This paper examines the added value of expert valuations and their relationship to corporate governance. The analysis is based on a unique sample of 44 closely held public companies that were appraised by financial experts for transactions outside of the Exchange. Each valuation is examined on...

Enterprise Information Technology Systems are major corporate assets upon which corporate operational health is heavily dependent. FASB's Statement No. 86 (SFAS 86) and AICPA's Statement of Position 98-1 (SOP 98-1) are the current accounting standards dealing with how these assets appear on...

This study examines whether and how the passage of the Sarbanes-Oxley Act (SOX) affected earnings quality, proxied by accrual measures, prior to mergers and acquisitions (M&A). Given that the capital markets underwent unusual vicissitudes in the period leading up to the passage of SOX, we...

In this study, we seek to investigate whether private expert valuations commissioned for specific transactions outside the exchange contain incremental information content over public analyst valuations published routinely by investment houses. First, we find that public valuations are based to...

This study investigates differences in expert valuations of private versus public firms conducted for transactions outside the exchange. First, we provide evidence for extreme reliance of the experts on private firms' reported earnings, despite a possible manipulation of these earnings. In...