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

SCHOLARLY PAPERS

70

DOWNLOADS
Rank 4

SSRN RANKINGS

Top 4

in Total Papers Downloads

516,260

SSRN CITATIONS
Rank 4,117

SSRN RANKINGS

Top 4,117

in Total Papers Citations

108

CROSSREF CITATIONS

212

Scholarly Papers (70)

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 42,179 (38)
Citation 3

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 27,387 (86)
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 26,922 (91)
Citation 7

Abstract:

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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 23,194 (124)
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 20,182 (145)
Citation 11

Abstract:

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6.

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 17,626 (188)
Citation 4

Abstract:

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

7.

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 16,747 (210)
Citation 30

Abstract:

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

8.

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 16,520 (217)
Citation 2

Abstract:

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

9.

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 14,501 (274)
Citation 6

Abstract:

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Equity Risk Premium, Price of Risk

10.

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 13,920 (301)
Citation 2

Abstract:

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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 13,659 (312)

Abstract:

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

12.

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 13,250 (329)
Citation 5

Abstract:

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13.

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 13,126 (334)
Citation 2

Abstract:

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14.

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 13,001 (346)

Abstract:

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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 12,943 (350)
Citation 11

Abstract:

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Equity Risk Premiums, Default Spreads

16.

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 12,799 (357)
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

17.

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 12,492 (379)

Abstract:

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

18.

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 12,324 (390)
Citation 20

Abstract:

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valuation, growth companies, venture capital approach

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 12,038 (405)
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 10,910 (494)
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 10,523 (522)
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 10,020 (574)
Citation 3

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23.

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 7,172 (1,023)
Citation 9

Abstract:

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

24.

The Value of Synergy

Number of pages: 47 Posted: 14 Nov 2005
Aswath Damodaran
New York University - Stern School of Business
Downloads 6,787 (1,133)
Citation 21

Abstract:

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synergy, acquisitiion, valuation

25.

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 6,441 (1,248)

Abstract:

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

26.

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 5,974 (1,413)
Citation 8

Abstract:

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Risk Free Rate, Government Default, Sovereign Risk

27.

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 5,867 (1,459)
Citation 5

Abstract:

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

28.

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 5,491 (1,628)
Citation 11

Abstract:

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employee stock options, ESOP, restricted stock, management options

29.

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 5,488 (1,633)

Abstract:

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valuation, risk, uncertainty

30.

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 5,379 (1,687)
Citation 1

Abstract:

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Pricing, Value, Bubbles, Venture Capital

31.

Risk Management: A Corporate Governance Manual

Number of pages: 113 Posted: 24 Sep 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,339 (1,706)
Citation 8

Abstract:

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risk management, risk hedging, risk aversion, corporate governance

32.

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 5,258 (1,758)
Citation 5

Abstract:

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intangibles, brand name, patents, real options

33.

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 5,218 (1,781)

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34.

Valuing Declining and Distressed Companies

Number of pages: 69 Posted: 02 Jul 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 5,210 (1,787)
Citation 6

Abstract:

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Distress, DCF valuation, declining firms

35.

Value Investing: Requiem, Rebirth or Reincarnation?

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 5,152 (1,824)
Citation 1

Abstract:

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Value Investing, Growth Investing, Active Investing

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 4,425 (2,397)
Citation 8

Abstract:

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Control premium, voting shares, minority discounts, hostile acquisitions

37.

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 4,182 (2,625)
Citation 40

Abstract:

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

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 4,102 (2,716)
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 4,094 (2,724)

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 4,055 (2,768)
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 3,999 (2,839)
Citation 2

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42.
Downloads 3,882 ( 2,998)
Citation 16

Leases, Debt and Value

Number of pages: 57 Posted: 17 Apr 2009
Aswath Damodaran
New York University - Stern School of Business
Downloads 2,902 (4,829)
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 980 (26,942)

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 3,398 (3,729)
Citation 3

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valuation, cyclial, commodity, normalized earnings

44.

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 3,276 (3,978)
Citation 12

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cash, cross holdings, non-operating assets

45.

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 3,213 (4,127)

Abstract:

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growth investing, small cap, IPO, venture capital

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 3,177 (4,212)

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47.

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 2,956 (4,781)
Citation 9

Abstract:

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Intangible Assets, Valuation

48.

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 2,779 (5,295)
Citation 11

Abstract:

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country risk, emerging markets, beta

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 2,743 (5,411)
Citation 6

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50.

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 2,594 (5,911)
Citation 1

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Multinational, Valuation, Sum of the Parts

51.

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 2,513 (6,254)

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liquidity, illiquidity, marketability, transactions costs, trading halts

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 2,357 (6,961)

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53.

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 2,206 (7,766)
Citation 3

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growth, sustainable growth, value, excess returns

54.

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 2,083 (8,533)
Citation 1

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

55.

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 1,708 (11,736)

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Valuation, Simulation, Decision Trees, Scenario Analysis

56.

Volatility Rules: Valuing Emerging Market Companies

Number of pages: 38 Posted: 17 May 2010
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,545 (13,733)
Citation 9

Abstract:

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Emerging Market, Valuation

57.
Downloads 1,513 ( 14,200)

Value and Risk: Beyond Betas

Number of pages: 47 Posted: 21 Mar 2006
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,513 (13,933)
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

58.

A COVID Diary: Searching for Investment Serenity

Number of pages: 89 Posted: 08 Mar 2021 Last Revised: 10 Mar 2021
Aswath Damodaran
New York University - Stern School of Business
Downloads 1,257 (18,966)

Abstract:

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59.

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 1,203 (20,219)
Citation 6

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transparency, opacity, complexity, valuation

60.

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 1,029 (25,452)

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61.

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 987 (27,035)
Citation 7

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distress, value, adjusted present value, survival

62.

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 906 (30,614)
Citation 3

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63.

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 829 (34,575)

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64.

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 689 (44,494)

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65.

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 521 (63,725)

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

66.

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 481 (70,385)

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67.

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 413 (84,432)
Citation 1

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Enterprise Risk Management, Valuation, Corporate Finance, Risk Management

68.

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 (304,343)
Citation 8
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69.

Response to How to Market the Markets: The Trouble with Profit Maximization

Eastern Economic Journal, Vol. 43, Issue 2, 2017
Number of pages: 2 Posted: 24 Apr 2018
Aswath Damodaran
New York University - Stern School of Business
Downloads 2 (744,216)
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70.

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

Number of pages: 144
Aswath Damodaran
New York University - Stern School of Business
Downloads 0

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Equity risk premiums