Valuation of Equity and Intangible Assets ¿ An Empirical Study

Valuation of Equity and Intangible Assets ¿ An Empirical Study

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The literature on equity valuation is replete with models with various combinations of earnings, book value, and dividends. However, a model based on all the three value drivers seems to be lacking. Also notable is the absence of a model that considers intangible assets as a determinant of equity value. This book evidences simultaneous value relevance of earnings, book value, dividends, and intangible assets, combines them to develop log-linear models of equity valuation, and estimates the model parameters. Furthermore, a multiplier is proposed to capture the influence of company-specific char...