This study investigates whether the valuation approaches for closely held companies preferred by courts vary by industry type. Our difference of means tests find that income valuation approaches are preferred by courts over either asset or market approaches for cases involving the valuation of...

Previous research has set a firm position on quality and credibility of accounting information in the audit markets. Firth and Smith (1992), observed that brand name auditors provide higher assurance and credibility to the audited financial statements of companies with little or no trading...