Aswath Damodaran

New York University - Stern School of Business

Professor, Finance

Stern School of Business

44 West 4th Street

New York, NY 10012-1126

United States

http://www.damodaran.com

SCHOLARLY PAPERS

61

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CITATIONS
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293

Scholarly Papers (61)

1.

Tesla: Anatomy of a Run-Up Value Creation or Investor Sentiment?

Number of pages: 46 Posted: 28 Apr 2014
Bradford Cornell and Aswath Damodaran
California Institute of Technology and New York University - Stern School of Business
Downloads 27,767 (56)

Abstract:

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Valuation, Investor Sentiment, Asset Pricing

2.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2013 Edition

Number of pages: 114 Posted: 24 Mar 2013
Aswath Damodaran
New York University - Stern School of Business
Downloads 26,745 (59)
Citation 18

Abstract:

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Equity Risk Premiums, risk premiums, default spreads

3.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2015 Edition

Number of pages: 120 Posted: 21 Mar 2015
Aswath Damodaran
New York University - Stern School of Business
Downloads 24,996 (74)
Citation 18

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4.

Country Risk: Determinants, Measures and Implications - The 2015 Edition

Number of pages: 97 Posted: 15 Jul 2015 Last Revised: 01 Aug 2015
Aswath Damodaran
New York University - Stern School of Business
Downloads 21,494 (94)

Abstract:

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Country Risk, Currency Risk, Equity Risk Premiums

5.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2016 Edition

Number of pages: 136 Posted: 05 Mar 2016
Aswath Damodaran
New York University - Stern School of Business
Downloads 16,706 (149)
Citation 18

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6.

Value Investing: Investing for Grown Ups?

Number of pages: 79 Posted: 20 Apr 2012 Last Revised: 27 Jun 2012
Aswath Damodaran
New York University - Stern School of Business
Downloads 14,938 (192)

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value investing, PE ratios, Price to book, activist value investing, private equity

7.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications - The 2010 Edition

Number of pages: 89 Posted: 21 Feb 2010 Last Revised: 23 Aug 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 12,783 (244)
Citation 19

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Equity Risk Premiums, Default Spreads

8.

Return on Capital (ROC), Return on Invested Capital (ROIC) and Return on Equity (ROE): Measurement and Implications

Number of pages: 69 Posted: 26 Mar 2008 Last Revised: 29 May 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 12,398 (259)
Citation 2

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Accounting returns, ROIC, ROE, ROC, Return on equity, Return on Invested Capital

9.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2011 Edition

Number of pages: 95 Posted: 24 Feb 2011 Last Revised: 02 Jun 2011
Aswath Damodaran
New York University - Stern School of Business
Downloads 12,264 (261)
Citation 20

Abstract:

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Equity Risk Premium, Risk Premium, Price of Risk, Default Risk, Country Risk Premium, Cost of Equity, Cost of Capital

10.

Country Risk: Determinants, Measures and Implications – The 2016 Edition

Number of pages: 103 Posted: 21 Jul 2016
Aswath Damodaran
New York University - Stern School of Business
Downloads 11,718 (282)

Abstract:

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11.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2017 Edition

Number of pages: 141 Posted: 07 Apr 2017
Aswath Damodaran
New York University - Stern School of Business
Downloads 11,530 (295)
Citation 18

Abstract:

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Equity Risk Premium, Market Timing, The Price of Risk, Cost of equity

12.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2012 Edition

Number of pages: 107 Posted: 22 Mar 2012 Last Revised: 20 Apr 2012
Aswath Damodaran
New York University - Stern School of Business
Downloads 10,646 (347)
Citation 18

Abstract:

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Equity Risk Premiums, ERP, country risk, cost of equity, cost of capital

13.

Country Risk: Determinants, Measures and Implications – The 2017 Edition

Number of pages: 100 Posted: 18 Jul 2017
Aswath Damodaran
New York University - Stern School of Business
Downloads 10,082 (386)

Abstract:

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Country Risk, Equity Risk Premiums, Country Default

14.

