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Do Buyouts (Still) Create Value?
Guo, Shourun - 2014
, returns are strongly related to increases in industry valuation multiples. Overall, our results provide insights into how …
Persistent link: https://www.econbiz.de/10012751381
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Buyout Activity : The Impact of Aggregate Discount Rates
Haddad, Valentin - 2016
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present...
Persistent link: https://www.econbiz.de/10012986691
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Financial vs. Strategic Buyers
Martos-Vila, Marc - 2013
This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of overvalued debt might seem limited...
Persistent link: https://www.econbiz.de/10013076914
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Tips and Tells from Managers : How Analysts and the Market Read between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This reaction reflects reasonably rational use of information. “Tone surprise” – the residual when negativity in managerial tone is regressed on the firm's recent economic...
Persistent link: https://www.econbiz.de/10013027252
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Disclosure and the Cost of Capital : Evidence from Firms' Responses to the Enron Shock
Leuz, Christian - 2010
This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of...
Persistent link: https://www.econbiz.de/10012757529
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Dividend Taxes and Firm Valuation : New Evidence
Auerbach, Alan J. - 2010
Relief Act of 2003quot; on firm valuation. That paper found that firms with higher dividend yields benefited more than other …
Persistent link: https://www.econbiz.de/10012761771
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Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital
Bolton, Patrick - 2015
A risk-averse entrepreneur with access to a profitable venture needs to raise funds from investors. She cannot indefinitely commit her human capital to the venture, which limits the firm's debt capacity, distorts investment and compensation, and constrains the entrepreneur's risk-sharing. This...
Persistent link: https://www.econbiz.de/10013027264
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Squaring Venture Capital Valuations with Reality
Gornall, Will - 2017
We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns – private companies … unicorn post-money valuation average 50% above fair value, with 15 being more than 100% above. Reported valuations assume all …% overvalued. After adjusting for these valuation-inflating terms, almost one-half (65 out of 135) of unicorns lose their unicorn …
Persistent link: https://www.econbiz.de/10012946036
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Governance and Bank Valuation
Caprio, Gerard - 2003
not support the view that empowering official supervisory and regulatory agencies will increase the market valuation of …
Persistent link: https://www.econbiz.de/10012786320
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Tax Reform and Adjustment Costs : the Impact on Investment and Market Value
Auerbach, Alan J. - 2002
This paper derives analytical measures of the combined effects of tax changes and adjustment costs on investment and market value. Unlike earlier measures, the effective tax rate derived is valid in the presence of adjustment costs and anticipated tax changes. The derived measure of the impact...
Persistent link: https://www.econbiz.de/10012787469