A Note on the Valuation of Asset Management Firms - EDHEC Business School

This note is organised as follows. Section 2 reviews the valuation of asset management firms by way of a dividend discount model and presents the puzzle due to HUBERMAN (2004). Section 3 reviews the contributions of BERK/GREEN (2004) in this context and presents a simple valuation formula for an asset management company in industry equilibrium. ................
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