RT Journal Article SR Electronic T1 Is the Arithmetic or Harmonic Mean the Best Valuation Estimate? JF The Journal of Investing FD Institutional Investor Journals SP 90 OP 94 DO 10.3905/joi.2016.25.2.090 VO 25 IS 2 A1 Daniel Yanushevsky A1 Rafael Yanushevsky YR 2016 UL https://pm-research.com/content/25/2/90.abstract AB 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