Relevant bibliographies by topics / Market multiples

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Academic literature on the topic 'Market multiples'

Author: Grafiati
Published: 4 June 2021
Last updated: 25 April 2022

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Journal articles on the topic "Market multiples"

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Ivashkovskaya, Irina Vasilevna, and Ivan Kuznetsov. "An Empirical Study of Country Risk Adjustments to Market Multiples Valuation in Emerging Markets: the Case for Russia." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 1, no. 3 (2010): 26–52. http://dx.doi.org/10.17323/j.jcfr.2073-0438.1.3.2007.26-52.

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Valuation in emerging markets is always a challenge. The existence of sovereign risk and capital market segmentation as well as small trading volumes and narrow domestic capital market make it difficult to identify peer companies for market multiples valuation without cross- border comparables. This paper investigates the practical implementation of market multiples valuation in emerging markets when the analyst should involve peer companies from developed markets. Companies with comparable operational parameters bear different values on different financial markets. The problem of unavoidable difference among national stock markets exists, that is why methods of cross-border multiples’ corrections are called for. We address cross-border corrections procedures for adjusting multiples to a sovereign risk to find out the role and the extent of these type of adjustments in valuation. We are using the samples of Russian and US companies to test three different adjustments’ techniques: the sovereign spread, the relative market coefficients and the regression approach.
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Armstrong, Christopher S., Antonio Davila, George Foster, and John RM Hand. "Market-to-revenue multiples in public and private capital markets." Australian Journal of Management 36, no. 1 (2011): 15–57. http://dx.doi.org/10.1177/0312896211401682.

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Bagna, Emanuel, and Enrico Cotta Ramusino. "Market Multiples and the Valuation of Cyclical Companies." International Business Research 10, no. 12 (2017): 246. http://dx.doi.org/10.5539/ibr.v10n12p246.

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Market multiples are more often used than studied. Equity analysts, investment bankers and other practitioners widely use market multiples to estimate the value of companies. Nevertheless, literature about multiples is not as rich as the wide use of these valuation tools would suggest. This paper, focusing on European listed companies, investigates how multiples can be used in the valuation of cyclical companies, a much less investigated research topic. We test the accuracy of multiples to understand whether their performance in valuing cyclical companies is better, worse or equal to the performance found in prior studies, where both cyclical and non cyclical companies are analyzed without distinguishing between them. We also attempt to verify whether the way in which multiples are calculated significantly affects the accuracy of estimation. Our aim is to develop a valuation approach consistent with valuation theory and helpful in everyday practice.
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Firth, Michael, Yue Li, and Steven Shuye Wang. "Valuing IPOs Using Price-Earnings Multiples Disclosed by IPO Firms in an Emerging Capital Market." Review of Pacific Basin Financial Markets and Policies 11, no. 03 (2008): 429–63. http://dx.doi.org/10.1142/s0219091508001428.

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Existing studies show that markets use comparable firm multiples to price IPOs. This study explores IPO valuations in an emerging market where reliable comparable price multiples may not be readily available, or cannot be reliably identified. In particular, we examine the value relevance of price-earnings multiples disclosed by managers in IPO prospectuses in China. Using a sample of IPOs from 1992 to 2002, we find that price-earnings multiples disclosed by IPO firms provide significant power in explaining price formation in this emerging market. We also find that price-earnings multiples disclosed by IPO firms after 1999, when the China Securities and Regulatory Commission relaxed its internal guideline for approving IPO applications, are more informative. The results are robust to a variety of empirical model specifications. This study contributes to the existing IPO literature by showing that the disclosure of price-earnings multiples provides a mechanism for IPO firms to convey information about IPO firm quality when reliable comparable firm multiples may not exist.
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Graham, Michael D. "Selection Of Market Multiples In Business Valuation." Business Valuation Review 9, no. 1 (1990): 8–12. http://dx.doi.org/10.5791/0882-2875-9.1.8.

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Barbee, William C., Jin-Gil Jeong, and Sandip Mukherji. "Relations between portfolio returns and market multiples." Global Finance Journal 19, no. 1 (2008): 1–10. http://dx.doi.org/10.1016/j.gfj.2008.02.001.

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Migliavacca, Alessandro, Christian Rainero, and Vera Palea. "Accounting for equity investments under IFRS 13: Are market multiple evaluations accurate?" Corporate Ownership and Control 18, no. 4 (2021): 152–74. http://dx.doi.org/10.22495/cocv18i4art11.

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In capital markets, the investment decision-making process is vastly influenced by accounting information. This paper addresses equity investment valuation through market multiples and its consequences in investors’ financial statements under fair value accounting principles. After replicating the valuation process through the most used market multiples (price-to-forecasted earnings; market-to-book; enterprise-value-to-performance indicators), the authors analyze the distribution of the estimated-to-actual fair value ratio under the IFRS 13 perspective and the effects of a randomly selected portfolio on the balance sheet and income statement of the investor. The study’s primary findings are that the market multiples tend to produce consistent results in 7 (at least) to 20 (at best) out of 100 cases, and over or underestimate the fair value in all the remaining cases without any apparent or predictable reason. The results of the paper confirm what previous literature underlined by studies conducted on older data and with a different geographical scope (Kim & Ritter, 1999; Lie & Lie, 2002; Palea & Maino, 2013). The results and the literature suggest being particularly cautious in applying the market multiples valuation method for estimating the fair value of an equity investment, given the preference that accounting principles accord to the Level 2 market-comparable methods, which also seem to be the most used ones in practice
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Chan, Kelly. "Equity valuation using benchmark multiples: An improved approach using regression-based weights." Corporate Ownership and Control 13, no. 4 (2016): 483–96. http://dx.doi.org/10.22495/cocv13i4c3p7.

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This paper examine the improvement in multiple-based valuations from using a composite of price to earnings (P/E) and price to book (P/B) ratios and firm-specific regression-based weights. The results support that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating firm characteristics to derive firm-specific regression-based weights. The unrestricted regression-weighted composite multiples perform better than other approaches in predicting year one to year three share prices. Our results remain unchanged when the analysis is conducted using different estimation regressions, different sample periods and subsamples based on firm size, age and the book to market ratio. This research provides a comprehensive comparison between single, equal-weighted and regression-weighted composite multiples that reflect cross-sectional variations in firm growth, profitability and cost-of-capital in equity valuation. The results highlight the usefulness of composite multiple-based valuation in settings where current market prices are not readily available
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Pchelintseva, L. B. "Role Market Multiples in Balanced Scorecard Strategic Controlling." Izvestiya of Saratov University. New Series. Series Economics. Management. Law 14, no. 1(1) (2014): 91–96. http://dx.doi.org/10.18500/1994-2540-2014-14-1-1-91-96.

