Estimating industry multiples
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Author
Contributions
- Ruback, Richard S., 1954- - Contributor
- Harvard Business School - Contributor
Publication
1999 - , No place, unknown, or undetermined
Language
English
Word Count
7,500 words, Guess
Page Count
30 pages
Identifiers
- OCLC Control Number229432358
- Open LibraryOL48049897M
Description
We analyze industry multiples for the S&P 500 in 1995. We use Gibbs sampling to estimate simultaneously the error specification and small sample minimum variance multiples for 22 industries. In addition, we consider the performance of four common multiples : the simple mean, the harmonic mean, the value-weighted mean, and the median. The harmonic mean is a close approximation to the Gibbs minimum variance estimates. Finally, we show that EBITDA is a better single basis of substitutability than EBIT or revenue in the industries that we examine.
Subjects
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