Boston Public Library

Valuation Articles

  1. Is Value Multidimensional? Implications for Style Management and Global Stock Selection
    A useful characterization of value and growth stocks for global stock selection is likely to be multi-dimensional.
    Author: Richard O. Michaud
    Publication: The Journal of Investing. Spring 1998
  2. Demystifying Multiple Valuation Models
    The benefits of multiple valuation models (MVMs) depend on the availability of less than perfectly correlated factors with statistically significant information correlations.  This article defines MVMs, discusses the misconceptions concerning MVMs, and provides guidelines on constructing an MVM.
    Author: Richard O. Michaud
    Publication: Financial Analysts Journal. January/February 1990
  3. A Scenario-Dependent Dividend Discount Model: Bridging the Gap Between Top-Down Investment Information and Bottom-Up Forecasting
    The Dividend Discount Model is a tool to increase the information coefficient, not a way to improve the information coefficient of Dividend Discount Model results.
    Author: Richard O. Michaud
    Publication: Financial Analysts Journal. November-December, 1985
  4. Valuation Model Bias and the Scale Structure of Dividend Discount Returns
    This paper reports on the performance history of standard dividend discount models and an examination of the relationship of the forecasting characteristics and scale structure of the models.
    Author: Richard O. Michaud
    Publication: The Journal of Finance. Spring 1982