What is the Riskfree Rate? A Search for the Basic Building Block

Number of pages: 33 Posted: 18 Dec 2008 Last Revised: 01 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 9,468 (437)
Citation 4

Abstract:

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riskfree rate, cost of equity, discount rate, valuation

15.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2014 Edition

Number of pages: 114 Posted: 16 Mar 2014
Aswath Damodaran
New York University - Stern School of Business
Downloads 9,287 (452)
Citation 18

Abstract:

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16.

Valuing Young, Start-Up and Growth Companies: Estimation Issues and Valuation Challenges

Number of pages: 67 Posted: 13 Jun 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 8,609 (514)
Citation 2

Abstract:

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valuation, growth companies, venture capital approach

17.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2018 Edition

Number of pages: 133 Posted: 19 Mar 2018 Last Revised: 30 Jul 2018
Aswath Damodaran
New York University - Stern School of Business
Downloads 7,602 (646)
Citation 18

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18.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications - A Post-Crisis Update

Number of pages: 86 Posted: 24 Oct 2009 Last Revised: 20 Feb 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 6,971 (762)
Citation 2

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Equity Risk Premiums, default spreads, Crisis, valuation, cost of equity

19.

The Anatomy of an LBO: Leverage, Control and Value

Number of pages: 27 Posted: 22 Jul 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,472 (1,159)

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LBO, Leveraged Buyout, private equity, control, leverage, private

20.

The Value of Synergy

Number of pages: 47 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,069 (1,325)
Citation 1

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synergy, acquisitiion, valuation

21.

Living with Noise: Investing and Valuation in the Face of Uncertainty

Number of pages: 34 Posted: 20 Sep 2013
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,969 (1,369)
Citation 1

Abstract:

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valuation, risk, uncertainty

22.

Into the Abyss: What If Nothing is Risk Free?

Number of pages: 55 Posted: 24 Jul 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,832 (1,439)

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Risk Free Rate, Government Default, Sovereign Risk

23.

Risk Management: A Corporate Governance Manual

Number of pages: 113 Posted: 24 Sep 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,770 (1,476)
Citation 2

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risk management, risk hedging, risk aversion, corporate governance

24.

Employee Stock Options (Esops) and Restricted Stock: Valuation Effects and Consequences

Number of pages: 52 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,304 (1,770)
Citation 4

Abstract:

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employee stock options, ESOP, restricted stock, management options

25.

Valuing Declining and Distressed Companies

Number of pages: 69 Posted: 02 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,282 (1,785)
Citation 2

Abstract:

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Distress, DCF valuation, declining firms

26.

Dealing with Intangibles: Valuing Brand Names, Flexibility and Patents

Number of pages: 73 Posted: 08 Apr 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,252 (1,801)
Citation 3

Abstract:

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intangibles, brand name, patents, real options

27.

Country Risk: Determinants, Measures and Implications - The 2018 Edition

Number of pages: 122 Posted: 30 Jul 2018 Last Revised: 05 Aug 2018
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,088 (1,945)

Abstract:

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28.

The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials

Number of pages: 60 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 3,764 (2,239)
Citation 3

Abstract:

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Control premium, voting shares, minority discounts, hostile acquisitions

29.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications

Number of pages: 77 Posted: 01 Oct 2008 Last Revised: 17 Oct 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 3,592 (2,437)
Citation 23

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Equity Risk Premium, ERP, Implied Premium, Risk, Default spreads

30.

Marketability and Value: Measuring the Illiquidity Discount

Number of pages: 60 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 3,380 (2,709)
Citation 4

Abstract:

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marketablity, illiquidity discount, liquidity discount, liquidity

31.

Breach of Trust: Valuing Financial Service Firms in the Post-Crisis Era

Number of pages: 34 Posted: 30 Mar 2011
Aswath Damodaran
New York University - Stern School of Business
Downloads 3,167 (3,043)

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banks, vauation, dividend discount model, regulatory capital

32.

