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Journal of Business Valuation and Economic Loss Analysis

Editor-in-Chief: Ewing, Bradley T. / Hoffman, Jim

CiteScore 2017: 0.32

SCImago Journal Rank (SJR) 2017: 0.160
Source Normalized Impact per Paper (SNIP) 2017: 0.622

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Valuation Methodologies and Emerging Markets

Howard Qi
Published Online: 2010-04-21 | DOI: https://doi.org/10.2202/1932-9156.1064

Correctly applying the valuation methodologies is important. Sabal (2007), using a well-designed example, shows that various methods give identical results, and asserts that APV is more convenient for the emerging market. However, a few issues are questionable which we intend to clarify, including (1) the evidence regarding target debt ratio; (2) the relationship between the WACC/APV and the capital structure; (3) the inconsistencies in the CCF application; and (4) why using the framework by Fernández (2004) does not necessarily prove Sabal's assertion. Our study and Sabal's work are both integral parts in contributing to the better understanding of business valuation.

Keywords: WACC; APV; CCF; capital structure

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Published Online: 2010-04-21

Citation Information: Journal of Business Valuation and Economic Loss Analysis, Volume 5, Issue 1, ISSN (Online) 1932-9156, DOI: https://doi.org/10.2202/1932-9156.1064.

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