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McManus, Ginette, Rajneesh Sharma, and Ahmet Tezel. "Multiples Used to Estimate Automotive Dealerships Market Value." Business Valuation Review 37, no. 4 (2018): 144–49. http://dx.doi.org/10.5791/bvr-d-18-00006.1.

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Dissertations / Theses on the topic "Market multiples"

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Chan, Kelly Australian Graduate School of Management Australian School of Business UNSW. "Accounting-based composite market multiples and equity valuation." Awarded By:University of New South Wales. Australian Graduate School of Management, 2010. http://handle.unsw.edu.au/1959.4/44596.

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In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.
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Ernstsson, Hampus, and Liljesvan Max Börjes. "Multiples for Valuation Estimates of Life Science Companies in Sweden." Thesis, KTH, Matematisk statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254239.

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Market multiples are a common and simple tool for estimation of corporate value. It can express temporal dynamics and differences in markets, industries and firms. Despite their practical usefulness, some critical problems remains which continue to be debated. This thesis investigates if there exists characteristics for explaining market capitalization by market multiples within the life science industry in Sweden. The approach follows well known theory of multiple linear regression analysis. The results indicated only a linear relationship between the market cap and the R\&amp;D expenditures of a company. This does not mean that the other explanatory variables does not have effect on market cap only that there is no linear relationship that could be statistically proven.<br>Värderingsmultiplar är ett vanligt och enkelt verktyg för att approximera företags värde. Det kan beskriva temporär dynamik och skillnader hos marknader, industrier och bolag. Trots dess praktiska användbarhet finns en del kritiska problem som fortfarande debatteras. Denna uppsats undersöker om det existerar några egenskaper för att förklara marknadsvärdet med hjälp av värderingsmultiplar inom life science industrin i Sverige. Tillvägagångssättet följer välkänd teori om multipel linjär regressions analys. Resultaten visade att det endast finns ett samband mellan marknadsvärdet och utgifter för forskning och utveckling för ett bolag. Detta innebär inte att de andra variablerna inte har någon effekt på marknadsvärdet, utan att det inte finns ett linjärt samband som kan bevisas på ett statistiskt vis.
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Drotár, Martin. "Ocenenie spoločnosti Infineon Technologies AG." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-10524.

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The aim of this thesis is evaluation of the public company as a whole as well as on a one share basis (intrinsic value)and comparison of these values with the values based on a market price. Cash flow methods and market multiples were used in a valuation. Autor is trying, apart from the valuation itself, to analyse impact of the global economic crisis on the value of the company.
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Alexander, Justin. "Short-Termism and Corporate Myopia: The Values Assigned by the Market to Short-Term and Long-Term Firms." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1499.

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Short-termism and myopia on the part of corporate managers, analysts, and investors have created a business environment driven by the excessive focus on short-term results and the need to meet earnings targets at the expense of long-term value creation. These are accompanied by numerous consequences, including the potential for short-term-oriented firms, particularly in the U.S., to lag behind global long-term-oriented firms, as well as the potential for short-term mindsets in the corporate world to catalyze financial crises. In this paper, I demonstrate that the market generally assigns higher values to long-term firms rather than short-term ones. This is evidenced by the fact that firms characterized to be long-term according to various financial metrics have higher valuation multiples than their short-term counterparts. The results suggest that the market has a degree of sophistication that rewards investments for the future rather than earnings management and present gratification, and that the corporate world should therefore increasingly develop a long-term mentality.
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Besterman, Andreas, and Mattias Larsson. "Aktieavkastningars relation till fundamental multiplar : En studie om fundamentala värdedrivare och prisanomalier på marknaden." Thesis, Linköpings universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-130857.

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Bakgrund: Tidigare studier har påvisat möjligheter till riskjusterad överavkastning genom tillämpandet av multiplar i konstruerandet av portföljer med målsättning att fånga mean-reversal effekten. De genomförda studierna har dock inte beaktat teoretiskt bakomliggande fundamentala variabler. Följaktligen är det av intresse att undersöka i vilken utsträckning en portfölj, sammansatt med hjälp av regression på en multipel, kan härleda avvikelser från jämvikt i aktiepriser och därmed generera högre avkastning än berättigat av risknivån på en effektiv marknad. Syfte: Studien ämnar empiriskt undersöka om aktiers framtida avkastning kan relateras till det värde som härleds genom relationen mellan deras fundamentala multiplar och marknadens faktiska multiplar. Genomförande: Studien härleder med hjälp av regressioner på multiplar aktiers jämviktspris och tillämpar avvikelser från dessa vid konstruktion av portföljer. Slutsats: Resultaten visar att en strategi baserade på regressioner av EV/EBITDA-multipeln kan generera en högre avkastning än berättigat av den effektiva marknadshypotesen under perioden 2006-2016. Liknande resultat har påvisats för P/E-multipeln men dessa kan inte statistiskt säkerställas på 95 % signifikansnivå. När det gäller EV/S-multipeln har inga indikationer på riskjusterad överavkastning påvisats.<br>Background: Previous studies has presented evidence of abnormal stock returns when applying valuemultiple based strategies in assembling portfolios. The previous studies has not consideredthe fundamental theoretical values that determine the value multiple. As a consequence, it isof interest to examine the performance of portfolios assembled with respect to thesefundamental value drivers. With the use of regression analysis, it is of interest to find out ifportfolios can be constructed that outperform the market portfolio in a sense of risk adjustedreturns. Purpose: This study aims to empirically examine if future stock returns can be derived from therelationship between their fundamentally determined multiples and the market multiple. Implementation: With the help of regression analysis of value multiples this study derives their equilibriumprice of stocks and apply deviation from equilibrium in construction of portfolios. Conclusion: The results indicate that a strategy based on regressions of the EV/EBITDA multiple maygenerate superior risk adjusted portfolio returns than suggested by the efficient markethypothesis during the period between 2006-2016. Similar results was found using the P/Emultiple however these results could not be statistically confirmed. Using the EV/S multipleno risk adjusted abnormal returns could be proven.
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Öhlin, Victoria, and Vanja Sakotic. "Multiplar som investeringsstrategi : En kvantitativ studie om bolag på Stockholmsbörsen mellan åren 2008- 2018." Thesis, Linköpings universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-158416.

