An analysis of private versus public firm valuations and the contribution of financial experts
Tài liệu tham khảo
Aharony, 1993, Initial public offerings, accounting choices and earnings management, Contemporary Accounting Research, 10, 61, 10.1111/j.1911-3846.1993.tb00382.x
Alford, 1992, The effect of the set of comparable firms on the accuracy of the price-earnings valuation method, Journal of Accounting Research, 30, 94, 10.2307/2491093
Amir, 1999, What value analysts?
Ang, 2001, The take-over market for privately held companies: The US experience, Cambridge Journal of Economics, 25, 723, 10.1093/cje/25.6.723
Armstrong, 2006, Venture-backed private equity valuation and financial statement information, Review of Accounting Studies, 11, 119, 10.1007/s11142-006-6398-8
Ball, 2005, Earnings quality in UK private firms: Comparative loss recognition timeliness, Journal of Accounting and Economics, 39, 83, 10.1016/j.jacceco.2004.04.001
Ball, R., & Shivakumar, L. (2006). Earnings quality at initial public offerings. Working paper, University of Chicago.
Beatty, 1999, The method of comparables and tax court valuations of private firms: An empirical investigation, Accounting Horizons, 13, 177, 10.2308/acch.1999.13.3.177
Beatty, R.P., Riffe, S.M., & Thompson, R. (2001). The log-linear form of stock value models based on accounting information. Working paper, Southern Methodist University.
Berlin, 1988, Bond covenants and delegated monitoring, The Journal of Finance, 43, 397, 10.2307/2328467
Bhojraj, 2002, Who is my peer? A valuation-based approach to the selection of comparable firms, Journal of Accounting Research, 40, 407, 10.1111/1475-679X.00054
Brown, 1999, Use of R2 in accounting research: Measuring changes in value relevance over the last four decades, Journal of Accounting and Economics, 28, 83, 10.1016/S0165-4101(99)00023-3
Burgstahler, 2006, The importance of reporting incentives: Earnings management in European private and public firms, The Accounting Review, 81, 983, 10.2308/accr.2006.81.5.983
Chang, 1998, Takeovers of privately held targets, methods of payments, and bidder returns, Journal of Finance, 53, 773, 10.1111/0022-1082.315138
Cheng, 2000, The valuation accuracy of the price-earnings and price-book benchmark valuation methods, Review of Quantitative Finance and Accounting, 15, 349, 10.1023/A:1012050524545
Christie, 1994, Efficient and opportunistic choices of accounting procedures: Corporate control contests, The Accounting Review, 69, 539
Coles, 2006, Earnings management around employee stock option reissues, Journal of Accounting and Economics, 41, 173, 10.1016/j.jacceco.2005.08.002
Collins, 1997, Changes in the value-relevance of earnings and book values over the ast forty years, Journal of Accounting and Economics, 24, 39, 10.1016/S0165-4101(97)00015-3
Core, 2003, Market valuations in the new economy: An investigation of what has changed, Journal of Accounting and Economics, 34, 43, 10.1016/S0165-4101(02)00087-3
DeAngelo, 1986, Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders, The Accounting Review, 61, 400
DeAngelo, 1990, Equity valuation and corporate control, The Accounting Review, 93
De Bondt, 1990, Do security analysts overreact?, American Economic Review, 80, 52
Dechow, 2002, The quality of accruals and earnings: The role of accrual estimation errors, The Accounting Review, 77, 35, 10.2308/accr.2002.77.s-1.35
De Franco, G., Gavious, I., Jin, J., & Richardson, G.D. (2008). The private company discount and earnings quality. Working paper, University of Toronto.
De Franco, G., Gavious, I., Jin, J., & Richardson, G. D. (in press). Do private company targets that hire Big4 auditors receive higher proceeds? Contemporary Accounting Research.
