This paper concerns the terminal value calculation, represented by {numerator/(r-g)} where r and g define, respectively, the discount factor and the growth rate. Expressions of this kind derive from discounting a geometric series of payoffs, the Gordon-Williams model providing the prototype....

This paper develops an analytically coherent yet parsimonious framework which explains market returns in terms of contemporaneous information. It anchors on the idea that valuation (static perspective) can be connected to the dynamics that explains returns, and vice versa. The framework requires...

We investigate the disclosure and prominence of non-GAAP earnings metrics in IPO prospectuses and how these disclosures affect IPO valuation. In contrast to already-public firms, we find an inverted U-shaped relation between IPO firms' GAAP performance and the likelihood that they will disclose...