Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis
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Data de Publicação: | 2012 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590 |
Resumo: | This study checked if there is any proof that the method of companies’ assessment by Multiples has its performance increased if applied together with the cluster analysis for selecting comparable companies, since such approach aims to produce groupings with maximized homogeneity, and the Assessment by Multiples requires comparable companies similar to target companies. In order to analyze the performance, the interquartile range of the pricing errors generated when the comparable companies belonged to the same economic sector versus the time when they belonged to the same cluster. Furthermore, tests were performed to compare the average difference between pricing errors, considering the comparable company as in the same economic sector of target company and that the target company belongs to the same cluster of the compared company. The results suggest reduction of dispersion of pricing errors, having the interquartile range as reference, indicating improvement to the performance of assessment method by Multiples when applied together with cluster analysis. However, the tests for comparing the average difference of pricing mistakes per economic sector versus the time when they belonged to the same cluster, do not consolidate the conclusion for the analysis of the interquartile range, indicating no improvement of performance for the assessment methodology by Multiples related to the cluster tool. The results achieved consolidate the practice of market analysts of comparing the target company to the companies acting in the same economic sector. |
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Assessment of Companies by Multiples Applied to Grouped Companies with Cluster AnalysisEvaluación de Empresas por Múltiplos Aplicado en Empresas Agrupadas con Análisis de ClusterAvaliação de Empresas por Múltiplos Aplicado em Empresas Agrupadas com Análise de ClusterAvaliação de EmpresasAvaliação RelativaMúltiplosAnálise de Clustert de Student.This study checked if there is any proof that the method of companies’ assessment by Multiples has its performance increased if applied together with the cluster analysis for selecting comparable companies, since such approach aims to produce groupings with maximized homogeneity, and the Assessment by Multiples requires comparable companies similar to target companies. In order to analyze the performance, the interquartile range of the pricing errors generated when the comparable companies belonged to the same economic sector versus the time when they belonged to the same cluster. Furthermore, tests were performed to compare the average difference between pricing errors, considering the comparable company as in the same economic sector of target company and that the target company belongs to the same cluster of the compared company. The results suggest reduction of dispersion of pricing errors, having the interquartile range as reference, indicating improvement to the performance of assessment method by Multiples when applied together with cluster analysis. However, the tests for comparing the average difference of pricing mistakes per economic sector versus the time when they belonged to the same cluster, do not consolidate the conclusion for the analysis of the interquartile range, indicating no improvement of performance for the assessment methodology by Multiples related to the cluster tool. The results achieved consolidate the practice of market analysts of comparing the target company to the companies acting in the same economic sector.Este estudio verificó si hay evidencias de que el método de evaluación de empresas por Múltiplos tiene su rendimiento aumentado, cuando se aplica en conjunto con el análisis de cluster para la selección de las empresas comparables, dado que ese abordaje busca producir agrupaciones con homogeneidad maximizada, y la Evaluación por Múltiplos requiere empresas comparables semejantes a la empresa blanco. Para analizarse el rendimiento, se evaluó el rango intercuartil de los errores de tasación generados cuando las comparables pertenecían al mismo sector económico versus cuando pertenecían al mismo cluster. Adicionalmente se llevaron a cabo pruebas para comparar las medias de las diferencias de los errores de tasación considerándose la empresa comparable como siendo del mismo sector económico de la empresa blanco y considerándose que la empresa blanco pertenece al mismo cluster de la empresa comparada. Los resultados sugieren reducción de la dispersión de los errores de tasación, teniendo el rango intercuartil como referencia, indicando mejora de rendimiento del método de evaluación por Múltiplos cuando utilizado en conjunto con el análisis de cluster. Sin embargo, las pruebas para comparación de las medias de las diferencias de los errores de tasación por sector económico versus cuando pertenecían al mismo cluster, no refuerzan la conclusión del análisis del rango intercuartil, indicando que no hay mejora de rendimiento de la metodología de evaluación por Múltiplos asociada a la herramienta de cluster. Los resultados obtenidos refuerzan la práctica de los analistas de mercado de comparar la empresa blanco con las empresas actuantes en el mismo sector económico.Este estudo verificou se existem evidências de que o método de avaliação de empresas por Múltiplos tem sua performance aumentada, quando aplicado em conjunto com a análise de cluster para a seleção das empresas comparáveis, visto que essa abordagem busca produzir agrupamentos com homogeneidade maximizada, e a Avaliação por Múltiplos requer empresas comparáveis semelhantes à empresa alvo. Para se analisar a performance, avaliou-se a faixa interquartil dos erros de apreçamento gerados quando as comparáveis pertenciam ao mesmo setor econômico versus quando pertenciam ao mesmo cluster. Adicionalmente foram realizados testes para comparar as médias das diferenças dos erros de apreçamento considerando-se a empresa comparável como sendo do mesmo setor econômico da empresa alvo e considerando-se que a empresa alvo pertence ao mesmo cluster da empresa comparada. Os dados foram coletados no banco de dados Economatica, e totalizam 1005 observações (empresas-ano) no período de 1994 a 2007. Os resultados sugerem redução da dispersão dos erros de apreçamento, tendo a faixa interquartil como referência, indicando melhoria de performance do método de avaliação por Múltiplos quando