Kang, Jian

Nom

Kang, Jian

Affiliation principale

Fonction

Assistant doctorant

Résultat de la recherche

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New insights into equity valuation using multiples
(Neuchâtel, 2016)
Kang, Jian
The thesis focuses on the equity valuation using multiples. Based on the notion of stochastic dominance, a relative valuation framework for comparing accuracy is developed and employed in the thesis. In the first paper, we investigate the feasibility of a relative valuation framework for tracking developments of value relevance of earnings and book values across time. The second paper focuses on the performance of EV/EBITDA, a multiple that gained in popularity with practitioners during the last decade, relative to that of the traditional multiple P/E. The last paper explores the possibility of applying non-linear methods to improve the precision of multiple valuation.