In this study, we seek to investigate whether private expert valuations commissioned for specific transactions outside the exchange contain incremental information content over public analyst valuations published routinely by investment houses. First, we find that public valuations are based to...

This study investigates differences in expert valuations of private versus public firms conducted for transactions outside the exchange. First, we provide evidence for extreme reliance of the experts on private firms' reported earnings, despite a possible manipulation of these earnings. In...