Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/15669
Título: Equity valuation using accounting numbers in low and high Beta Firms
Autor: Coutinho, Pedro Miguel Pinto de Ataíde Ferreira
Orientador: Cerqueiro, Geraldo
Data de Defesa: 15-Nov-2013
Resumo: The aim of this paper is to study the performance of different accounting valuation models across firms with different beta levels. In order to create this analysis more realistic, both sub samples will be distinguished, according to their leverage level, in quartiles. Initially, not only several studies developed concerning equity valuation using accounting-based valuation models, which will provide an important theoretical support to this analysis, but also a brief reflection on the relevance of the variable beta will be introduced. Then, stock-based and flow-based accounting valuation models are analyzed across low beta firms and high beta firms. While valuation models on low beta firms perform better when selected companies with extreme leverage levels, when applied for companies with average leveraged levels, these same models show better results on high beta firms. In order to understand whether analysts take into consideration the results provided by the previous analysis, a small sample analysis, applied for some UK companies with different beta values, examines not only the investment recommendations and the valuation models used in practice by brokers’ reports, but also other relevant variables, such as, the firm’s profitability, market size, intangible-intensity, R&D expenses and the number of pages per broker report.
URI: http://hdl.handle.net/10400.14/15669
Aparece nas colecções:FCEE - Dissertações de Mestrado / Master Dissertations
R - Dissertações de Mestrado / Master Dissertations

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