The Promise and Peril of Real Options

NYU Working Paper No. S-DRP-05-02
Number of pages: 75 Posted: 05 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,998 (3,339)
Citation 17

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33.

Research and Development Expenses: Implications for Profitability Measurement and Valuation

NYU Working Paper No. FIN-99-024
Number of pages: 25 Posted: 07 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,985 (3,363)

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34.
Downloads 2,942 ( 3,444)
Citation 1

Leases, Debt and Value

Number of pages: 57 Posted: 17 Apr 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,122 (5,838)
Citation 1

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operating leases, financial leverage, debt

Leases, Debt and Value

Journal of Applied Research in Accounting and Finance (JARAF), Vol. 4, No. 1, pp. 3-29, 2009
Number of pages: 33 Posted: 17 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 820 (26,310)
Citation 1

Abstract:

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leases, profitability, leverage, valuation

35.

Dealing with Operating Leases in Valuation

NYU Working Paper No. FIN-99-023
Number of pages: 25 Posted: 07 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,831 (3,669)
Citation 1

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36.

Ups and Downs: Valuing Cyclical and Commodity Companies

Number of pages: 40 Posted: 03 Sep 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,797 (3,746)
Citation 1

Abstract:

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valuation, cyclial, commodity, normalized earnings

37.

Invisible Value? Valuing Companies with Intangible Assets

Number of pages: 36 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,694 (3,999)
Citation 1

Abstract:

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Intangible Assets, Valuation

38.

Dealing with Cash, Cross Holdings and Other Non-Operating Assets: Approaches and Implications

Number of pages: 55 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,575 (4,309)
Citation 2

Abstract:

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cash, cross holdings, non-operating assets

39.

Measuring Company Exposure to Country Risk: Theory and Practice

Number of pages: 30 Posted: 21 Mar 2006 Last Revised: 02 Sep 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,432 (4,756)
Citation 7

Abstract:

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country risk, emerging markets, beta

40.

Growth Investing: Betting on the Future?

Number of pages: 52 Posted: 29 Jul 2012 Last Revised: 14 Aug 2012
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,416 (4,809)

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growth investing, small cap, IPO, venture capital

41.

The Dark Side of Valuation: Firms with No Earnings, No History and No Comparables

NYU Working Paper No. FIN-99-022
Number of pages: 54 Posted: 07 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,238 (5,460)
Citation 4

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42.

Comatose Markets: What if Liquidity is Not the Norm?

Number of pages: 73 Posted: 22 Dec 2010 Last Revised: 11 Jan 2011
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,972 (6,746)

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liquidity, illiquidity, marketability, transactions costs, trading halts

43.

A New 'Risky' World Order: Unstable Risk Premiums: Implications for Practice

Number of pages: 64 Posted: 01 Sep 2010 Last Revised: 06 Sep 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,935 (6,981)

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Equity Risk Premiums, Default Spreads, Risk Premiums, Cost of Capital, Valuation

44.

Going to Pieces: Valuing Users, Subscribers and Customers

Number of pages: 46 Posted: 22 May 2018 Last Revised: 27 May 2018
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,907 (7,165)

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45.

The Origins of Growth: Past Growth, Predicted Growth and Fundamental Growth

Number of pages: 55 Posted: 22 Jul 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,749 (8,308)
Citation 1

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growth, sustainable growth, value, excess returns

46.

The Octopus: Valuing Multi-Business, Multi-National Companies

Number of pages: 42 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,742 (8,359)
Citation 1

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Multinational, Valuation, Sum of the Parts

47.

