Valuation of unlisted direct investment equity and the impact on Finnish international investment position

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Kronholm, Mikael
dc.date.accessioned 2014-01-31T07:20:02Z
dc.date.available 2014-01-31T07:20:02Z
dc.date.issued 2013
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/12257
dc.description.abstract This study examines the various means for valuing unlisted equity in the context of foreign direct investment (FDI) statistics. The objective is to contribute to the international efforts of improving market value estimates and the guidelines on how international direct investment activity should be measured. Moreover, this study explores the impacts that market approximation has on Finnish FDI figures and international investment position during 2005-2011. This study is carried out by first analyzing how different valuation methods perform in an international context. Valuation models are tested with data taken from all listed companies of 27 European Union member states during 2005-2011. Finally, the models that are applicable in FDI valuation context and lead to lowest valuation errors are applied to the valuation of unlisted FDI in Finland. The results suggest that when developing models for valuing unlisted direct investment equity, focus should be laid on price-to-book value methods. The results indicate as well that the current valuation practice, which is based on the book values of equity, generates lower direct investment positions when compared to market value approximations. Additionally, the results imply that Finland's overall external financial position might be strongly understated, when the valuation of unlisted direct investment equity is based on the book values. fi
dc.format.extent 118
dc.format.mimetype application/pdf en
dc.language.iso fi en
dc.title Valuation of unlisted direct investment equity and the impact on Finnish international investment position fi
dc.type G2 Pro gradu, diplomityö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Laskentatoimen laitos fi
dc.contributor.department Department of Accounting en
dc.subject.keyword valuation
dc.subject.keyword market value
dc.subject.keyword multiple
dc.subject.keyword direct investment
dc.subject.keyword FDI
dc.subject.keyword balance of payments
dc.subject.keyword international investment position
dc.subject.keyword macroeconomic statistical methodology
dc.identifier.urn URN:NBN:fi:aalto-201401311305
dc.type.dcmitype text en
dc.programme.major Accounting en
dc.programme.major Laskentatoimi fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon laskentatoimi
dc.subject.helecon accounting
dc.subject.helecon yrityksen arvo
dc.subject.helecon company valuation
dc.subject.helecon tunnusluvut
dc.subject.helecon financial ratios
dc.subject.helecon arviointi
dc.subject.helecon evaluation
dc.ethesisid 13492
dc.date.dateaccepted 2014-01-10
dc.location P1 I fi


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