Electronic Journal of Applied Statistical Analysis

A method to address the effectiveness of the SIC code for selecting comparable firms

Abstract

bibitem{alf92}

Alford, A.W.: The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. emph{J ACC RES}, {bf 30} 94--108 (1992)

bibitem{bar82}

Barnes, P.: Methodological implications of non-normally distributed financial ratios. emph{J BUS FINAN ACCOUNT}, {bf 9} 51–-62 (1982)

bibitem{ban04}

Bancel, F. and Mittoo, U.R.: Cross-country determinants of capital structure choice: a survey of European firms. emph{FINAN MANAGE}, {bf 33} 103-–132 (2004)

bibitem{bar87}

Barnes, P.: The analysis and use of financial ratios: a review article. emph{J BUS FINAN ACCOUNT}, {bf 14} 449-–461 (1987)

bibitem{bed85}

Bedingfield, J.P., Reckers, P.M.J. and Stagliano, A.J.: Distributions of financial ratios in the commercial banking industry. emph{J FINANC RES}, {bf 8} 77–-81 (1985)

bibitem{bir77}

Bird, R.G. and McHugh, A.J.: Financial ratios - an empirical study. emph{J BUS FINAN ACCOUNT}, {bf 4} 29--45 (1977)

bibitem{bla11}

Black, D., Dikolli, S. and hofmann, C.: Peer group composition, peer performance aggregation, and detecting relative performance evaluation. emph{Unpublished Manuscript} (2011)

bibitem{bho02}

Bhojraj, S. and Lee, C.M.C.: Who is my peer? A valuation-based approach to the selection of comparable firms. emph{J ACC RES}, {bf 40} 407--439 (2002)

bibitem{bou80}

Boughen, P.D. and Drury, J.C.: U.K. statistical distribution of financial ratios. emph{J BUS FINAN ACCOUNT}, {bf 7} 39--47 (1980)

bibitem{dam06}

Damodaran, A.: emph{Damodaran on valuation 2nd ed.}. Wiley, New York (2006)

bibitem{dea76}

Deakin E.B.: Distributions of financial accounting ratios: some empirical evidence. emph{ACCOUNT REV}, {bf 51} 90--96 (1976)

bibitem{ezz87}

Ezzamel, M., Mar-Molinero, C. and Beecher, A.: Distributions of financial accounting ratios: some empirical evidence. emph{J BUS FINAN ACCOUNT}, {bf 14} 463--482 (1987)

bibitem{fau10}

Faulkender, M. and Yang, J.: Inside the blackbox: the role and composition of compensation peer groups. emph{J FINAN ECON}, {bf 96} 257–-270 (2010)

bibitem{hal04}

Hall, G.C., Hutchinson, P.J. and Nicos, M.: Determinants of the capital structures of european SMEs. emph{J BUS FINAN ACCOUNT}, {bf 31} 711–-728 (2004)

bibitem{hen09}

Henschke, S. and Homburg, C.: Equity valuation using multiples: controlling for differences between firms. emph{Unpublished Manuscript} (2009)

bibitem{hor68}

Horrigan, J.O.: A short history of financial ratio analysis. emph{ACCOUNT REV}, {bf 43} 284--294 (1968)

bibitem{kim99}

Kim, M. and Ritter, J.R.: Valuing IPOs. emph{J FINAN ECON}, {bf 53} 409--437 (1999)

bibitem{lea10}

Leary, M.T. and Roberts, M.R.: Do peer firms affect corporate financial policy? emph{Unpublished Manuscript} (2010)

bibitem{lie02}

Lie, E. and Lie, H.J.: Multiples used to estimate corporate value. emph{FINANC ANAL J}, {bf 58} 44--54 (2002)

bibitem{liu02}

Liu, J., Nissim, D. and Thomas, J.: Equity valuation using multiples. emph{J ACC RES}, {bf 40} 135--172 (2002)

bibitem{lud98}

Ludbrook, J. and Dudley, H.: Why permutation tests are superior to t and F tests in biomedical research. emph{AM STAT}, {bf 52} 127--132 (1998)

bibitem{mac05}

MacKay, P. and Phillips, G.M.: How does industry affect firm financial structure? emph{REV FINANC STUD}, {bf 18} 1431--1466 (2005)

bibitem{mar02}

Marozzi, M.: Some notes on nonparametric inferences and permutation tests. emph{METRON}, {bf 60} 141--153 (2002)

bibitem{mar04}

Marozzi, M.: Some remarks about the number of permutations one should consider to perform a permutation test. emph{STATISTICA}, {bf 64} 193--201 (2004)

bibitem{mar04a}

Marozzi, M.: A bi-aspect nonparametric test for the two-sample location problem. emph{COMPUT STAT DATA AN}, {bf 44} 639--648 (2004a)

bibitem{mar04b}

Marozzi, M.: A bi-aspect nonparametric test for the multi-sample location problem. emph{COMPUT STAT DATA AN}, {bf 46} 81--92 (2004b)

bibitem{mar07}

Marozzi, M.: Multivariate tri-aspect non-parametric testing. emph{J NONPARAMETR STAT}, {bf 19} 269--282 (2007)

bibitem{mar09}

Marozzi, M.: A composite indicator dimension reduction procedure with application to university student satisfaction. emph{STAT NEERL}, {bf 63} 258--268 (2009)

bibitem{mec68}

Mecimore, C.D.: Some empirical distributions of financial ratios. emph{MANAG ACCOUNT USA}, {bf 50} 13--16 (1968)

bibitem{nis01}

Nissim, D. and Penman, S.H.: Ratio analysis and equity valuation: from research to practice. emph{REV ACC STUD}, {bf 6} 109--154 (2001)

bibitem{oco73}

O'Connor, M.C.: On the usefulness of financial ratios to investors in common stock. emph{ACCOUNT REV}, {bf 48} 339--352 (1968)

bibitem{pes10}

Pesarin, F. and Salmaso, L.: emph{Permutation tests for complex data}, Wiley, Chichester (2010)

bibitem{ray08}

Raya, D.E.A.: Concentration ratios, financial leverage and profitability: the case of selected Philippine corporations. emph{PHILIPPINE MANAGE REV}, {bf 15} 100--118 (2008)

bibitem{ric78}

Ricketts, D. and Stover, R.: An examination of commercial bank financial ratios. emph{J BANK RES}, {bf 9} 121--124 (1978)

bibitem{roy91}

Royer, J.S.: A comparative financial ratio analysis of U.S. farmer cooperatives using nonparametric statistics. emph{J AGR COOPERATION}, {bf 6} 22--44 (1991)