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국회도서관 홈으로 정보검색 소장정보 검색

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Title Page

Contents

I. Introduction 2

II. Evaluation of Price-Multiple Valuation methods 6

2.1. The Extended Residual Income Model 6

2.2. Evaluation of the P/B Multiple Valuation Method 8

2.3. Evaluation of the P/E Multiple Valuation Method 10

2.4. Adjusting Multiples Is a Solution? 13

III. Evaluation of Enterprise-Multiple Valuation methods 14

3.1. The Extended Residual Operating Income Model 14

3.2. Evaluation of the Enterprise Multiple Methods 16

IV. Development of New Equity Valuation Method 17

4.1. The Frankel and Lee Valuation Measure 18

4.2. New Valuation Measure Based on Value-to-Book Multiple 19

4.3. Variable Measurement 23

4.4. Data and Summary Statistics 24

4.5. Empirical Results 27

V. Conclusion 33

Appendix A. Derivation of Equation (10) 35

References 36