LEADER 06190oam 22012614 450 001 9910826146803321 005 20240402044801.0 010 $a1-4623-9712-3 010 $a1-282-84442-3 010 $a1-4518-7389-1 010 $a1-4527-7629-6 010 $a9786612844423 035 $a(CKB)3170000000055382 035 $a(SSID)ssj0000940705 035 $a(PQKBManifestationID)11499070 035 $a(PQKBTitleCode)TC0000940705 035 $a(PQKBWorkID)10956000 035 $a(PQKB)11692857 035 $a(OCoLC)680613625 035 $a(IMF)WPIEE2009242 035 $a(MiAaPQ)EBC1605961 035 $a(EXLCZ)993170000000055382 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aValuation of Unlisted Direct Investment Equity /$fThomas Elkjaer, Jannick Damgaard, Emmanuel Kumah 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a73 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1806-2 320 $aIncludes bibliographical references. 327 $aCover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. Valuation of Equity -- A. Equity Valuation Theory -- Absolute Valuation Models -- Relative Valuation Models -- B. Valuation in International Macroeconomic Statistical Manuals -- C. Issues Related Particularly to Valuation of Unlisted Equity -- III. Study Design and Data -- A. Selection of Valuation Methods -- B. Estimation Techniques -- C. Data -- IV. Empirical Modeling of Market Value Estimates -- A. Estimation of Regression Models -- B. Estimation of Valuation Multiples -- C. Discussion of the Estimated Valuation Models -- V. Application of Models to the Danish International Investment Position -- VI. Conclusion and Recommendations -- Annex 1: BPM6-Recommended Valuation Methods -- (A) Recent Transaction Price -- (B) Net Asset Value -- (C1) Present Value of Earnings -- (C2) Price to Earnings -- (D) Price to Book Value -- (E) Own Funds at Book Value (OFBV) -- (F) Apportioning Global Value -- Annex 2: Issues Related Particularly to Valuation of Unlisted Equity -- Illiquidity Discounts -- The Value of Control -- Treatment of Negative Positions -- Annex 3: Model Assumptions -- Annex 4: Practical Estimation Considerations -- Annex 5: Descriptive Statistics for Unlisted Direct Investment Enterprises -- Annex 6: Practical Advice for Compilers -- VII. References -- Footnotes. 330 3 $aThis paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/242 606 $aInvestments, Foreign 606 $aInvestment analysis 606 $aEconometrics$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aInvestments: Stocks$2imf 606 $aLabor$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEstimation$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aForeign direct investment$2imf 606 $aStocks$2imf 606 $aWages$2imf 606 $aStock markets$2imf 606 $aEstimation techniques$2imf 606 $aInvestments, Foreign$2imf 606 $aStock exchanges$2imf 606 $aEconometric models$2imf 607 $aDenmark$2imf 615 0$aInvestments, Foreign. 615 0$aInvestment analysis. 615 7$aEconometrics 615 7$aExports and Imports 615 7$aFinance: General 615 7$aInvestments: Stocks 615 7$aLabor 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aWages, Compensation, and Labor Costs: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEstimation 615 7$aFinance 615 7$aInvestment & securities 615 7$aLabour 615 7$aincome economics 615 7$aEconometrics & economic statistics 615 7$aForeign direct investment 615 7$aStocks 615 7$aWages 615 7$aStock markets 615 7$aEstimation techniques 615 7$aInvestments, Foreign 615 7$aStock exchanges 615 7$aEconometric models 676 $a338.1589 700 $aElkjaer$b Thomas$01656761 701 $aDamgaard$b Jannick$01656762 701 $aKumah$b Emmanuel$01656763 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826146803321 996 $aValuation of Unlisted Direct Investment Equity$94009841 997 $aUNINA