TY - JOUR T1 - Is the Arithmetic or Harmonic Mean the Best Valuation Estimate? JF - The Journal of Investing SP - 90 LP - 94 DO - 10.3905/joi.2016.25.2.090 VL - 25 IS - 2 AU - Daniel Yanushevsky AU - Rafael Yanushevsky Y1 - 2016/05/31 UR - https://pm-research.com/content/25/2/90.abstract N2 - A rigorously justifiable procedure to calculate a group multiple based on multiples of separate members of the group does not exist. Academicians and practitioners use the arithmetic mean, harmonic mean, and median to calculate valuation multiples for various industries and sectors of the economy. This article offers a criterial interpretation of the arithmetic and harmonic means and considers the group multiple problem as decision making based on the criterial approach.TOPICS: Quantitative methods, analysis of individual factors/risk premia ER -