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

New York University (NYU) - Leonard N. Stern School of Business

44 West 4th Street

Suite 9-160

New York, NY NY 10012

United States

SCHOLARLY PAPERS

72

DOWNLOADS
Rank 4

SSRN RANKINGS

Top 4

in Total Papers Downloads

554,403

SSRN CITATIONS
Rank 4,067

SSRN RANKINGS

Top 4,067

in Total Papers Citations

120

CROSSREF CITATIONS

216

Scholarly Papers (72)

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
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 44,743 (40)
Citation 6

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 27,488 (95)
Citation 16

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 27,168 (96)
Citation 8

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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 23,327 (130)
Citation 5

Abstract:

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Country Risk, Currency Risk, Equity Risk Premiums

5.

Equity Risk Premiums: Determinants, Estimation and Implications - The 2020 Edition

NYU Stern School of Business
Number of pages: 143 Posted: 19 Mar 2020
Aswath Damodaran
New York University - Stern School of Business
Downloads 21,078 (144)
Citation 4

Abstract:

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Equity Risk Premium, Price of Risk, Valuation, Corporate Finance

6.

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 20,500 (151)
Citation 11

Abstract:

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7.

Country Risk: Determinants, Measures and Implications – The 2020 Edition

NYU Stern School of Business
Number of pages: 125 Posted: 27 Jul 2020
Aswath Damodaran
New York University - Stern School of Business
Downloads 18,660 (186)
Citation 4

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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 18,071 (203)
Citation 30

Abstract:

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

9.

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 17,933 (206)
Citation 4

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

10.

Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2019 Edition

NYU Stern School of Business
Number of pages: 135 Posted: 29 May 2019
Aswath Damodaran
New York University - Stern School of Business
Downloads 15,427 (268)
Citation 6

Abstract:

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Equity Risk Premium, Price of Risk

11.

Country Risk: Determinants, Measures and Implications – The 2019 Edition

NYU Stern School of Business
Number of pages: 124 Posted: 31 Jul 2019 Last Revised: 31 Mar 2020
Aswath Damodaran
New York University - Stern School of Business
Downloads 14,124 (322)

Abstract:

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Equity Risk Premiums, Country Risk, Default Risk, Sovereign Risk

12.

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 13,990 (327)
Citation 2

Abstract:

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13.

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 13,388 (357)
Citation 6

Abstract:

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14.

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 13,306 (364)
Citation 24

Abstract:

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valuation, growth companies, venture capital approach

15.

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 13,242 (368)
Citation 2

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16.

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 12,975 (382)
Citation 12

Abstract:

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Equity Risk Premiums, Default Spreads

17.

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 12,925 (385)
Citation 15

Abstract:

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

18.

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 12,598 (403)
Citation 1

Abstract:

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

19.

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 12,580 (406)
Citation 22

Abstract:

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riskfree rate, cost of equity, discount rate, valuation

20.

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 10,973 (536)
Citation 19

Abstract:

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

21.

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 10,586 (571)
Citation 3

Abstract:

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Country Risk, Equity Risk Premiums, Country Default

22.

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 10,196 (604)
Citation 3

Abstract:

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23.

Valuing ESG: Doing Good or Sounding Good?

NYU Stern School of Business
Number of pages: 29 Posted: 19 Mar 2020
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 9,121 (741)
Citation 7

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ESG, Valuation, Corporate Governance, Stakeholder Wealth Maximization, CSR

24.

The Value of Synergy

Number of pages: 47 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 7,325 (1,083)
Citation 23

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synergy, acquisitiion, valuation

25.

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 7,212 (1,112)
Citation 9

Abstract:

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

26.

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 6,611 (1,301)

Abstract:

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

27.

Value Investing: Requiem, Rebirth or Reincarnation?

NYU Stern School of Business Forthcoming
Number of pages: 34 Posted: 12 Feb 2021
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 6,261 (1,426)
Citation 1

Abstract:

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Value Investing, Growth Investing, Active Investing

28.

The Big Market Delusion: Valuation and Investment Implications

Number of pages: 38 Posted: 23 Dec 2019
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 6,163 (1,461)
Citation 2

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Pricing, Value, Bubbles, Venture Capital

29.

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 6,163 (1,459)
Citation 8

Abstract:

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Risk Free Rate, Government Default, Sovereign Risk

30.

Going to Pieces: Valuing Users, Subscribers and Customers

Number of pages: 46 Posted: 21 Feb 2020
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,902 (1,580)

Abstract:

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31.

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 5,724 (1,658)
Citation 11

Abstract:

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employee stock options, ESOP, restricted stock, management options

32.

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 5,548 (1,738)

Abstract:

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valuation, risk, uncertainty

33.

