Valuation of Unlisted Direct Investment Equity.
Başlık:
Valuation of Unlisted Direct Investment Equity.
Yazar:
Elkjaer, Thomas.
ISBN:
9781452776293
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 online resource (108 pages)
Seri:
IMF Working Papers ; v.Working Paper No. 09/242
IMF Working Papers
İçerik:
Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. Valuation of Equity -- A. Equity Valuation Theory -- Absolute Valuation Models -- Relative Valuation Models -- B. Valuation in International Macroeconomic Statistical Manuals -- C. Issues Related Particularly to Valuation of Unlisted Equity -- III. Study Design and Data -- A. Selection of Valuation Methods -- B. Estimation Techniques -- C. Data -- IV. Empirical Modeling of Market Value Estimates -- A. Estimation of Regression Models -- B. Estimation of Valuation Multiples -- C. Discussion of the Estimated Valuation Models -- V. Application of Models to the Danish International Investment Position -- VI. Conclusion and Recommendations -- Annex 1: BPM6-Recommended Valuation Methods -- (A) Recent Transaction Price -- (B) Net Asset Value -- (C1) Present Value of Earnings -- (C2) Price to Earnings -- (D) Price to Book Value -- (E) Own Funds at Book Value (OFBV) -- (F) Apportioning Global Value -- Annex 2: Issues Related Particularly to Valuation of Unlisted Equity -- Illiquidity Discounts -- The Value of Control -- Treatment of Negative Positions -- Annex 3: Model Assumptions -- Annex 4: Practical Estimation Considerations -- Annex 5: Descriptive Statistics for Unlisted Direct Investment Enterprises -- Annex 6: Practical Advice for Compilers -- VII. References -- Footnotes.
Özet:
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Notlar:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Tür:
Elektronik Erişim:
Click to View