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

71

DOWNLOADS
Rank 4

SSRN RANKINGS

Top 4

in Total Papers Downloads

538,789

SSRN CITATIONS
Rank 4,076

SSRN RANKINGS

Top 4,076

in Total Papers Citations

118

CROSSREF CITATIONS

216

Scholarly Papers (71)

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 43,755 (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 27,439 (92)
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 27,065 (95)
Citation 7

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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 23,273 (129)
Citation 5

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 20,310 (146)
Citation 11

Abstract:

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6.

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 19,413 (162)
Citation 4

Abstract:

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

7.

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 17,806 (196)
Citation 4

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

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 17,557 (201)
Citation 30

Abstract:

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

9.

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 16,612 (230)
Citation 3

Abstract:

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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 15,036 (273)
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 13,965 (315)

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 13,963 (315)
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 13,336 (346)
Citation 5

Abstract:

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14.

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 13,194 (355)
Citation 2

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15.

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 12,965 (373)
Citation 12

Abstract:

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Equity Risk Premiums, Default Spreads

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 12,942 (376)
Citation 24

Abstract:

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valuation, growth companies, venture capital approach

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 12,866 (379)
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 12,551 (394)
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 12,262 (414)
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 10,952 (511)
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 10,561 (547)
Citation 4

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 10,111 (592)
Citation 3

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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 7,663 (956)
Citation 7

Abstract:

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

24.

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 7,199 (1,077)
Citation 9

Abstract:

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

25.

The Value of Synergy

Number of pages: 47 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 7,094 (1,102)
Citation 23

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synergy, acquisitiion, valuation

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 6,544 (1,283)

Abstract:

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

27.

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 6,021 (1,467)
Citation 8

Abstract:

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Risk Free Rate, Government Default, Sovereign Risk

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 5,892 (1,533)
Citation 2

Abstract:

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Pricing, Value, Bubbles, Venture Capital

29.

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 5,876 (1,536)
Citation 1

Abstract:

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Value Investing, Growth Investing, Active Investing

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 5,646 (1,633)

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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 5,590 (1,656)
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 5,518 (1,694)

Abstract:

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valuation, risk, uncertainty

33.

Risk Management: A Corporate Governance Manual

Number of pages: 113 Posted: 24 Sep 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,397 (1,758)
Citation 8

Abstract:

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risk management, risk hedging, risk aversion, corporate governance

34.

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 5,372 (1,773)
Citation 7

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intangibles, brand name, patents, real options

35.

Valuing Declining and Distressed Companies

Number of pages: 69 Posted: 02 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,341 (1,789)
Citation 6

Abstract:

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Distress, DCF valuation, declining firms

36.

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 4,578 (2,366)
Citation 8

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Control premium, voting shares, minority discounts, hostile acquisitions

37.

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 4,304 (2,629)
Citation 2

Abstract:

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banks, vauation, dividend discount model, regulatory capital

38.

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 4,273 (2,658)
Citation 41

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

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 4,189 (2,744)

Abstract:

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40.

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 4,150 (2,797)
Citation 16

Abstract:

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marketablity, illiquidity discount, liquidity discount, liquidity

41.

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 4,133 (2,811)
Citation 3

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42.
Downloads 3,962 ( 3,038)
Citation 16

Leases, Debt and Value

Number of pages: 57 Posted: 17 Apr 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,946 (4,963)
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 1,016 (26,629)

Abstract:

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leases, profitability, leverage, valuation

43.

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 3,512 (3,708)
Citation 3

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valuation, cyclial, commodity, normalized earnings

44.

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 3,327 (4,093)

Abstract:

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growth investing, small cap, IPO, venture capital

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 3,314 (4,126)
Citation 12

Abstract:

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cash, cross holdings, non-operating assets

46.

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 3,214 (4,357)

Abstract:

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47.

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 3,181 (4,461)

Abstract:

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Equity Risk Premiums

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 2,980 (4,959)
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 2,865 (5,300)
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 2,811 (5,484)
Citation 12

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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 2,719 (5,785)
Citation 1

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Multinational, Valuation, Sum of the Parts

52.

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 2,551 (6,420)

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liquidity, illiquidity, marketability, transactions costs, trading halts

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 2,519 (6,568)

Abstract:

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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 2,254 (7,841)
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 2,103 (8,775)
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: 27 Apr 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,811 (11,184)
Citation 1

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57.

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 1,793 (11,369)

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Valuation, Simulation, Decision Trees, Scenario Analysis

58.

Volatility Rules: Valuing Emerging Market Companies

Number of pages: 38 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,576 (13,939)
Citation 9

Abstract:

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Emerging Market, Valuation

59.
Downloads 1,523 ( 14,707)

Value and Risk: Beyond Betas

Number of pages: 47 Posted: 21 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,523 (14,442)
Citation 3

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

60.

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 1,226 (20,504)
Citation 6

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transparency, opacity, complexity, valuation

61.

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 1,054 (25,643)

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62.

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 999 (27,719)
Citation 7

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distress, value, adjusted present value, survival

63.

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 916 (31,429)
Citation 3

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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 893 (32,588)

Abstract:

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65.

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 714 (44,185)

Abstract:

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66.

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

Number of pages: 125 Posted: 06 Jul 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 707 (45,301)

Abstract:

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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 530 (64,688)

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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 488 (71,888)

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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 429 (83,942)
Citation 1

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Enterprise Risk Management, Valuation, Corporate Finance, Risk Management

70.

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 (313,523)
Citation 8
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71.

Disrupting the Disruptors? The “Going Public Process” in Transition

Number of pages: 31
Aswath Damodaran
New York University - Stern School of Business
Downloads 0

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