The Effect of the Set of Comparable Firms on the Accuracy of the Price-Earnings Valuation Method
实证研究市盈率估值法的准确性，分析按行业、风险和盈利增长选择可比公司的影响，并考察调整杠杆差异的效果。
The price-earnings (PIE) valuation method estimates a firm's stock price as the product of its earnings and the PIE multiple determined from a set of comparable firms. This paper studies empirically the accuracy of the PIE valuation method when comparable firms are selected on the basis of industry, risk, and earnings growth. The effect of adjusting earnings for cross-sectional differences in leverage is also examined.