Demers, 2001, A rude awakening: Internet shakeout in 2000, Review of Accounting Studies, 6, 331, 10.1023/A:1011675227890
Draper, 2006, Acquisitions: Private versus public, European Financial Management, 12, 57, 10.1111/j.1354-7798.2006.00310.x
Easterwood, 1998, Takeovers and incentives for earnings management: An empirical analysis, Journal of Applied Business Research, 14, 29, 10.19030/jabr.v14i1.5726
Elnathan, 2009, On the added value of firm valuation by financial experts, International Journal of Business and Management, 4, 70, 10.5539/ijbm.v4n3p70
Erickson, 1999, Earnings management by acquiring firms in stock for stock mergers, Journal of Accounting and Economics, 27, 149, 10.1016/S0165-4101(99)00008-7
Fama, 1985, What's different about banks?, Journal of Monetary Economics, 15, 29, 10.1016/0304-3932(85)90051-0
Fama, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics, 33, 3, 10.1016/0304-405X(93)90023-5
Francis, 2005, The market pricing of accruals quality, Journal of Accounting and Economics, 39, 295, 10.1016/j.jacceco.2004.06.003
Francis, 1993, Analysts' decisions as products of a multi-task environment, Journal of Accounting Research, 31, 216, 10.2307/2491271
Friedlan, 1994, Accounting choices by issuers of initial public offerings, Contemporary Accounting Research, 11, 1, 10.1111/j.1911-3846.1994.tb00434.x
Fuller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance, 57, 1763, 10.1111/1540-6261.00477
Hand, 2005, The value relevance of financial statements in the venture capital market, The Accounting Review, 80, 613, 10.2308/accr.2005.80.2.613
Hauser, 2004, The value of voting rights to majority shareholders: Evidence from dual class stock unifications, Review of Financial Studies, 17, 1167, 10.1093/rfs/hhg061
Kaplan, 1995, The valuation of cash flow forecasts: An empirical analysis, The Journal of Finance, 50, 1059, 10.2307/2329344
Katz, S.P. (2006). Earnings management and conservatism in the transition between private and public ownership: The role of private equity sponsors. Working paper, Columbia University.
Koeplin, 2000, The private company discount, Journal of Applied Corporate Finance, 12, 94, 10.1111/j.1745-6622.2000.tb00022.x
Lie, 2002, Multiples used to estimate corporate value, Financial Analyst Journal, 58, 44, 10.2469/faj.v58.n2.2522
Lim, 2001, Rationality and analysts' forecast bias, Journal of Finance, 56, 369, 10.1111/0022-1082.00329
Lin, 1998, Underwriting relationships, analysts' earnings forecasts and investment recommendations, Journal of Accounting and Economics, 25, 101, 10.1016/S0165-4101(98)00016-0
Liu, 2002, Equity valuation using multiples, Journal of Accounting Research, 40, 135, 10.1111/1475-679X.00042
Lo, K. (2004). The effects of scale differences on inferences in accounting research: Coefficient estimates, tests of incremental association, and relative value relevance. Working paper, MIT.
Louis, 2004, Earnings management and the market performance of acquiring firms, Journal of Financial Economics, 74, 121, 10.1016/j.jfineco.2003.08.004
Louis, 2005, Do managers credibly use accruals to signal private information? Evidence from the underpricing of discretionary accruals around stock splits, Journal of Accounting and Economics, 39, 361, 10.1016/j.jacceco.2004.07.004
Marquardt, 2004, How are earnings managed? An examination of specific accruals, Contemporary Accounting Research, 21, 461, 10.1506/G4YR-43K8-LGG2-F0XK
Mukherjee, 2004, Merger motives and target valuation: A survey of evidence from CFOs, Journal of Applied Finance, 14, 7
O'Brien, 1998, Analysts' forecasts as earnings expectations, Journal of Accounting and Economics, 10, 53, 10.1016/0165-4101(88)90023-7
Officer, 2007, The price of corporate liquidity: Acquisition discounts for unlisted targets, Journal of Financial Economics, 83, 571, 10.1016/j.jfineco.2006.01.004
Orens, 2007, Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst, The International Journal of Accounting, 42, 237, 10.1016/j.intacc.2007.06.002
Pagano, 1998, Why do companies go public? An empirical analysis, The Journal of Finance, 53, 27, 10.1111/0022-1082.25448
Penman, 1996, The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth, Journal of Accounting Research, XX, 235, 10.2307/2491501
Perry, 1994, Earnings management preceding management buyout offers, Journal of Accounting and Economics, 19, 157, 10.1016/0165-4101(94)00362-9
Phillips, 1995, Do privately-held controlling interests sell for less?, Business Valuation Review, 14, 102, 10.5791/0882-2875-14.3.102
Powell, 2005, Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks, Journal of Corporate Finance, 11, 293, 10.1016/j.jcorpfin.2003.06.001
Pratt, 2001
Rangan, 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics, 50, 101, 10.1016/S0304-405X(98)00033-6
Shivakumar, 2000, Do firms mislead investors by overstating earnings prior to seasoned equity offerings?, Journal of Accounting and Economics, 29, 339, 10.1016/S0165-4101(00)00026-4
Teoh, 1998, Earnings management and the long-run market performance of initial public offerings, Journal of Finance, 53, 1935, 10.1111/0022-1082.00079
Teoh, 1998, Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics, 50, 63, 10.1016/S0304-405X(98)00032-4
Teoh, 2002, Why new issues and high-accrual firms underperform: The role of analysts' credulity, Review of Financial Studies, 15, 869, 10.1093/rfs/15.3.869
Trueman, 2000, The eyeballs have it: Searching for the value in internet stocks, Journal of Accounting Research, 38, 137, 10.2307/2672912
White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934
Ye, J., & Finn, M. (2000). Nonlinear accounting-based equity valuation models. Working paper, Baruch College.