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Problems in business valuation –analysis of survey results


  • Piotr Szymański

    () (Wrocław University of Economics)


The paper presents a part of the survey results on business valuation carried out in October 2011. The survey involved 182 experts in business valuation from 12 countries worldwide. The article attempts to answer the question: what problems do experts face in business valuation? Are there differences in the perception of the phenomena connected with valuation between experts working on the U.S. market, where the busieness valuation standards are well-established, and experts from other countries such as Poland and Romania where these standards have a shorter history? Survey results idicated that experts face many the same problems in business valuation. The key issue faced by the experts in the valuation is the problem of forecasting future events.

Suggested Citation

  • Piotr Szymański, 2012. "Problems in business valuation –analysis of survey results," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 15(44), pages 153-178, June.
  • Handle: RePEc:rej:journl:v:15:y:2012:i:44:p:153-178

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    References listed on IDEAS

    1. King, Mervyn A & Wadhwani, Sushil, 1990. "Transmission of Volatility between Stock Markets," Review of Financial Studies, Society for Financial Studies, vol. 3(1), pages 5-33.
    2. Baele, Lieven, 2005. "Volatility Spillover Effects in European Equity Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(02), pages 373-401, June.
    3. Bollerslev, Tim, 1986. "Generalized autoregressive conditional heteroskedasticity," Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
    4. Timothy J. Brailsford, 1996. "Volatility Spillovers Across the Tasman," Australian Journal of Management, Australian School of Business, vol. 21(1), pages 13-27, June.
    5. Eun, Cheol S. & Shim, Sangdal, 1989. "International Transmission of Stock Market Movements," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(02), pages 241-256, June.
    6. Bollerslev, Tim & Chou, Ray Y. & Kroner, Kenneth F., 1992. "ARCH modeling in finance : A review of the theory and empirical evidence," Journal of Econometrics, Elsevier, vol. 52(1-2), pages 5-59.
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    More about this item


    business valuation; business valuation standard; business valuation experts;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General


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