Relevant bibliographies by topics / Firm's valuation

Academic literature on the topic 'Firm's valuation'

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Published: 11 March 2023

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Journal articles on the topic "Firm's valuation"

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Cai, Jun, Miao Luo, and Alan J. Marcus. "Financial health and the valuation of corporate pension plans." Journal of Pension Economics and Finance 19, no. 4 (November 19, 2019): 459–90. http://dx.doi.org/10.1017/s1474747219000210.

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AbstractWe return to the long-standing question ‘Who owns the assets in a defined benefit pension plan?’ Unlike earlier studies, we condition the market's assessment of implicit property rights on the sponsoring firm's financial health. Valuations of financially strong firms, and those that are strengthening, are more responsive to pension plan funding. For these firms, each extra dollar of net plan assets is valued at between $0.50 and $1.00. In contrast, for weak and weakening firms, valuation effects are statistically indistinguishable from zero. This result is consistent with the higher likelihood that they will renege on their pension obligations.
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Jindra, Jan. "Seasoned Equity Offerings, Valuation and Timing: Evidence from 1980's and 1990's." Quarterly Journal of Finance 03, no. 03n04 (September 2013): 1350013. http://dx.doi.org/10.1142/s2010139213500134.

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While the existing literature has focused on whether firms issue equity when they are overvalued, this paper examines whether there was a better time to issue seasoned equity when the valuation of a firm's shares might have been even more favorable. Using three valuation approaches, the findings suggest that: (1) the valuation of firms issuing seasoned equity is the most favorable at the time of the offering and (2) the estimated valuation errors are significantly related to the probability that firms will undertake a seasoned equity issue. These results are consistent with firms optimizing the timing of the seasoned equity offering so as to take maximum possible advantage of misvaluation of their shares.
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Abel, Andrew B., and Janice C. Eberly. "Investment, Valuation, and Growth Options." Quarterly Journal of Finance 02, no. 01 (March 2012): 1250001. http://dx.doi.org/10.1142/s2010139212500012.

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We develop a model in which the opportunity for a firm to upgrade its technology to the frontier (at a cost) leads to growth options in the firm's value; that is, a firm's value is the sum of value generated by its current technology plus the value of the option to upgrade. Variation in the technological frontier leads to variation in firm value that is unrelated to current cash flow and investment, though variation in firm value anticipates future upgrades and investment. We simulate this model and show that, consistent with the empirical literature, in situations in which growth options are important, regressions of investment on Tobin's Q and cash flow yield small positive coefficients on Q and larger coefficients on cash flow. We also show that growth options increase the volatility of firm value relative to the volatility of cash flow.
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Fourati, Hedia, and Habib Affes. "Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange." Journal of Information & Knowledge Management 12, no. 02 (June 2013): 1350010. http://dx.doi.org/10.1142/s021964921350010x.

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The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.
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Geyskens, Inge, Katrijn Gielens, and Marnik G. Dekimpe. "The Market Valuation of Internet Channel Additions." Journal of Marketing 66, no. 2 (April 2002): 102–19. http://dx.doi.org/10.1509/jmkg.66.2.102.18478.

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The emergence of the Internet has pushed many established companies to explore this radically new distribution channel. Like all market discontinuities, the Internet creates opportunities as well as threats—it can be performance-enhancing as readily as it can be performance-destroying. Making use of event-study methodology, the authors assess the net impact of adding an Internet channel on a firm's stock market return, a measure of the change in expected future cash flows. The authors find that, on average, Internet channel investments are positive net-present-value investments. The authors then identify firm, introduction strategy, and marketplace characteristics that influence the direction and magnitude of the stock market reaction. The results indicate that powerful firms with a few direct channels are expected to achieve greater gains in financial performance than are less powerful firms with a broader direct channel offering. In terms of order of entry, early followers have a competitive advantage over both innovators and later followers, even when time of entry is controlled for. The authors also find that Internet channel additions that are supported by more publicity are perceived as having a higher performance potential.
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Allee, Kristian D., Devon Erickson, Adam M. Esplin, and Teri Lombardi Yohn. "The Characteristics, Valuation Methods, and Information Use of Valuation Specialists." Accounting Horizons 34, no. 3 (April 1, 2020): 23–38. http://dx.doi.org/10.2308/horizons-19-057.