utilizado em conjunto com a análise de cluster. Contudo, os testes para comparação das médias das diferenças dos erros de apreçamento por setor econômico versus quando pertenciam ao mesmo cluster, não reforçam a conclusão da análise da faixa interquartil, indicando não haver melhora de performance da metodologia de avaliação por Múltiplos associada à ferramenta de cluster. Os resultados obtidos reforçam a prática dos analistas de mercado de comparar a empresa alvo com as empresas atuantes no mesmo setor econômico.Editora Mackenzie2012-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionpesquisa empíricaapplication/pdfapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentapplication/vnd.openxmlformats-officedocument.wordprocessingml.documenthttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590Revista de Administração Mackenzie; Vol. 13 No. 5 (2012)Revista de Administração Mackenzie; Vol. 13 Núm. 5 (2012)Revista de Administração Mackenzie (Mackenzie Management Review); v. 13 n. 5 (2012)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/3728https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8344https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8345https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8346https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8347https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8348https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8349https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8350https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8351https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8352Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessCouto Junior, Clovis GrimaldoGaldi, Fernando Caio2015-06-25T00:03:07Zoai:ojs.editorarevistas.mackenzie.br:article/3590Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:49.167482RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis Evaluación de Empresas por Múltiplos Aplicado en Empresas Agrupadas con Análisis de Cluster Avaliação de Empresas por Múltiplos Aplicado em Empresas Agrupadas com Análise de Cluster |
title |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
spellingShingle |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis Couto Junior, Clovis Grimaldo Avaliação de Empresas Avaliação Relativa Múltiplos Análise de Cluster t de Student. |
title_short |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
title_full |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
title_fullStr |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
title_full_unstemmed |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
title_sort |
Assessment of Companies by Multiples Applied to Grouped Companies with Cluster Analysis |
author |
Couto Junior, Clovis Grimaldo |
author_facet |
Couto Junior, Clovis Grimaldo Galdi, Fernando Caio |
author_role |
author |
author2 |
Galdi, Fernando Caio |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Couto Junior, Clovis Grimaldo Galdi, Fernando Caio |
dc.subject.por.fl_str_mv |
Avaliação de Empresas Avaliação Relativa Múltiplos Análise de Cluster t de Student. |
topic |
Avaliação de Empresas Avaliação Relativa Múltiplos Análise de Cluster t de Student. |
description |
This study checked if there is any proof that the method of companies’ assessment by Multiples has its performance increased if applied together with the cluster analysis for selecting comparable companies, since such approach aims to produce groupings with maximized homogeneity, and the Assessment by Multiples requires comparable companies similar to target companies. In order to analyze the performance, the interquartile range of the pricing errors generated when the comparable companies belonged to the same economic sector versus the time when they belonged to the same cluster. Furthermore, tests were performed to compare the average difference between pricing errors, considering the comparable company as in the same economic sector of target company and that the target company belongs to the same cluster of the compared company. The results suggest reduction of dispersion of pricing errors, having the interquartile range as reference, indicating improvement to the performance of assessment method by Multiples when applied together with cluster analysis. However, the tests for comparing the average difference of pricing mistakes per economic sector versus the time when they belonged to the same cluster, do not consolidate the conclusion for the analysis of the interquartile range, indicating no improvement of performance for the assessment methodology by Multiples related to the cluster tool. The results achieved consolidate the practice of market analysts of comparing the target company to the companies acting in the same economic sector. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-08-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion pesquisa empírica |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/3728 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8344 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8345 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8346 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8347 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8348 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8349 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8350 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8351 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/3590/8352 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document application/vnd.openxmlformats-officedocument.wordprocessingml.document |
dc.publisher.none.fl_str_mv |
Editora Mackenzie |
publisher.none.fl_str_mv |
Editora Mackenzie |
dc.source.none.fl_str_mv |
Revista de Administração Mackenzie; Vol. 13 No. 5 (2012) Revista de Administração Mackenzie; Vol. 13 Núm. 5 (2012) Revista de Administração Mackenzie (Mackenzie Management Review); v. 13 n. 5 (2012) 1678-6971 1518-6776 reponame:RAM. Revista de Administração Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
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Universidade Presbiteriana Mackenzie (MACKENZIE) |
instacron_str |
MACKENZIE |
institution |
MACKENZIE |
reponame_str |
RAM. Revista de Administração Mackenzie |
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RAM. Revista de Administração Mackenzie |
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RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE) |
repository.mail.fl_str_mv |
revista.adm@mackenzie.br |
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