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Bakgrund: Det finns olika investeringsstrategier som investerare kan använda sig av, att investera i låga multiplar är en strategi som har studerats väl. Genom att använda sig av låga multiplar kan investerare finna undervärderade bolag som på sikt genererar en överavkastning gentemot marknaden.  Syfte: Studiens syfte är att analysera hur väl P/E, P/B, P/S, EV/EBIT, EV/EBITDA och EV/S multiplarna skulle kunna appliceras som investeringsstrategi på Stockholmsbörsen. Vidare ämnar studien åt att analysera om det är möjligt att generera en högre avkastning än vad indexet OMXSPI har avkastat under tidsperioden 2008-2018. Metod: Studien använder sig av en kvantitativ forskningsstrategi där två portföljer för respektive multipel har sammanställts. Portföljerna viktas om årligen och både den verkliga och den ackumulerade avkastningen beräknas fram. Vidare utvärderas portföljerna enligt utvärderingsmåtten Sharpekvot, M^2, Treynorkvot och Jensens Alpha. Resultat: Investeringsstrategin är implementerbar för tre av sex multiplar. Låga P/B, EV/EBIT och EV/EBITDA genererade en överavkastning och slog både index samt respektive hög portfölj. Medan för de resterande multiplarna P/E, P/S och EV/S resulterade det i att investeringsstrategin inte är implementerbar. EV/S hade den högsta riskjusterade överavkastning och presterade bäst av samtliga sex multiplar. Studieresultatet för samtliga multiplar kan statistiskt säkerställas med en signifikansnivå på 5%. Den månatliga portföljavkastningen är inte slumpmässig, utan marknadsavkastningen har en viss påverkan.<br>Background: There are several investment strategies investors can use, where the strategy to invest in low multiples is well studied. By using low multiples investors can find undervalued companies to generate an excess return. Previous studies have been focusing on the P/E and EV/EBITDA- multiples, and not as much on other used multiples in relative valuation. Therefore an interest exists to also analyze multiples such as P/B, P/S, EV/EBIT and EV/S. Purpose: The study’s purpose is to analyze how well the multiples P/E, P/B, P/S, EV/EBIT, EV/EBITDA and EV/S can be applied as an investment strategy in the Stockholm Stock Exchange. Furthermore the study aim to analyze the possibility to generate a higher return than the index OMXSPI during the time period 2008-2018. Method: The study uses a quantitative research strategy, where two portfolios for each multiple has been created. The portfolio has been reinvested once a year, both the real and accumulated return was calculated. Also, the portfolios’ performance has been evaluated by adjusting it to risk by using the Sharpe ratio, M^2 , Treynor ratio and Jensen’s Alpha. Result: The investment strategy can be implemented for three of six multiples. The low P/B, EV/EBIT and EV/EBITDA generated a higher return than both index and their respective high portfolio. The other multiples P/E, P/S and EV/S cannot be used as an investment strategy. The high EV/S portfolio had the highest risk adjusted excess return meanwhile P/S had the highest accumulated return. The result of all multiples has been found to be statistically significant, therefore the market return has an effect on the portfolios’ monthly return.
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Yang, Yue, and Viorica Gonta. "The relationship between volatility of price multiples and volatility of stock prices : A study of the Swedish market from 2003 to 2012." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet (USBE), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-72769.

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The purpose of our study was to examine the relationship between the volatility of price multiples and the volatility of stock prices in the Swedish market from 2003 to 2012. Our focus was on the price-to-earnings ratio and the price-to-book ratio. Some previous studies showed a link between the price multiples and the volatility of stock prices, this made us question whether there should be a link between the volatility of the price multiples and the volatility of the stock prices. The importance of this subject is accentuated by the financial crisis, as we provide investors with information regarding the movements of price multiples and stock prices. Moreover, we test if the volatility of the price multiples can be used to create a prediction model for the volatility of stock prices. Also we fill the gap in the previous researches as there is no previous literature about this topic. We conducted a quantitative research using statistical tests, such as the correlation test and the linear regression test. For our data sample we chose the Sweden Datastream index. We first calculated the volatility using the GARCH model and then continued with our statistical tests. The results of our tests showed that there is a relationship between the volatility of the price multiples and the volatility of the stock prices in the Swedish market in the past ten years. Our findings show that the correlation coefficients vary across industries and over time in both strength and direction. The second part of our tests is concerned with the linear regression tests, mainly calculating the coefficient of determination. Our results show that the volatility of the price multiples do explain changes in the volatility of stock prices. Thus, the volatility of the P/E ratio and the volatility of the P/B ratio can be used in creating a prediction model for the volatility of stock prices. Nevertheless, we also find that this model is best suited when the economic situation is unstable (i.e. crisis, bad economic outlook) as both the correlation coefficient and the coefficient of determination had the highest values in the last five years, with the peak in 2008.
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Vilkauskaitė, Gintarė. "Palyginamųjų daugiklių metodo taikymo nelikvidžiose rinkose galimybių vertinimas. Baltijos šalių atvejis." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2013. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2013~D_20130606_112344-50233.

