Produção Nacional
Revisado por pares
Multiples’ Valuation: The Selection of Cross-Border Comparable Firms
2017; Taylor & Francis; Volume: 54; Issue: 9 Linguagem: Inglês
10.1080/1540496x.2017.1336084
ISSN1558-0938
AutoresRicardo Goulart Serra, Luíz Paulo Lopes Fávero,
Tópico(s)Firm Innovation and Growth
ResumoWe studied whether mean industry multiples are similar in Brazil and in the United States. Using multilevel models (hierarchical linear model and additive crossed random-effects model), we concluded that there exists significant variability within firms from the same industry and significant variability between countries (Brazil and United States). The same tests were applied to firms grouped in clusters by similarity of economic fundamentals and we concluded that part of the variability shifts from (a) the variability within firms from the same industry and the variability between countries to (b) the variability between clusters, which is desirable in multiples' valuation.
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