TY  - RPRT
U1  - Arbeitspapier
A1  - Schwetzler, Bernhard
T1  - Does consistency improve multiple quality? – The German case
N2  - In this paper we analyze the impact of consistency upon the accuracy of corporate values estimates provided by multiple-based valuation methods. Based on a sample with more than 5000 firm years from German firms we find consistent multiple definitions significantly outperform inconsistent ones. We find valuation accuracy of consistent multiple definitions to outperform accuracy of inconsistent ones over the entire range of potential error measures and aggregation methods. Keywords: valuation, multiples
Y1  - 2011
N1  - Leipzig: HHL - Leipzig Graduate School of Management, 2011
ER  -