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Darbe analizuojamos palyginamųjų daugiklių metodo taikymo galimybės Baltijos šalių listinguojamoms įmonėms. Darbo tikslas - įvertinti palyginamųjų daugiklių metodo taikymo galimybes nelikvidžiose rinkose Baltijos šalių listinguojamų įmonių pavyzdžiu. Darbą sudaro trys dalys, kurių pirmojoje pristatomi daugiklių metodo privalumai, trūkumai, praktinio pritaikymo etapai ir skirtingų metodų, naudojamų kiekviename praktinio pritaikymo etape, poveikio vertinimo rezultatams apžvalga. Antroje dalyje pateikiama ir pagrindžiama tyrimo metodologija, o trečioje - tyrimo rezultatai. Pagrindiniai tyrimo rezultatai rodo, kad palyginamųjų daugiklių metodas nelikvidžiose rinkose listinguojamų įmonių atveju duoda didesnes paklaidas nei įmonių, listinguojamų likvidesnėse kapitalo rinkose, atveju. Visgi, EV/IC, EV/NOA, EV/TA, EV/EBITDA, EV/EBIT ir P/B daugikliai gali būti taikomi vertinant Baltijos šalių listinguojamas įmones. Be to, nustatyta, kad 1) įmonės vertės daugikliai duoda mažesnes paklaidas nei nuosavybės vertės daugikliai; 2) su balansinėmis vetėmis susieti daugikliai duoda mažesnes paklaidas, nei su pelnu, pardavimais ar pinigų srautais susieti daugikliai; 3)tinkamiausias įmonių atrankos kriterijus yra ROIC; 4) daugiklių kombinavimas nėra prasmingas, kadangi padidina vertinimo tikslumą tik nežymiai ir tik kai kurių daugiklių atveju; 5) skirtingiems pramonės sektoriams egzistuoja skirtingi tinkamiausi daugikliai.<br>This paper analyzes the application possibilities of multiples valuation method in the Baltic states equity market. The aim of this paper is to assess the application possibilities of multiples valuation method in illiquid markets, with the example of Baltic listed companies. The work consists of three parts. The first part presents the advantages and disadvantages of the multiples method, also it presents method‘s practical applications stages and and the review of results of the previous research on this topic. The second part describes the research methodology. The third part presents the results of empyrical study. The main findings of this study is: 1) valuation erros, when multiples valuation method is applied in illiquid markets are higher, then those in liquid markets; 2) however, the EV / IC, EV / NOA, EV / TA, EV / EBITDA, EV / EBIT and P / B multiples are appropriate for valuation of companies listed in Baltic stock exchange; 3) entity value multiples outperform equity value multiples 4) book value multiples outperform accrual flow and cash flow multiples 3) the most appropriate criteria for selecting comperable companies is ROIC; 4) The combination of multiples is not meaningful as it increases the accuracy of valuation only slightly, and only for some of the multiples 5) different industries are associated with different best multiples.
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Chastenet, de Castaing Edouard. "Propositions pour l'amélioration de la pertinence de la méthode des multiples en évaluation d'entreprise." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30006/document.

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Notre recherche s’intéresse plus particulièrement aux critères de sélection à retenir pour améliorer la pertinence de la méthode des multiples en ce qui concerne la sélection des multiples de référence, la sélection des sociétés comparables ou la combinaison de multiples.Nous confirmons que les multiples de valeur d’entreprise fondés des résultats (Ebitda ou Ebit) relatifs à des exercices prospectifs (par rapport à l’exercice réalisé) sont généralement les plus pertinents. En absence de résultats relatifs à des exercices prospectifs, disponibles au moment de l’évaluation, notre étude montre que les multiples d’Ebitda sont généralement plus pertinents.Nous confirmons que les taux de croissance anticipés de l’Ebitda et de l’Ebit sont généralement des indicateurs de performance pertinents pour identifier les sociétés les plus comparables au sein d’un groupe de pairs initialement constitué, en ce qui concerne les multiples d’Ebitda et d’Ebit relatifs à l’exercice réalisé.Notre étude montre que la combinaison des multiples de Capitaux employés et d’Ebit, d’une part, et d’Ebitda et d’Ebit, d’autre part (selon des coefficients de pondération spécifiques à chaque secteur d’activité), sont de nature à améliorer la pertinence de la méthode, par rapport à l’utilisation de ces multiples seuls.La démarche mise en œuvre dans cette recherche est susceptible d’être reproduite par les praticiens afin d’identifier au cas par cas les multiples simples ou combinés les plus pertinents pour chaque groupe de pairs sectoriels constitué<br>Our research focuses more specifically on the selection criteria to be used to improve the relevance of the multiple-Based valuation method regarding the selection of reference multiples, the selection of comparable companies or the combination of multiples.We confirm that the Enterprise Value multiples based on prospective Ebit and Ebitda (versus actual) are generally the most relevant. In the absence of prospective data, available at the date of valuation, our study shows that Ebitda multiples are generally more relevant.We confirm that the expected growth rates of Ebitda or Ebit are generally relevant performance indicators to identify the most comparable companies among industry-Based peer groups, considering actual Ebitda and Ebit-Based multiples.Our study shows that the combination of Capital employed and Ebit-Based multiples, on the one hand, and of Ebitda and Ebit-Based multiples, on the other hand (based on weighted factors specific to each sector), are likely to improve the relevance of the method, compared to the use of these multiples, alone.The approach implemented in this research may be reproduced by practitioners to identify case by case single and combined multiples that are the most relevant for each industry-Based peer group
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JÃnior, Pedro Loula Cavalcante. "A crise financeira mundial e a anÃlise de mÃltiplos contÃbeis no setor bancÃrio brasileiro." Universidade Federal do CearÃ, 2012. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=10424.

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nÃo hÃ<br>Em 2008, desencadeou-se nos Estados Unidos a crise que foi considerada a maior desde 1929, com a quebra da bolsa de Nova York. Este evento afetou substancialmente todo o cenÃrio econÃmico mundial, pois provocou falta de liquidez no mercado. Conhecida como a crise do sub-prime, comeÃou inicialmente no mercado imobiliÃrio, passou pelos bancos, bolsa de valores atà atingir a economia dos paÃses. O Brasil sentiu os impactos da crise mundial, refletida no seu PIB. Pesquisas apontaram que o mercado financeiro foi o segundo maior atingido e os bancos foram afetados, uma vez que os crÃditos externos foram restringidos. Neste cenÃrio, analistas e investidores buscaram ferramentas que pudessem oferecer uma visÃo analÃtica do desempenho das empresas afetadas. A avaliaÃÃo de empresas atravÃs dos mÃltiplos contÃbeis à utilizada por ser de simples abordagem e por permitir o uso padronizado de variÃveis comuns Ãs empresas comparÃveis. O presente trabalho pretende avaliar comparativamente, atravÃs de anÃlise de demonstrativos contÃbeis, o desempenho de instituiÃÃes bancÃrias brasileiras no perÃodo de 2007 a 2010, analisando os efeitos da crise financeira de 2008 sobre as aÃÃes dos mesmos. O estudo evidencia forte impacto da crise nas instituiÃÃes estudadas, afetando de sobremaneira seu lucro lÃquido.<br>In 2007, it unleashes in the United States the crisis that has to be considered the largest since 1929, with the broke of the New York stock exchange. This event affected substantially the whole world economic scenario, because it caused lack of liquidity in the financial market. Known as the crisis in the sub-prime, it began originally in the real estate market, going to the banks, stock exchange until it reaches the economy of the countries.Brazil has felt the impact of global crisis, reflected in its PIB. Research indicates that the financial market was the second biggest hit and the banks have been affected since the foreign credits were restricted. In this scenario, analysts and investors are looking for tools that provide an analytical overview of the performance of affected companies. The valuation of companies through multiple accounting is used because of its simple approach and allows the use of standardized variables common to comparable companies. This work intends to comparatively evaluate, through analysis of financial statements, the performance of Brazilian banks in the period 2007 to 2010, analyzing the effects of the 2008 financial crisis on its assets.
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Books on the topic "Market multiples"

