DO FUNDAMENTALS DRIVE RELATIVE VALUATION? EVIDENCE FROM GLOBAL STOCK MARKET INDICES
In this paper, we use aggregate-level data from global, developed and emerging markets to empirically examine how fundamentals of publicly listed firms drive their relative valuation multiples. First, we find that, in each market, there is a dynamic link between fundamentals and relative valuation:...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
World Scientific Publishing
2020-12-01
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| Series: | Journal of Financial Management, Markets and Institutions |
| Subjects: | |
| Online Access: | http://www.worldscientific.com/doi/epdf/10.1142/S2282717X20500024 |