Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/146300 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] UTMS Journal of Economics [ISSN:] 1857-6982 [Volume:] 6 [Issue:] 1 [Publisher:] University of Tourism and Management [Place:] Skopje [Year:] 2015 [Pages:] 147-154
Verlag: 
University of Tourism and Management, Skopje
Zusammenfassung: 
Dividend discount model (DDM) is the simplest model for valuing equities in finance. Many analysts belived that DDM is outmoded, but much of the intuition that drives Discounted Cash Flow (DCF) valuation is embedded in the DDM model. There are also specific companies stocks where the DDM model remains a useful tool for estimating value. The basic task of these research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange (MSE) through the process of empirical valuation of random chosen stocks. This research helped us to identify problems in use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM models are usefull only as additional tool beside relative and DCF stocks valuation at MSE.
Schlagwörter: 
valuation
securities
free cash flow
dividends
equity
JEL: 
G1
G12
Dokumentart: 
Article

Datei(en):
Datei
Größe
531.18 kB





Publikationen in EconStor sind urheberrechtlich geschützt.