Investment contract duration is a key parameter for venture capital funds operation. Variables influencing the decision around this parameter are usually treated in general principles in the classical financial literature leaving plenty of room for context sensitive research. As such, we studied...

This paper examines the bonding effect of cross-listing before and after the stock market liberalization reforms in China. Consistent with the bonding hypothesis, we find that Chinese firms with foreign listings attain higher valuations than firms without foreign listings. We also find that they...

In the stock market crash of 2000 many internet firms that were ostensibly bankrupt were able to stave off bankruptcy by seeking protection under Chapter 11 or avoid it completely through refinancing or merging with another company. The implication is that these firms had a de facto option to...

Entre las dificultades de indole practico que encuentran los modelos de valoracion se encuentran las de la elevada cantidad de informacion que necesitan para su aplicacion, y la problematica de integrar en el proceso informacion de tipo cualitativo. La valoracion multicriterio permite soslayar...

The CAPM implies that investors require equity risk premia when choosing risky investments and therefore demand higher returns to equity invested if higher risk is present. This should apply to investments in independent enterprises and multi-national enterprises alike. This hypothesis is...

This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. However, the significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By...

South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock...

The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We report that management frequently uses takeover defenses before taking the firm public. The use of takeover defenses is primarily motivated by managerial entrenchment. IPO...

There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed...

This paper presents an expert system aimed at evaluating firms and business units. It makes use of fuzzy logic and integrates financial, strategic, managerial aspects, processing both quantitative and qualitative information. Twenty-nine value drivers are explicitly taken into account and...