Prof. Dr. Kjell G. Nyborg


The Choice of Valuation Techniques in Practice: Education versus Profession

  • Survey to learn about how valuation professionals go about valuation in practice and what affects their choices.
  • Most respondents use various multiples and DCF. But there exists substantial variation across respondents.
  • Profession matters more than education with respect to choice.
  • Cluster analysis shows that valuation purpose characteristics are not so important. Experience is also not very important.
  • These points support the "sociological hypothesis:" Different professions have different valuation cultures.
  • There exists confusion with respect to interest tax shields and the WACC. Higher education levels do not reduce the confusion.
  • DCF is implemented in a way that makes it almost just another multiples exercise.

Prof. Dr. Kjell G. Nyborg

holds a Chair in Finance at the Department of Banking and Finance at the University of Zurich. He is also a Senior Chair of the Swiss Finance Institute, a Research Fellow of the CEPR, and a Fellow of the Royal Society of Arts. He was educated at the University of Chicago (S.B. in Mathematics) and Stanford University (Ph.D. in Finance). Professor Nyborg is the the current President and a former Director and Vice-President of the European Finance Association. He is widely published in leading finance and economics journals on topics ranging from corporate finance and valuation to central banking, liquidity, and collateral.

Vorträge am 20. Oktober 2017:
  • General Session: Keynote


Rückblick 10. Jahreskonferenz 2016

EACVA 11Die 10. Jahreskoferenz der EACVA für alle Bewertungsprofessionals fand am 24. und 25. November 2016 im Hotel Palace Berlin statt.

Die Keynote Speaker waren: Prof. Dr. Dr. h.c. Wolfgang Ballwieser, Prof. Dr. Peter Bofinger und Mark L. Zyla. Die Podiumsdiskussion "Das Wichtigste in der Unternehmensbewertung ist..." mit Wolfgang Kniest, Prof. Dr. Dr. Andreas Löffler, Prof. Dr. Peter Schömig und Christoph Wollny wurde von Prof. Dr. Matthias Meitner geleitet.


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