Análise Multicritério Nebulosa de Empresas

Antonio Marcos Duarte Junior, Hugo Ghiaroni Albuquerque e Silva
2018 Revista Brasileira de Finanças  
We consider the problem of equity valuation. The use of fuzzy multicriteria decision analysis is proposed to solve the problem. The resulting methodology allows the use of the multiples most often calculated by equity analysts from audited balance sheets, with the addition of qualitative criteria, such as corporate governance, sustainability indicators and credit ratings, as well as risk measures (liquidity and market) based on trading prices and volumes. Also, the proposal facilitates
more » ... acilitates incorporating uncertainty into the problem with the use of fuzzy mathematics. The resulting methodology proved to be robust and offered detailed information about expected performance under adverse scenarios, enhancing the decision-making process faced by equity analysts and portfolio managers. Numerical examples obtained with data from the Brazilian stock market are exhibited for illustrative purposes.
doi:10.12660/rbfin.v16n2.2018.61929 fatcat:ka4j6ruexzfojnuypgagvfdzd4