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Article

Использование рыночных мультипликаторов для диагностирования наличия финансового пузыря на фондовом рынке

Финансы: теория и практика. 2011. № 2-3. С. 23,37-39,47.

The paper analyses applicability of the market multipliers for the diagnostics of overheating of the stock market and the formation of a financial bubble. Advantages and shortcomings of employed multipliers are discussed Historical averages of multipliers are provided. Examples are given of diagnosing the overvaluation by using the multipliers. The author concludes concludes that the optimal multiplier for estimating the overvaluation of the stock market is the P/E coefficient, however other coefficients can also be used if their limitations are taken into account.