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Competition, Managerial Slack, and Corporate Governance
Golan, Limor - 2014
We model the interaction between product market competition and internal governance at firms. Competition makes it more … changes in the level of slack. We also provide conditions under which increased competition leads all firms to switch from …
Persistent link: https://www.econbiz.de/10013068416
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Information Disclosure, Product Market Competition, and Firm Value
Ho, Kung-Cheng - 2016
market competition. Using a unique information rating scheme that draws from 114 measures over five dimensions of information … market competition interact in affecting firm value. This relationship is robust after controlling for a number of firm … together, and suggests that information disclosure and product market competition complement each other in enhancing a firm …
Persistent link: https://www.econbiz.de/10013001044
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Managerial Optimism and Firm Value : A Stochastic Frontier Approach
Ben Mohamed, Ezzeddine - 2014
Persistent link: https://www.econbiz.de/10013064844
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Firm Valuation : Tax Shields & Discount Rates
Ansay, Thomas - 2017
This paper proposes a new discounted cash flows' valuation setup, and derives a general expression for the tax shields' discount rate. This setup applies to any debt policy and any cash flow pattern. It only requires the equality at any time between the assets side and the liabilities side of...
Persistent link: https://www.econbiz.de/10012976531
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Capital Budgeting and Managerial Retention under Product Market Competition
Mon, Myat - 2012
product market competition. The paper characterizes headquarters' decision to retain managers and allocate capital for … different degrees of product market competition and fundamental parameters in the VC markets. The paper shows that distortions …
Persistent link: https://www.econbiz.de/10013115087
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DCF Fair Value Valuation, Excessive Assets and Hidden Inefficiencies
Mielcarz, Paweł - 2013
financial and accounting literature. There is easily observable gap between fair value theory and valuation practices. Thus this … value based management rules. It is based on literature review, theory examination and short case studies which present …
Persistent link: https://www.econbiz.de/10013091290
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An 'Enhanced' Corporate Valuation Model : Theory and Empirical Tests
Cornell, Bradford - 2015
In this paper, we develop an enhanced corporate valuation model based on the implied cost of equity capital (ICC). We argue that the enhanced approach extends the standard market multiples and discounted cash flow (DCF) approaches to corporate valuation. Specifically, it incorporates positive...
Persistent link: https://www.econbiz.de/10013015900
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The Choice of Tax Shields’ Discount Rate on Firm Valuation : A Case Study
Lopes, Margarida - 2016
This dissertation suggests that the tax savings, in firm valuation, are discounted at a rate computed through a model presented in the literature review, which is different from the rates usually used for this purpose either by the top text books from, for example, Neves (2002), Ross,...
Persistent link: https://www.econbiz.de/10012985739
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Firm Valuation with Cash-FlowRisk
Bancel, Franck - 2010
We propose in this article an alternative approach to the Discounted Cash-Flow model based on the concept of economic capital developed by Merton and Perold (1993). We define what we call cash-flow@risk that consists in stripping future cash-flows, each cut into two parts, a low risk part...
Persistent link: https://www.econbiz.de/10013135785
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CEOs Overconfidence and Board of Directors in Tunisian Firms
Baccar, Amel - 2012
We administered OLS regressions test on the overconfidence bias and the board of directors to obtain evidence concerning CEOs psychological traits and attitudes. We find that CEOs in Tunisian firms are overconfident and the board of directors characteristics as size, independence and duality can...
Persistent link: https://www.econbiz.de/10013102138