Identifying similar or identical code fragments becomes much more challenging in code theft cases where plagiarizers can use various automated code transformation or obfuscation techniques to hide stolen code from being detected. Source code plagiarism has become a serious problem for the industry. Although there exist many software solutions for comparing source codes, they are often not practical. This paper presents a novel dynamic analysis approach to software plagiarism detection. Previous works in this field are largely limited in that (i) most of them cannot handle advanced obfuscation techniques, and (ii) the methods based on source code analysis are not practical since the source code of suspicious programs typically cannot be obtained until strong evidences have been collected. Based on the observation that some critical runtime values of a program are hard to be replaced or eliminated by semantics-preserving transformation techniques, we introduce a novel approach to dynamic characterization of executable programs. Our value-based plagiarism detection method (VaPD) uses the longest common subsequence based similarity measuring algorithms to check whether two code fragments belong to the same lineage. We evaluate our proposed method through a set of real-world automated obfuscators.