1

Museum of Contemporary Photography (Columbia College (Chicago, Ill.)). Photography's multiple roles: Art, document, market, science. Museum of Contemporary Photography, Columbia College, 1998.

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Gautier, Pieter. Strategic wage setting and coordination frictions with multiple applications. IZA, 2004.

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Concerned markets: Economic ordering for multiple values. Edward Elgar, 2014.

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Sessions, John. Multiple labour market equilibria, social status and shirking. Loughborough University of Technology, Department of Economics, 1993.

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Gindling, T. H. The effects of multiple minimum wages throughout the labor market. IZA, 2004.

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Associates, Keymark. Opportunities in shrink film labels for bottles: Markets, materials & machines : a comprehensive multiple client study. Keymark Associates, 2001.

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Alan, Manning. Multiple equilibria in the British labour market: Some empirical evidence. Centre for Economic Policy Research, 1991.

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Dual selection criteria with multiple alternatives: Migration, work status, and wages. World Bank, 1991.

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Kulkarni, A. P. Employment multiplier in Pune: Industrial and employment growth of an Indian city since 1950. Centre of Studies in Social Sciences, 1991.

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Mester, Loretta Jean. Multiple-market contact in an incomplete-information model with imperfectly correlated costs. Federal Reserve Bank of Philadelphia, 1989.

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Book chapters on the topic "Market multiples"

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Kowalski, Michał J. "Quality of Investment Recommendation – Evidence from Polish Capital Market, Multiples Approach." In Advances in Intelligent Systems and Computing. Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-99993-7_6.

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Palea, Vera, Christian Rainero, and Alessandro Migliavacca. "Fair Value Measurement Under Level 2 Inputs: Do Market and Transaction Multiples Catch Firm-Specific Risk Factors?" In The Future of Risk Management, Volume II. Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-16526-0_3.

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Belz, Christian. "Markenführung zwischen Werbekampagnen und multiplem Marketing." In Spannung Marke. Gabler, 2006. http://dx.doi.org/10.1007/978-3-8349-9032-7_9.

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Cakici, Nusret, and Kudret Topyan. "Multiple Regressions." In Risk and Return in Asian Emerging Markets. Palgrave Macmillan US, 2014. http://dx.doi.org/10.1057/9781137359070_10.

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Schumann, Fred R. "Managing Multiple Source Markets." In Changing Trends in Japan's Employment and Leisure Activities. Springer Singapore, 2017. http://dx.doi.org/10.1007/978-981-10-3608-8_10.

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Leishman, Chris. "Simple and Multiple Regression Analysis." In Real Estate Market Research and Analysis. Macmillan Education UK, 2003. http://dx.doi.org/10.1007/978-1-137-11281-1_4.

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Kuhne, Dirk. "Multiple Regression als Konzept zur Absatzprognose." In Markt- und Absatzprognosen. Springer Fachmedien Wiesbaden, 2015. http://dx.doi.org/10.1007/978-3-658-04492-3_1.

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Wear, David N. "Public Timber Supply under Multiple-Use Management." In Forests in a Market Economy. Springer Netherlands, 2003. http://dx.doi.org/10.1007/978-94-017-0219-5_12.

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Hall, Margeret, Christian Haas, Johanna Schacht, and Steven O. Kimbrough. "The Socialoid: A Computational Model of a City." In Market Engineering. Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-66661-3_12.

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AbstractA socialoid (our term) is an integrated collection of data and models about a society. As such, and accepting that it can never be complete, it is a computational model of a society. We are in the early stages of building a socialoid for Philadelphia, PA. We call it the Philadelphioid. The Philadelphioid is a diachronic (temporal), mashed, geographic information system (GIS) with an extensive integrated library of integrated analytics tools. The purpose of this chapter is to articulate our design rationale for the Philadelphioid and to illustrate its underlying concepts and premises. Central among these concepts is the principle of solution pluralism, which enjoins us to use analytics and visualization to create and explore multiple solutions to decision problems. We illustrate an application of this philosophy by discussing analysis pertaining to food deserts carried out with the Philadelphioid.
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Liehr, Thomas. "Multiple Small Supernumerary Marker Chromosomes." In Small Supernumerary Marker Chromosomes (sSMC). Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-20766-2_8.

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Conference papers on the topic "Market multiples"

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Sahni, Shashank, and Vasudeva Varma. "MultiPaaS - PaaS on Multiple Clouds." In 2014 IEEE International Conference on Cloud Computing in Emerging Markets (CCEM). IEEE, 2014. http://dx.doi.org/10.1109/ccem.2014.7015492.

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Mastelini, Saulo Martiello, Matheus Camilo Da Silva, Ana Paula Ayub da Costa Barbon, and Sylvio Barbon Jr. "Marbling Grading Framework Applied on Meat Boutique Environment." In XII Simpósio Brasileiro de Sistemas de Informação. Sociedade Brasileira de Computação, 2016. http://dx.doi.org/10.5753/sbsi.2016.6005.

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Bovine meat commercialization has an important role in the general food market scenario. The beef quality evaluation is realized through many ways, being one of the parameters the intramuscular fat amount (marbling). This evaluation is often made by a visual approach, so the process is subjective and susceptible to some errors sources. The use of Computer Vision techniques results in an automatized, non-subjective, fast and accurate method for evaluation. This paper presents the modeling and development of a Computer Vision System for Marbling evaluation, applied on a meat Boutique, localized in Londrina – PR. The proposed System uses a Computer Vision approach to control the features of the marbling analysis tool, aiming to satisfy sanitary requirements for non-contamination of the analyzed samples. Besides that, multiples samples on the scene are supported by our application. The proposed Computer Vision System has proved to be suitable for implantation in a production environment, like a meat Boutique.
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Lin, Chun-Yu, and Gül Okudan. "Application of Dynamic State Variable Models for Multiple-Generation Product Lines With Cannibalization Across Generations." In ASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/detc2012-71186.

