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This Author published in this journals
All Journal Indonesian Capital Market Review The South East Asian Journal of Management
Joshi, Himanshu
Unknown Affiliation
Economics, Econometrics & Finance

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Determinants and Prediction Accuracy of Price Multiples for South East Asia: Conventional and Machine Learning Analysis Joshi, Himanshu; Chauha, Rajneesh
The Indonesian Capital Market Review Vol. 12, No. 1
Publisher : UI Scholars Hub

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Abstract

The present study evaluates determinants of price multiples and their prediction accuracy usingordinary least square (OLS) regression and machine learning-based shrinkage methods for the South East Asian markets. Price multiples examined in the research are price to earnings (P/Es), price to book (P/B), and price to sales (P/S). Data has been collected from Thomson Reuters Eikon. The study recommends that the P/B ratio is the best price multiple for developing a price-based valuation model. Beside fundamental determinants of the multiple, various firm-level control variables, namely, firm size, cash holding, strategic holding, stock price volatility, firms’ engagement in Environment, Social, and Governance (ESG) activities, dividend yield, and net profit margin impact firm’s P/B multiple. Positive coefficients of consumer non-cyclical and healthcare dummies indicate a preference for defensive stocks by the investors. Application of machine learning-based shrinkage methods ensures the accuracy of prediction even with out-of-sample forecasting.
Cash holding or Net Debt, What is Relevant for Indonesian Firms? Joshi, Himanshu
The South East Asian Journal of Management Vol. 13, No. 1
Publisher : UI Scholars Hub

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Paper investigates the firm level determinants of cash holdings by Indonesian firms. It also examines net debt as substitute measure for cash holding in firm’s financial policies. Sample comprises of 483 Indonesian companies listed on Indonesia stock exchange. Study finds that firms with robust cash flows, and higher cost of capital hold more cash. Firms holding greater noncash liquid assets have moderate cash holdings. Cash holding is most relevant for financially constrained firms, and growth firms. Net debt appears to be most relevant element for low growth firms. No hedging firms are indifferent about their cash holdings and net debt.
Co-Authors Chauha, Rajneesh