NDLI: A Evolução Dos Múltiplos Ev/ebitda De Empresas Brasileiras No Período 2003-2010 E Sua Relação Com O Risco-brasil

Please wait, while we are loading the content...

A Evolução Dos Múltiplos Ev/ebitda De Empresas Brasileiras No Período 2003-2010 E Sua Relação Com O Risco-brasil

Content Provider	Semantic Scholar
Author	Carvalho, Diego
Copyright Year	2012
Abstract	As developing countries become increasingly important and integrated into the world economy, the valuation of companies in emerging markets has aroused the interest of the finance literature. In this context, one of the key issues of valuation in emerging markets is the incorporation of country-specific risks in valuation models. As it is shown by the literature reviewed, many authors have researched how these risks should be assessed in both intrinsic (discounted cash flow method) and extrinsic (multiples method) valuation approaches. In general, these scholars agree on the incorporation of country risk assessment in the valuation of firms in emerging markets, supporting that this is a widespread practice among investors and market analysts. Hence, this study aims to identify the relationship between EV/EBITDA multiples paid for Brazilian companies listed in Sao Paulo Stock Exchange (Bovespa) and the Brazil risk (as measured by the JP Morgan’s EMBI+ Brazil Index) along the period from 2003 to 2010. Regression estimations were made in order to test the initial hypothesis of this study, which states that the drop in Brazil risk (EMBI+ Brazil) at least partially explains the increase of EV/EBITDA multiples paid for the Brazilian companies during the period of analysis. For this purpose, this study suggests the inclusion of the variable Brazil risk in the original regression model developed by Acosta-Calzado (2011), which was devised for estimating EV/EBITDA multiples for companies in various regions of the world, including emerging markets. Results obtained show that there is a negative relationship between EV/EBITDA multiples and Brazil risk, providing evidence for supporting the initial hypothesis of this study.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.lume.ufrgs.br/bitstream/handle/10183/55005/000856492.pdf?sequence=1
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

Central Library (ISO-9001:2015 Certified)
Indian Institute of Technology Kharagpur
Kharagpur, West Bengal, India | PIN - 721302

See location in the Map
03222 282435
Mail: support@ndl.gov.in

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in