Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/9485
Título: Equity valuation using accounting numbers in dividend and non-dividend paying companies
Autor: Kleba, Alexandra Alice
Orientador: Reis, Ricardo
Data de Defesa: 11-Set-2012
Resumo: The aim of this thesis is to understand how firms with different payout policies impact the performance of equity valuation models and what characterizes them. After introducing theory regarding pertinent models and reviewing relevant literature, flow and stock-based model performances are analyzed across two large subsamples of US firms, dividend and non-dividend paying firms. The first group shows a better performance in general while a higher performance discrepancy between both subsamples is visible amongst the best performing models. This alerts the user of the fact that models value firms differently according to their payout ratio. Building on this breakdown, a small sample analysis, between two subsamples of UK firms, analyzes not only the models used by brokers’ reports in reality but also other relevant variables. The most pronounced differences are the firms’ size, investment opportunities, equity models used and brokers’ recommendation.
URI: http://hdl.handle.net/10400.14/9485
Aparece nas colecções:FCEE - Dissertações de Mestrado / Master Dissertations
R - Dissertações de Mestrado / Master Dissertations

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