Joakim Levin

Lecturer, PhD
at the Stockholm School of Economics

This page in Swedish / Denna sida på svenska

Since July 1 2000, I am lecturer at the Managerial Economics Section. When not teaching, I am working in my own firm Levineko, with valuation issues as well as the management of sharehorses (i.e. racing horses) in Stall Procent. My previous research concerned valuation problems in corporate finance, i.e., Firm (Equity) Valuation on the Basis of Accounting Data and Valuation of Real Estate and Real Estate Companies. Downloadable research paper:
Terminal Value Techniques in Equity Valuation
Joakim Levin & Per Olsson (June, 2000)
SSE/EFI Working Paper in Business Administration No 2000:7
(Click for abstract and download)

Recommended valuation oriented books: (click for more information)
Valuation: Measuring and Managing the Value of Companies
by T. Copeland, T. Koller, J. Murrin
Business Analysis & Valuation : Using Financial Statements
by Krishna G. Palepu, Victor L. Bernard, Paul M. Healy -- Also available with cases

Contact information

Postal address: Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden
Office address: Sveavägen 59, 7, Room 1113
Phone: +46 8 736 94 54
Fax: +46 8 32 12 70
Email: Joakim.Levin@hhs.se
Private homepage

Teaching

Since 1999, lecturer in Ekonomisk Analys och Styrning (Economic Analysis and Control) (1999: Managerial Economics), Stockholm School of Economics

Since 1998/99, course director for and lecturer in Mathematics and Modelconstruction (part of the doctoral course Quantitative Methods), Stockholm School of Economics

1996/97, and 2002-2005 lecturer at SSE Riga (Latvia) in Managerial Economics and Production Management

1995, teacher in Managerial Economics, Stockholm School of Economics

1993-95, course assistant in Managerial Economics, Stockholm School of Economics

Previous Research

Specific research topics were:

Valuation of real estate and real estate companies
- valuation methodology
- terminal value calculations
- analysts' use and understanding of valuation models
Firm and equity valuation
- terminal value calculations and their underlying assumptions:
  under which conditions are different techniques theoretically valid?
- discounting procedures for achieving a general equivalence between prominent valuation models under different cost of capital regimes
- assessment of different valuation models/concepts:
  Free Cash Flow, Abnormal Earnings (Residual Income), Economic Value Added (EVA), Dividends, and The Adjusted Present Value (APV) Model
- forecasting procedures of value-relevant accounting items:
  Forecasts of investment related items

Publications

Redovisningsbaserad aktievärdering (Accounting-based Equity Valuation, in Swedish)
Joakim Levin & Per Olsson (in Jennergren, L.P. (Ed.), Studier i Kostnadsintäktsanalys - EFI:s Årsbok 1998, EFI, Stockholm)

Essays in Company Valuation
Joakim Levin (EFI, Stockholm, 1998): Summary
Available from EFI.

On the Fundamentals of Company Valuation
Looking Beyond the Horizon and Other Issues in Company Valuation (joint with Per Olsson)
Company Valuation with a Periodically Adjusted Cost of Capital (joint with Per Olsson)
On the General Equivalence of Company Valuation Models - Free Cash Flow, Economic Value Added, Abnormal Earnings, Dividends, and the Adjusted Present Value Model in Equity Valuation
Download this essay in RTF-format: Part 1 Part 2 Part 3

Discounted Cash Flow Models
Per Olsson & Joakim Levin (in Paxson, D., Wood, D. (Ed:s.), The Blackwell Encyclopedia of Management, Vol. VII: Finance, pp. 43-45, Blackwell, Oxford, 1997, and in Cooper, C.L. & Argyris, C. (Ed:s), The Concise Blackwell Encyclopedia of Management, pp.162-163, Blackwell, Oxford, 1998)

Looking Beyond the Horizon and Other Issues in Company Valuation
Joakim Levin & Per Olsson (EFI, Stockholm, 1995)
Available from EFI.

Conference Papers

On the General Equivalence of Company Valuation Models
Joakim Levin
(EURO Working Group on Financial Modelling, 21st Meeting, Venice, Italy, October 28-31, 1997)

Looking Beyond the Horizon
Joakim Levin & Per Olsson
(EURO Working Group on Financial Modelling, 18th meeting, Keele University, England, 1996)

On Valuation of Companies By the McKinsey Discounted Cash Flow Model
Joakim Levin & Per Olsson
(EFMA Annual Meeting, London, 1995; and the CEMS Conference, Vienna, Austria, 1995)

Working Papers

Terminal Value Techniques in Equity Valuation
Joakim Levin & Per Olsson (June, 2000)
SSE/EFI Working Paper in Business Administration No 2000:7 (Click for abstract and download)

Why Theoretically Equivalent Models Give Different Results
Joakim Levin (June, 2000)

Värdering av kommersiella fastigheter - några lärdomar från fastighetskrisen
Joakim Levin (unfinished manuscript)

Denna sida har uppdaterats 07-sep-2006 av joakim.levin@hhs.se