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 5,455 (1,780)
Citation 7

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intangibles, brand name, patents, real options

34.

Risk Management: A Corporate Governance Manual

Number of pages: 113 Posted: 24 Sep 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,444 (1,788)
Citation 8

Abstract:

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risk management, risk hedging, risk aversion, corporate governance

35.

Valuing Declining and Distressed Companies

Number of pages: 69 Posted: 02 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,394 (1,813)
Citation 6

Abstract:

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Distress, DCF valuation, declining firms

36.

Equity Risk Premiums (ERP): Determinants, Estimation, and Implications – The 2021 Edition

Number of pages: 144 Posted: 23 Apr 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 4,789 (2,283)

Abstract:

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Equity Risk Premiums

37.

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 4,645 (2,392)
Citation 8

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Control premium, voting shares, minority discounts, hostile acquisitions

38.

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 4,411 (2,618)
Citation 2

Abstract:

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banks, vauation, dividend discount model, regulatory capital

39.

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 4,349 (2,676)

Abstract:

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40.

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 4,341 (2,688)
Citation 41

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

41.

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 4,202 (2,833)
Citation 16

Abstract:

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marketablity, illiquidity discount, liquidity discount, liquidity

42.

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 4,164 (2,883)
Citation 3

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43.
Downloads 4,077 ( 3,000)
Citation 16

Leases, Debt and Value

Number of pages: 57 Posted: 17 Apr 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 3,049 (4,864)
Citation 16

Abstract:

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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 1,028 (26,912)

Abstract:

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leases, profitability, leverage, valuation

44.

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 3,543 (3,800)
Citation 3

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valuation, cyclial, commodity, normalized earnings

45.

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 3,410 (4,080)
Citation 12

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cash, cross holdings, non-operating assets

46.

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 3,404 (4,086)

Abstract:

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growth investing, small cap, IPO, venture capital

47.

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 3,226 (4,494)

Abstract:

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48.

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 2,993 (5,123)
Citation 9

Abstract:

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Intangible Assets, Valuation

49.

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 2,912 (5,365)
Citation 6

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50.

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 2,856 (5,511)
Citation 12

Abstract:

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country risk, emerging markets, beta

51.

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 2,775 (5,794)
Citation 1

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Multinational, Valuation, Sum of the Parts

52.

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 2,633 (6,290)

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53.

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 2,620 (6,337)

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liquidity, illiquidity, marketability, transactions costs, trading halts

54.

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 2,292 (7,876)
Citation 4

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growth, sustainable growth, value, excess returns

55.

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 2,117 (8,926)
Citation 1

Abstract:

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

56.

A COVID Diary: Searching for Investment Serenity

NYU Stern School of Business Forthcoming
Number of pages: 89 Posted: 08 Mar 2021 Last Revised: 28 Aug 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,109 (9,005)
Citation 1

Abstract:

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57.

Country Risk: Determinants, Measures and Implications - The 2021 Edition

NYU Stern School of Business Forthcoming
Number of pages: 125 Posted: 06 Jul 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,034 (9,907)

Abstract:

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58.

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 1,861 (11,066)

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Valuation, Simulation, Decision Trees, Scenario Analysis

59.

Volatility Rules: Valuing Emerging Market Companies

Number of pages: 38 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,604 (13,978)
Citation 9

Abstract:

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Emerging Market, Valuation

60.
Downloads 1,533 ( 15,001)

Value and Risk: Beyond Betas

Number of pages: 47 Posted: 21 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,533 (14,730)
Citation 3

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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

61.

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 1,237 (20,847)
Citation 6

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transparency, opacity, complexity, valuation

62.

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 1,071 (25,749)

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63.

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 1,009 (28,071)
Citation 7

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distress, value, adjusted present value, survival

64.

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 928 (31,651)

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65.

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 923 (31,854)
Citation 3

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66.

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 727 (44,182)

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67.

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 533 (65,907)

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

68.

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 491 (72,969)

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69.

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 444 (82,369)
Citation 1

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Enterprise Risk Management, Valuation, Corporate Finance, Risk Management

70.

Initial Public Offerings: Dealing with the Disclosure Dilemma

Number of pages: 22 Posted: 05 Oct 2021
Maxime C. Cohen, Aswath Damodaran and Daniel McCarthy
Desautels Faculty of Management, McGill University, New York University - Stern School of Business and Emory University - Department of Marketing
Downloads 319 (137,035)

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disclosure, customer metrics, initial public offerings

71.

Disrupting the Disruptors? The 'Going Public Process' in Transition

Number of pages: 31 Posted: 25 Aug 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 116 (297,001)

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72.

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 104 (320,477)
Citation 8
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