We provide insights into the inputs and valuation models used by valuation specialists. We survey 172 valuation specialists and conduct several follow-up interviews covering various topics, including the valuation inputs, models, and industry information that they use, as well as how they...

We provide new evidence on individual analysts' differential abilities to forecast firm value. In matched sample analyses, we find that independent analysts' target prices perform well in predicting future price relative to investment-bank analysts. Our evidence suggests that independent...

Researchers, practitioners, and standard setters emphasize the importance of disaggregating financial statements into operating and financial activities. However, there is a lack of research demonstrating that this disaggregation improves forecasts of profitability. In this study, we consider...

We investigate the association between public versus private ownership and future long-term changes in profitability. Managers have long debated the implications of public and private corporate ownership; however, little empirical research has provided insight into the issue. We find robust...

We examine the financial reporting practices of small privately-held businesses that are not subject to SEC regulation. Specifically, we determine the factors associated with the production and use of financial statements for firms who have discretion in the preparation of financial statements...