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| Tekijä: | Imam, S. Barker, R. Clubb, C. |
| Otsikko: | The use of valuation models by UK investment analysts |
| Lehti: | European Accounting Review
2008 : VOL. 17:3, p. 503-535 |
| Asiasana: | investment analysis investment banks companies valuation models United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | This paper explores valuation (henceforth as: val.) models usage by U.K. investment analysts (here as: alyts.) based on 1. semi-structured interviews with 35 sell-side alyts. from 10 leading investment banks and with 7 buy-side alyts. from 3 asset management firms and, 2. content analysis based on 98 equity research reports for FTSE-100 companies covered by the sell-side interviewees. It is found that alyts. perceive the discounted cash flow (DCF) to have become significantly more important than prior survey evidence suggests. However, there is also found continued importance of 'unsophisticated' (as: 'un-sted') val. multiples. Perceived limitations in the technical applicability of the DCF is found. In addition, contextual factors, notably the analysts' need for their research to be credible to buy-side clients, are fount to cause the use of subjective, 'un-sted' methods of val. to be played down etc. |
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