VGU RESEARCH REPOSITORY
Please use this identifier to cite or link to this item:
https://epub.vgu.edu.vn/handle/dlibvgu/1155| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Nguyen Huu Phu | en_US |
| dc.date.accessioned | 2021-10-28T06:41:36Z | - |
| dc.date.available | 2021-10-28T06:41:36Z | - |
| dc.date.issued | 2019 | - |
| dc.identifier.uri | http://epub.vgu.edu.vn/handle/dlibvgu/1155 | - |
| dc.description.abstract | This thesis investigates the biases and accuracy of the four popular valuation techniques: Discounted cash flow (DCF), residual income valuation (RIV), price-to-earnings (P/E) and priceto-book (P/B). The analysis selects a case study using the target firm Mobile World Investment Corporation (MWG) in Vietnam for calculation. Both methods DCF and RIV are measured based on two cost of equity calculation approaches - local Capital Asset Pricing Model (CAPM) and cost of equity model inspired by Damodaran (2009), the Damodaran model, in order to estimate the intrinsic values for target . The article detects that the valuation methods? accuracy ranking is in the descending order: P/E, RIV, DCF and P/B. The P/E model allows for greatest accuracy (lowest bias) than all other methods. For DCF model, adopting cost of equity based on local CAPM model has better valuation performance than Damodaran model. In the selection of the definitions for a set of comparable firms in terms of accuracy, (i) a combination of valuation fundamentals (return on equity combing with revenue growth or combination of return on equity and total assets) provides a greater degree of valuation accuracy than single factor fundamentals and, (ii) combining two categories industry in Vietnam and The Association of Southeast Asian Nations (ASEAN) helps reducing bias | en_US |
| dc.language.iso | en | en_US |
| dc.publisher | Vietnamese-German University | en_US |
| dc.rights | Attribution-NonCommercial 4.0 International | * |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc/4.0/ | * |
| dc.subject | Biases | en_US |
| dc.subject | Stock market | en_US |
| dc.subject | Vietnam | en_US |
| dc.title | Biases and accuracy of various evaluation techniques: a case of Vietnam stock market | en_US |
| dc.type | Thesis | en_US |
| item.languageiso639-1 | other | - |
| item.fulltext | With Fulltext | - |
| item.grantfulltext | restricted | - |
| Appears in Collections: | Finance & Accounting (FA) | |
Files in This Item:
| File | Size | Format | Existing users please Login |
|---|---|---|---|
| Biases and accuracy of various evaluation techniques a case of Vietnam stock market.pdf | 1.68 MB | Adobe PDF |
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