Volatility Rules: Valuing Emerging Market Companies

Number of pages: 38 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,367 (12,417)
Citation 1

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Emerging Market, Valuation

48.
Downloads 1,351 ( 12,639)
Citation 2

Value and Risk: Beyond Betas

Number of pages: 47 Posted: 21 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,351 (12,388)
Citation 2

Abstract:

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risk management, value

Value and Risk: Beyond Betas

Financial Analysts Journal, Vol. 61, No. 2, pp. 38-43, March/April 2005
Posted: 05 May 2005
Aswath Damodaran
New York University - Stern School of Business

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Equity Investments, Fundamental Analysis, Valuation Models, Risk Measurement, Management, Firm/Enterprise Risk, Corporate Finance, Capital Investment Decisions

49.

The Value of Transparency and the Cost of Complexity

Number of pages: 47 Posted: 06 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,112 (17,057)
Citation 2

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transparency, opacity, complexity, valuation

50.

Value Creation and Enhancement: Back to the Future

NYU Working Paper No. FIN-99-018
Number of pages: 72 Posted: 07 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 874 (24,454)
Citation 10

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51.

The Cost of Distress: Survival, Truncation Risk and Valuation

Number of pages: 50 Posted: 02 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 858 (25,012)
Citation 2

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distress, value, adjusted present value, survival

52.

Financing Innovations and Capital Structure Choices

NYU Working Paper No. FIN-99-020
Number of pages: 16 Posted: 07 Nov 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 803 (27,510)

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53.

Valuing Financial Services Firms

Journal of Financial Perspectives, Vol. 1, No. 1, 2013
Number of pages: 20 Posted: 26 Nov 2017
Aswath Damodaran
New York University - Stern School of Business
Downloads 792 (28,058)
Citation 1

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54.

Facing Up to Uncertainty: Using Probabilistic Approaches in Valuation

Number of pages: 65 Posted: 31 Aug 2018
Aswath Damodaran
New York University - Stern School of Business
Downloads 790 (28,221)

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Valuation, Simulation, Decision Trees, Scenario Analysis

55.

Living with Noise: Valuation in the Face of Uncertainty

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 23, No. 2, 2013
Number of pages: 17 Posted: 06 Nov 2015
Aswath Damodaran
New York University - Stern School of Business
Downloads 509 (50,413)
Citation 1

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56.

Claims on Equity: Voting and Liquidity Differentials, Cash Flow Preferences and Financing Rights

Number of pages: 91 Posted: 27 Aug 2008
Aswath Damodaran
New York University - Stern School of Business
Downloads 456 (57,844)

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valuation, dual class shares, liquidity, voting vs non-voting shares, dividend preferences

57.

Country Risk and Company Exposure: Theory and Practice

Journal of Applied Finance, Vol. 13, No. 2, Fall/Winter 2003
Number of pages: 14 Posted: 10 Jan 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 438 (60,762)
Citation 6

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58.

Relative Valuation, Differential Information, and Cross-Sectional Differences in Stock Return Volatility

NYU Working Paper No. FIN-96-023
Number of pages: 41 Posted: 11 Nov 2008
Eberhart Allan and Aswath Damodaran
affiliation not provided to SSRN and New York University - Stern School of Business
Downloads 425 (63,026)

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59.

Risk Taking: A Corporate Governance Perspective

Number of pages: 64 Posted: 28 Jan 2015
Oliviero Roggi, Aswath Damodaran and Maxine Garvey
University of Florence - Department of Economics, Management and Finance, New York University - Stern School of Business and World Bank - International Finance Corporation (IFC)
Downloads 266 (107,184)

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Enterprise Risk Management, Valuation, Corporate Finance, Risk Management

60.

Valuation Approaches and Metrics: A Survey of the Theory and Evidence

Foundations and Trends in Finance, Vol. 1, No. 8, 2005
Number of pages: 92 Posted: 14 Jun 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 102 (245,650)
Citation 14
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61.

Response to How to Market the Markets: The Trouble with Profit Maximization

Eastern Economic Journal, Vol. 43, Issue 2, 2017
Number of pages: 2 Posted: 24 Apr 2018
Aswath Damodaran
New York University - Stern School of Business
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