openalex.org/W6964591996","https://openalex.org/W3090032587","https://openalex.org/W7095907539","https://openalex.org/W3123014936","https://openalex.org/W4411397782","https://openalex.org/W2560043787","https://openalex.org/W1550880648","https://openalex.org/W270032107","https://openalex.org/W3125200645","https://openalex.org/W2885427850"],"abstract_inverted_index":{"Purpose":[0],"-":[1,28,124,232,296,338],"Aims":[2],"to":[3,8,16,31,112,148,193,272],"examine":[4],"a":[5,43,89,136,144,149,170,189,226,283,301,333,401],"comprehensive":[6],"approach":[7,87,382],"combine":[9,32],"several":[10,33,52,72,130,205],"simple":[11,23,34,53,73,95,131,166,183,206,222,246,256,279,397],"multiple":[12,24,35,54,74,96,132,147,167,184,192,207,223,247,257,265,280,303,365,386,398],"valuation,":[13,19],"so":[14],"as":[15,109,343,345],"improve":[17,216,273,391],"the":[18,22,37,47,58,64,80,85,94,101,106,110,114,118,155,161,165,179,182,198,217,221,241,245,255,274,278,317,320,324,346,350,359,367,372,380,392,396,407,414,422,426],"accuracy":[20,92,116,163,219,276,370,394],"of":[21,46,60,68,83,105,120,135,139,154,164,181,197,220,235,244,254,277,319,353,395,410],"valuation":[25,48,62,75,91,97,115,133,162,168,185,208,218,224,248,258,275,281,321,369,373,393,399],"technique.":[26],"Design/methodology/approach":[27],"In":[29,405],"order":[30],"valuations,":[36],"equity":[38,351,423],"value":[39],"is":[40,77,98,141,238,250,289,314,376,417],"estimated":[41],"by":[42,309],"weighted":[44],"average":[45],"outcomes":[49,76,134,186,209,249,259],"obtained":[50],"from":[51],"valuations.":[55],"To":[56],"calculate":[57],"weight":[59],"each":[61,138],"outcome,":[63],"out\u2010of\u2010sample":[65],"price\u2010deflated":[66],"regression":[67],"stock":[69,103,145,190],"prices":[70],"on":[71,143,188,211,261],"conducted.":[78],"Next,":[79],"alternative":[81],"hypothesis":[82],"whether":[84,379],"composite":[86,381],"yields":[88],"higher":[90],"than":[93],"tested,":[99],"using":[100,169,225,282,383,400],"actual":[102],"price":[104,146,191],"valued":[107],"firm":[108],"benchmark":[111],"measure":[113,153],"under":[117],"assumption":[119],"market":[121],"efficiency.":[122],"Findings":[123],"It":[125],"was":[126],"found":[127],"that":[128,178,239,300,362],"combining":[129],"firm,":[137],"which":[140,313,419],"based":[142,187,210,260],"historical":[150,172,212,267,302,311,325,347,388],"accounting":[151],"performance":[152],"comparable":[156,199],"firms":[157,200,355],"(historical":[158],"multiple),":[159],"improves":[160],"single":[171],"multiple.":[173,229,286,336,404],"However,":[174,323],"further":[175,377],"analysis":[176],"shows":[177],"combination":[180,243,253],"analysts\u2019":[194],"earnings":[195,202,228,264,285,335,341,364,385,403],"forecasts":[196],"(forward":[201],"multiple)":[203],"and":[204,266,387],"multiples":[213,268,326,342,348,389],"does":[214],"not":[215,307],"forward":[227,263,284,334,340,363,384,402],"Research":[230],"limitations/implications":[231],"One":[233],"caveat":[234],"this":[236],"study":[237,416],"only":[240,421],"linear":[242],"considered.":[251,357],"Non\u2010linear":[252],"both":[262],"may":[269,327],"be":[270],"able":[271],"This":[287],"possibility":[288],"still":[290],"an":[291],"open":[292],"question.":[293],"Practical":[294],"implications":[295],"The":[297,339],"findings":[298],"imply":[299],"contains":[304],"incremental":[305,330],"information":[306,331],"captured":[308],"other":[310],"multiples,":[312,374],"useful":[315],"for":[316,349],"improvement":[318],"accuracy.":[322],"have":[328],"no":[329],"beyond":[332],"Originality/value":[337],"well":[344],"valuations":[352,424],"broader":[354],"are":[356],"Given":[358],"previous":[360,415],"finding":[361],"presents":[366],"highest":[368],"among":[371],"it":[375],"investigated":[378],"can":[390],"addition,":[406],"potential":[408],"problem":[409],"selection":[411],"bias":[412],"in":[413,425],"addressed,":[418],"examines":[420],"tax":[427],"court.":[428]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