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Developing multiple-generation of products has become a mainstream tactic in today’s markets. The most notable case is Apple Inc.’s huge success with its iPod, iPhone and iPad product lines. Multiple-generation product lines require carefully planned strategies. Under a multiple-generation product development strategy, companies introduce a line of products to the market instead of introducing a single product to better utilize technology assets and resources in an elongated time span. For such product development and launch scenarios, cannibalization can occur, however. That is, multiple product generations compete in the same market and partition the company’s market shares. In the paper, we propose a new framework to predict the sales and introduction timing for every product generation in a multiple-generation product line while considering cannibalization. We demonstrate a case study implementing the proposed framework on Apple Inc.’s iPhone product line. The results show that the forecast performance of the model matches the realized real data.
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Segal-Halevi, Erel, Avinatan Hassidim, and Yonatan Aumann. "Double Auctions in Markets for Multiple Kinds of Goods." In Twenty-Seventh International Joint Conference on Artificial Intelligence {IJCAI-18}. International Joint Conferences on Artificial Intelligence Organization, 2018. http://dx.doi.org/10.24963/ijcai.2018/68.

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Motivated by applications such as stock exchanges and spectrum auctions, there is a growing interest in mechanisms for arranging trade in two-sided markets. However, existing mechanisms are either not truthful, do not guarantee an asymptotically-optimal gain-from-trade, rely on a prior on the traders' valuations, or operate in limited settings such as a single type of good. We extend the random-sampling technique used in earlier works to multi-good markets where traders have gross-substitute valuations. We show a prior free, truthful and strongly-budget-balanced mechanism which guarantees near-optimal gain from trade when the market sizes of all goods grow to infinity at a similar rate.
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Pinto, Tiago, and Zita Vale. "AiD-EM: Adaptive Decision Support for Electricity Markets Negotiations." In Twenty-Eighth International Joint Conference on Artificial Intelligence {IJCAI-19}. International Joint Conferences on Artificial Intelligence Organization, 2019. http://dx.doi.org/10.24963/ijcai.2019/957.

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This paper presents the Adaptive Decision Support for Electricity Markets Negotiations (AiD-EM) system. AiD-EM is a multi-agent system that provides decision support to market players by incorporating multiple sub-(agent-based) systems, directed to the decision support of specific problems. These sub-systems make use of different artificial intelligence methodologies, such as machine learning and evolutionary computing, to enable players adaptation in the planning phase and in actual negotiations in auction-based markets and bilateral negotiations. AiD-EM demonstration is enabled by its connection to MASCEM (Multi-Agent Simulator of Competitive Electricity Markets).
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Coppit, David, and Kevin J. Sullivan. "Multiple mass-market applications as components." In the 22nd international conference. ACM Press, 2000. http://dx.doi.org/10.1145/337180.337210.

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Asai, Kikuo. "Stabilizing Marker-Based Visual Tracking Using Markers with Scattering Materials and Multiple Cameras." In 2011 Eighth International Conference on Computer Graphics, Imaging and Visualization (CGIV). IEEE, 2011. http://dx.doi.org/10.1109/cgiv.2011.32.

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Chesser, Noel P. "Options and Strategies for Waste to Energy Facility Energy Sales in Deregulated Markets." In 16th Annual North American Waste-to-Energy Conference. ASMEDC, 2008. http://dx.doi.org/10.1115/nawtec16-1913.

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Many US Municipal Waste to Energy (WTE) plants entered into long term electric sales contracts with their local utilities for the electricity generated. These legacy contracts will be expiring over the next few years. With the advent of electric deregulation, the energy markets are vastly different and WTEs now have many more options to optimize the value of the energy generated from their facilities. There are even some options available for WTE’s located in regulated markets. A well developed energy sales strategy and execution can make a significant difference in the value realized from the WTE energy generated. To understand the options available to WTE’s it is first helpful to have a basic understanding of the power markets. In markets that are deregulated, there exists two primary markets, the hourly market were prices are set by the regional independent system operator (ISO) such as PJM or NYISO and the forward markets which offer fix rates for energy delivered some time in the future. The hourly market prices are highly transparent (posted on ISO’s web site) and are based on the marginal cost of fuel used to meet the last increment of demand during that hour. In the Mid-Atlantic, New York and New England prices are typically driven by the price of natural gas and to a lesser extent fuel oil and coal. The forward markets are driven by counterparties who are willing to offer fixed prices in return for risk premiums added to the price to cover their price risk. Forward market pricing is not as transparent and requires knowledge of the market, knowledge and experience with the major buyers and sellers and multiple price bids. Options for WTEs facilities now include sales directly to the ISO, sales to wholesale buyers (generally 1–5 years), sales to local utilities and power authorities, sales directly to the local municipality and sales to large local commercial/industrial users of energy. The option selected should be consistent with a well defined energy sales strategy. The strategy should incorporate a price risk profile, budget and funding requirements/objectives, facility operating risk profile, credit risk, local considerations, and risk management timeframe. The mechanisms required to execute the above options vary and involve different approaches, contract structures, licenses, memberships, risks and rewards. There are qualified independent energy consultants that can assist WTEs in understanding the markets, developing energy sales strategies and execution thereof to help ensure the value of the energy generated is optimized.
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Xiang, C., and W. M. Fu. "Predicting the Stock Market using Multiple Models." In 2006 9th International Conference on Control, Automation, Robotics and Vision. IEEE, 2006. http://dx.doi.org/10.1109/icarcv.2006.345431.

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Sarfati, Mahir, Olga Galland, and Mohammad R. Hesamzadeh. "Transmission planning with probabilistic modeling of multiple contingencies." In 2013 10th International Conference on the European Energy Market (EEM 2013). IEEE, 2013. http://dx.doi.org/10.1109/eem.2013.6607280.

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Reports on the topic "Market multiples"

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Shue, Kelly, and Richard Townsend. Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets. National Bureau of Economic Research, 2019. http://dx.doi.org/10.3386/w25751.

