In shareholder litigation, judges and litigants choose from a menu of valuation methods that is evolving over time. What drives demand for new valuation methods? Does valuation method choice affect a judge's final appraisal? Is a judge more likely to favor the litigant whose valuation method...

This article develops a consumption-based valuation model that treats earnings and cash flow as complementary information sources. The model integrates three ideas that do not appear in traditional valuation models: (i) earnings provide information about future shocks to cash flow; (ii) earnings...

Is choice of incorporation state associated with differences in firms' fundamental attributes? We show that firms incorporated in Delaware are larger, younger, less profitable, more risky, spend more in Ramp;D, and have larger Tobin's Q than non-Delaware U.S. firms. Furthermore, we show that,...