{"id":1569,"date":"2024-09-26T16:14:39","date_gmt":"2024-09-26T12:14:39","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1569"},"modified":"2026-04-15T15:53:55","modified_gmt":"2026-04-15T11:53:55","slug":"the-pastor-stambaugh-model","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">Pastor-Stambaugh-\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8<\/span>"},"content":{"rendered":"<h3 class=\"wp-block-heading\">Startup Valuations: Venture Funds vs. The Pastor-Stambaugh Model<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the evaluation of startup valuations, venture capital funds often rely on The Pastor-Stambaugh model (PSM) instead of the Capital Asset Pricing Model (CAMP). This preference arises because startups place significant weight on liquidity parameters in the price of their capital risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Due to the nature of the research, it is believed that one index sets the upper bound, while the other sets the lower bound for the expected returns of venture capital funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The results of index studies show a high alpha (a measure of abnormal returns), which makes the standard CAPM (Capital Asset Pricing Model) inconvenient,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"868\" height=\"385\" data-attachment-id=\"4301\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/image-148\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-11.png?fit=868%2C385&amp;ssl=1\" data-orig-size=\"868,385\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-11.png?fit=868%2C385&amp;ssl=1\" class=\"wp-image-4301\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-11.png?resize=868%2C385&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> Thus, additional parameters are introduced into the model:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"649\" height=\"104\" data-attachment-id=\"4295\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/image-146\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-9.png?fit=649%2C104&amp;ssl=1\" data-orig-size=\"649,104\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-9.png?fit=649%2C104&amp;ssl=1\" class=\"wp-image-4295\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-9.png?resize=649%2C104&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Pastor-Stambaugh model introduces a liquidity premium, with its beta (as determined by statistical analysis) provided in the table, and the liquidity premium is assumed to be 5%*. <a href=\"https:\/\/faculty.chicagobooth.edu\/lubos-pastor\/data\">(https:\/\/faculty.chicagobooth.edu\/lubos-pastor\/data)<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"882\" height=\"490\" data-attachment-id=\"4291\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/image-145\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-8.png?fit=882%2C490&amp;ssl=1\" data-orig-size=\"882,490\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-8.png?fit=882%2C490&amp;ssl=1\" class=\"wp-image-4291\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-8.png?resize=882%2C490&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately, the cost of equity for venture capital funds is estimated to be around 15% (although the ERP, or Equity Risk Premium, in this formula is 7%, which is quite high):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"856\" height=\"265\" data-attachment-id=\"4298\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/image-147\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-10.png?fit=856%2C265&amp;ssl=1\" data-orig-size=\"856,265\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-10.png?fit=856%2C265&amp;ssl=1\" class=\"wp-image-4298\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-10.png?resize=856%2C265&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*Venture Capital &#038; the Finance of Innovation &#8211; by A. Metrick &#038; A. Yasuda<\/p>","protected":false},"excerpt":{"rendered":"<p>#\u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 #\u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8 CAPM-\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3 The Pastor-Stambaugh model (PSM)-\u10e1 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d8\u10d0\u10dc, \u10d8\u10db\u10d8\u10e2\u10dd\u10db \u10e0\u10dd\u10db \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10e4\u10d0\u10e1\u10e8\u10d8 \u10da\u10d8\u10d9\u10d5\u10d8\u10d3\u10dd\u10d1\u10d8\u10e1 \u10de\u10d0\u10e0\u10d0\u10db\u10d4\u10e2\u10e0\u10d4\u10d1\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10ec\u10dd\u10dc\u10d0 \u10d0\u10e5\u10d5\u10e1&#8230; \u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10dd\u10e0\u10d8 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 (SHE \u10d3\u10d0 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":4291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675922,774675955,37372,164077271,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445713,784445711],"eon_idea":[784445690,784445697,784445692],"eon_framework":[],"class_list":["post-1569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-equity-risk-premiums-by-aswath-damodaran","category-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","category-risk","category-vc-valuation","category-wacc-coc-structure","eon_level-advanced","eon_source-equity-risk-premiums-by-aswath-damodaran","eon_source-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","eon_idea-risk","eon_idea-vc-valuation","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Pastor-Stambaugh Model - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pastor-Stambaugh Model - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"#\u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 #\u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8 CAPM-\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3 The Pastor-Stambaugh model (PSM)-\u10e1 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d8\u10d0\u10dc, \u10d8\u10db\u10d8\u10e2\u10dd\u10db \u10e0\u10dd\u10db \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10e4\u10d0\u10e1\u10e8\u10d8 \u10da\u10d8\u10d9\u10d5\u10d8\u10d3\u10dd\u10d1\u10d8\u10e1 \u10de\u10d0\u10e0\u10d0\u10db\u10d4\u10e2\u10e0\u10d4\u10d1\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10ec\u10dd\u10dc\u10d0 \u10d0\u10e5\u10d5\u10e1... \u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10dd\u10e0\u10d8 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 (SHE \u10d3\u10d0 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/26\/the-pastor-stambaugh-model\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-26T12:14:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T11:53:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-8.png?fit=882%2C490&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"882\" \/>\n\t<meta property=\"og:image:height\" content=\"490\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1569\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"Pastor-Stambaugh-\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\",\"datePublished\":\"2024-09-26T12:14:39+00:00\",\"dateModified\":\"2026-04-15T11:53:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/09\\\/26\\\/the-pastor-stambaugh-model\\\/\"},\"wordCount\":192,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/09\\\/26\\\/the-pastor-stambaugh-model\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/image-8.png?fit=882%2C490&ssl=1\",\"articleSection\":[\"Equity Risk Premiums - 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