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Stentz, Anthony, and M. B. Dias. A Free Market Architecture for Coordinating Multiple Robots. Defense Technical Information Center, 1999. http://dx.doi.org/10.21236/ada538195.

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Wu, Xi, and Li Gan. Multiple Dimensions of Private Information in Life Insurance Markets. National Bureau of Economic Research, 2013. http://dx.doi.org/10.3386/w19629.

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Rohlicek, J. R., and A. S. Willsky. Structural Decomposition of Multiple Time Scale Markov Processes,. Defense Technical Information Center, 1987. http://dx.doi.org/10.21236/ada189739.

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Lamont, Susan J., E. Dan Heller, and Avigdor Cahaner. Prediction of Immunocompetence and Resistance to Disease by Using Molecular Markers of the Major Histocompatibility Complex. United States Department of Agriculture, 1994. http://dx.doi.org/10.32747/1994.7568780.bard.

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This project utilized two live-animal populations in an integrated research program to identify molecular markers for immune response and disease resistance. The populations each had their foundation from meat-type commercial breeder chicken lines of their respective countries. Investigations effectively used unique availability of resources in each country to study commercial-type environments in Israel and line-crosses with diverse inbred lines in the US. Two bacterial systems were investigated to cover both respiratory and gastrointestinal, and primary and secondary, infections. Individual experimental groups of animals were evaluated for combinations of vaccine antibody levels, response to pathogen challenge, growth parameters, genetic background and molecular markers. The positive association of antibody level with resistance to disease was confirmed. Effectiveness of genetic selection for vaccine antibody response level was demonstrated. Molecular markers, both inside and outside the MHC region, were associated with antibody response and resistance to disease. Markers were shown to have a generalized effect, by association with multiple traits of immune response and disease resistance. The impact of genetic background on marker effect was shown to be important. The overall results demonstrate the effectiveness of selection on vaccine antibody response and the potential of molecular marker-assisted selection to improve efficiency of production of meat-type chickens by reducing genetic susceptibility to disease.
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Hicks, James, Herbert Lepor, Michael Wigler, and Joan Alexander. Molecular Markers for Prostate Cancer Risk Stratification from Multiple Ultrasound-Guided Biopsies. Defense Technical Information Center, 2014. http://dx.doi.org/10.21236/ada614118.

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Sinclair, Samantha, and Sandra LeGrand. Reproducibility assessment and uncertainty quantification in subjective dust source mapping. Engineer Research and Development Center (U.S.), 2021. http://dx.doi.org/10.21079/11681/41523.

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Accurate dust-source characterizations are critical for effectively modeling dust storms. A previous study developed an approach to manually map dust plume-head point sources in a geographic information system (GIS) framework using Moderate Resolution Imaging Spectroradiometer (MODIS) imagery processed through dust-enhancement algorithms. With this technique, the location of a dust source is digitized and recorded if an analyst observes an unobscured plume head in the imagery. Because airborne dust must be sufficiently elevated for overland dust-enhancement algorithms to work, this technique may include up to 10 km in digitized dust-source location error due to downwind advection. However, the potential for error in this method due to analyst subjectivity has never been formally quantified. In this study, we evaluate a version of the methodology adapted to better enable reproducibility assessments amongst multiple analysts to determine the role of analyst subjectivity on recorded dust source location error. Four analysts individually mapped dust plumes in Southwest Asia and Northwest Africa using five years of MODIS imagery collected from 15 May to 31 August. A plume-source location is considered reproducible if the maximum distance between the analyst point-source markers for a single plume is ≤10 km. Results suggest analyst marker placement is reproducible; however, additional analyst subjectivity-induced error (7 km determined in this study) should be considered to fully characterize locational uncertainty. Additionally, most of the identified plume heads (&gt; 90%) were not marked by all participating analysts, which indicates dust source maps generated using this technique may differ substantially between users.
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Sinclair, Samantha, and Sandra LeGrand. Reproducibility assessment and uncertainty quantification in subjective dust source mapping. Engineer Research and Development Center (U.S.), 2021. http://dx.doi.org/10.21079/11681/41542.

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Accurate dust-source characterizations are critical for effectively modeling dust storms. A previous study developed an approach to manually map dust plume-head point sources in a geographic information system (GIS) framework using Moderate Resolution Imaging Spectroradiometer (MODIS) imagery processed through dust-enhancement algorithms. With this technique, the location of a dust source is digitized and recorded if an analyst observes an unobscured plume head in the imagery. Because airborne dust must be sufficiently elevated for overland dust-enhancement algorithms to work, this technique may include up to 10 km in digitized dust-source location error due to downwind advection. However, the potential for error in this method due to analyst subjectivity has never been formally quantified. In this study, we evaluate a version of the methodology adapted to better enable reproducibility assessments amongst multiple analysts to determine the role of analyst subjectivity on recorded dust source location error. Four analysts individually mapped dust plumes in Southwest Asia and Northwest Africa using five years of MODIS imagery collected from 15 May to 31 August. A plume-source location is considered reproducible if the maximum distance between the analyst point-source markers for a single plume is ≤10 km. Results suggest analyst marker placement is reproducible; however, additional analyst subjectivity-induced error (7 km determined in this study) should be considered to fully characterize locational uncertainty. Additionally, most of the identified plume heads (&gt; 90%) were not marked by all participating analysts, which indicates dust source maps generated using this technique may differ substantially between users.
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Fahima, Tzion, and Jorge Dubcovsky. Map-based cloning of the novel stripe rust resistance gene YrG303 and its use to engineer 1B chromosome with multiple beneficial traits. United States Department of Agriculture, 2013. http://dx.doi.org/10.32747/2013.7598147.bard.

