Valuation methodologies and emerging markets

Research output: Contribution to journalArticlepeer-review

4 Scopus citations


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 Fernndez (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.

Original languageEnglish (US)
Article number2
JournalJournal of Business Valuation and Economic Loss Analysis
Issue number1
StatePublished - Apr 21 2010
Externally publishedYes


  • APV
  • CCF
  • Capital structure
  • WACC

ASJC Scopus subject areas

  • Business and International Management
  • Accounting
  • Finance
  • Economics and Econometrics
  • Strategy and Management


Dive into the research topics of 'Valuation methodologies and emerging markets'. Together they form a unique fingerprint.

Cite this