01980cas a2200265 a 4500 AALejournalIMF006133 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873894 1018-5941 BD-DhAAL BD-DhAAL Elkjaer, Thomas. Valuation of Unlisted Direct Investment Equity / Thomas Elkjaer, Jannick Damgaard, Emmanuel Kumah. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (72 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position. Mode of access: Internet Damgaard, Jannick. Kumah, Emmanuel. IMF Working Papers; Working Paper ; No. 2009/242 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/242/001.2009.issue-242-en.xml IMF e-Library