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Research problem: Bread wheat (Triticumaestivum) provides approximately 20% of the calories and proteins consumed by humankind. As the world population continues to increase, it is necessary to improve wheat yields, increase grain quality, and minimize the losses produced by biotic and abiotic stresses. Stripe rust, caused by Pucciniastriiformisf. sp. tritici(Pst), is one of the most destructive diseases of wheat. The new pathogen races are more virulent and aggressive than previous ones and have produced large economic losses. A rich source for stripe-rust resistance genes (Yr) was found in wild emmer wheat populations from Israel. Original Project goals: Our long term goal is to identify, map, clone, characterize and deploy in breeding, novel wild emmer Yr genes, and combine them with multiple beneficial traits. The current study was aiming to map and clone YrG303 and Yr15, located on chromosome 1BS and combine them with drought resistance and grain quality genes. Positional cloning of YrG303/Yr15: Fine mapping of these genes revealed that YrG303 is actually allelic to Yr15. Fine genetic mapping using large segregating populations resulted in reduction of the genetic interval spanning Yr15 to less than 0.1 cM. Physical mapping of the YrG303/Yr15 locus was based on the complete chromosome 1BS physical map of wheat constructed by our group. Screening of 1BS BAC library with Yr15 markers revealed a long BAC scaffold covering the target region. The screening of T. dicoccoidesaccession-specific BAC library with Yr15 markers resulted in direct landing on the target site. Sequencing of T. dicoccoidesBAC clones that cover the YrG303/Yr15 locus revealed a single candidate gene (CG) with conserved domains that may indicate a role in disease resistance response. Validation of the CG was carried out using EMS mutagenesis (loss-of- function approach). Sequencing of the CG in susceptible yr15/yrG303 plants revealed three independent mutants that harbour non-functional yr15/yrG303 alleles within the CG conserved domains, and therefore validated its function as a Pstresistance gene. Evaluation of marker-assisted-selection (MAS) for Yr15. Introgressions of Yr15 into cultivated wheat are widely used now. Recently, we have shown that DNA markers linked to Yr15 can be used as efficient tools for introgression of Yr15 into cultivated wheat via MAS. The developed markers were consistent and polymorphic in all 34 tested introgressions and are the most recommended markers for the introgression of Yr15. These markers will facilitate simultaneous selection for multiple Yr genes and help to avoid escapees during the selection process. Engineering of improved chromosome 1BS that harbors multiple beneficial traits. We have implemented the knowledge and genetic resources accumulated in this project for the engineering of 1B "super-chromosome" that harbors multiple beneficial traits. We completed the generation of a chromosome including the rye 1RS distal segment associated with improved drought tolerance with the Yr gene, Yr15, and the strong gluten allele 7Bx-over-expressor (7Bxᴼᴱ). We have completed the introgression of this improved chromosome into our recently released variety Patwin-515HP and our rain fed variety Kern, as well as to our top breeding lines UC1767 and UC1745. Elucidating the mechanism of resistance exhibited by Yr36 (WKS1). The WHEAT KINASE START1 (WKS1) resistance gene (Yr36) confers partial resistance to Pst. We have shown that wheat plants transformed with WKS1 transcript are resistant to Pst. WKS1 is targeted to the chloroplast where it phosphorylates the thylakoid-associatedascorbateperoxidase (tAPX) and reduces its ability to detoxify peroxides. Based on these results, we propose that the phosphorylation of tAPX by WKS1 reduces the ability of the cells to detoxify ROS and contributes to cell death. Distribution and diversity of WKS in wild emmer populations. We have shown that WKS1 is present only in the southern distribution range of wild emmer in the Fertile Crescent. Sequence analysis revealed a high level of WKS1 conservation among wild emmer populations, in contrast to the high level of diversity observed in NB-LRR genes. This phenomenon shed some light on the evolution of genes that confer partial resistance to Pst. Three new WKS1 haplotypes displayed a resistance response, suggesting that they can be useful to improve wheat resistance to Pst. In summary, we have improved our understanding of cereals’ resistance mechanisms to rusts and we have used that knowledge to develop improved wheat varieties.
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Cahaner, Avigdor, Susan J. Lamont, E. Dan Heller, and Jossi Hillel. Molecular Genetic Dissection of Complex Immunocompetence Traits in Broilers. United States Department of Agriculture, 2003. http://dx.doi.org/10.32747/2003.7586461.bard.

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Objectives: (1) Evaluate Immunocompetence-OTL-containing Chromosomal Regions (ICRs), marked by microsatellites or candidate genes, for magnitude of direct effect and for contribution to relationships among multiple immunocompetence, disease-resistance, and growth traits, in order to estimate epistatic and pleiotropic effects and to predict the potential breeding applications of such markers. (2) Evaluate the interaction of the ICRs with genetic backgrounds from multiple sources and of multiple levels of genetic variation, in order to predict the general applicability of molecular genetic markers across widely varied populations. Background: Diseases cause substantial economic losses to animal producers. Emerging pathogens, vaccine failures and intense management systems increase the impact of diseases on animal production. Moreover, zoonotic pathogens are a threat to human food safety when microbiological contamination of animal products occurs. Consumers are increasingly concerned about drug residues and antibiotic- resistant pathogens derived from animal products. The project used contemporary scientific technologies to investigate the genetics of chicken resistance to infectious disease. Genetic enhancement of the innate resistance of chicken populations provides a sustainable and ecologically sound approach to reduce microbial loads in agricultural populations. In turn, animals will be produced more efficiently with less need for drug treatment and will pose less of a potential food-safety hazard. Major achievements, conclusions and implications:. The PI and co-PIs had developed a refined research plan, aiming at the original but more focused objectives, that could be well-accomplished with the reduced awarded support. The successful conduct of that research over the past four years has yielded substantial new information about the genes and genetic markers that are associated with response to two important poultry pathogens, Salmonella enteritidis (SE) and Escherichia coli (EC), about variation of immunocompetence genes in poultry, about relationships of traits of immune response and production, and about interaction of genes with environment and with other genes and genetic background. The current BARD work has generated a base of knowledge and expertise regarding the genetic variation underlying the traits of immunocompetence and disease resistance. In addition, unique genetic resource populations of chickens have been established in the course of the current project, and they are essential for continued projects. The US laboratory has made considerable progress in studies of the genetics of resistance to SE. Microsatellite-marked chromosomal regions and several specific genes were linked to SE vaccine response or bacterial burden and the important phenomenon of gene interaction was identified in this system. In total, these studies demonstrate the role of genetics in SE response, the utility of the existing resource population, and the expertise of the research group in conducting such experiments. The Israeli laboratories had showed that the lines developed by selection for high or low level of antibody (Ab) response to EC differ similarly in Ab response to several other viral and bacterial pathogens, indicating the existence of a genetic control of general capacity of Ab response in young broilers. It was also found that the 10w-Ab line has developed, possibly via compensatory "natural" selection, higher cellular immune response. At the DNA levels, markers supposedly linked to immune response were identified, as well as SNP in the MHC, a candidate gene responsible for genetic differences in immunocompetence of chickens.
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