New insights into equity valuation using multiples

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. <br>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. <br>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. <br>The last paper explores the possibility of applying non-linear methods to improve the precision of multiple valuation.

Thèse de doctorat : Université de Neuchâtel, 2016 ; 2523