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SYNOPSIS 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 estimate long-term growth and the cost of capital. We find that valuation specialists rely on their professional judgment to select a valuation model but prefer the discounted cash flow (DCF) model. They primarily rely on the firm's historical performance when forecasting the financial statements, but communication with management is particularly relevant for forecasting future earnings or cash flows. When estimating the cost of capital, they most commonly use the risk-free rate with subjective adjustments. The results of our study provide insights on the information use of valuation specialists that are relevant to other valuation specialists, managers, academic researchers, and regulators. JEL classification: M41; G12; G17; G32.
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PAN, YONGHUA. "DESIGN AND VALUATION OF CORPORATE SECURITIES WITH STRATEGIC DEBT SERVICE AND ASYMMETRIC INFORMATION." International Journal of Theoretical and Applied Finance 02, no. 02 (April 1999): 201–19. http://dx.doi.org/10.1142/s0219024999000133.

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This paper studies the effects of strategic debt service, asymmetric information and their interaction on the valuation of corporate securities and on corporate financing decisions. By introducing information asymmetry into a continuous-time setting, our model is able to integrate these two factors in a unified framework. Such a model allows for obtaining valuation results in a separating equilibrium. The basic results of this paper imply that the risk premium of debt could be partly contributed by information effect. This part of risk premium could be very significant for those good firms with a project which will produce much higher cash flows than what the market expects. We also find that a firm's financing decision depends on its primitives: firms are more apt to rely on equity if they have: (1) high growth potential, (2) riskier projects, (3) higher ratio of intangible assets to total assets and (4) lesser information asymmetry; firms would prefer debt, otherwise.
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McCarthy, Daniel M., Peter S. Fader, and Bruce G. S. Hardie. "Valuing Subscription-Based Businesses Using Publicly Disclosed Customer Data." Journal of Marketing 81, no. 1 (January 2017): 17–35. http://dx.doi.org/10.1509/jm.15.0519.

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The growth of subscription-based commerce has changed the types of data that firms report to external shareholders. More than ever, companies are discussing and disclosing information on the number of customers acquired and lost, customer lifetime value, and other data. This has fueled an increasing interest in linking the value of a firm's customers to the overall value of the firm, with the term “customer-based corporate valuation” being used to describe such efforts. Although several researchers in the fields of marketing and accounting have explored this idea, their underlying models of customer acquisition and retention do not adequately reflect the empirical realities associated with these behaviors, and the associated valuation models do not meet the standards of finance professionals. The authors develop a framework for valuing subscription-based firms that addresses both issues, and they apply it to data from DISH Network and Sirius XM Holdings.
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Yee, Kenton K. "Opportunities Knocking: Residual Income Valuation of an Adaptive Firm." Journal of Accounting, Auditing & Finance 15, no. 3 (July 2000): 225–66. http://dx.doi.org/10.1177/0148558x0001500303.

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Maintaining a competitive edge requires a firm to replace deteriorating business lines with new projects. Accordingly, part of a firm's value resides in its ability to exploit new opportunities. This paper incorporates adaptation into Ohlson's residual income valuation framework and obtains an adaptation-adjusted valuation formula. Although parsimoniously cast, the model makes two predictions that are consistent with phenomena reported in the empirical literature: earnings convexity and complementarity. Moreover, the Appendix introduces an Equivalence Theorem relating Modigliani-Miller dividend invariance, complementarity, and convexity.
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Hyunhee Ki. "The Announcement effects of stock repurchase and dispositions and firm's valuation." Korea International Accounting Review ll, no. 45 (October 2012): 273–94. http://dx.doi.org/10.21073/kiar.2012..45.013.

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Dissertations / Theses on the topic "Firm's valuation"

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Voge, Garrett Daniel. "Investor Valuation: LGBTQ Inclusion and the Effect on a Firm's Financials." Thesis, The University of Arizona, 2013. http://hdl.handle.net/10150/297778.

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This study examines whether institutional investors value LGBTQ workplace initiatives differently than common investors. To investigate this issue, I analyze the stock market reaction to the release of the 2012 Corporate Equality Index (CEI) scores from the Human Rights Campaign to identify the difference for firms depending on the level of institutional ownership. My findings suggest that firms with a higher ownership percentage of institutional investors have a significantly positive increase in stock prices when they release high CEI scores. This suggests that institutional investors see value in corporate LGBTQ policies.
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SIGNORI, Andrea. "The evalutation of IPOs and its influence on a private firm's exit decision." Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30392.

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The current research investigates the valuation of companies going public in different phases of the IPO process, and unveils its implications on a private firm’s exit decision. The first paper focuses on how underwriters select comparable firms when valuing IPOs. We document that they perform a biased, left-truncated selection, as they omit peers with the poorest valuations compared to those selected by sell-side analysts or obtained from matching algorithms. IPOs are priced at a discount compared to peers selected by underwriters, but at a premium with regards to alternatively selected peers, even by considering peers chosen by the same underwriter acting as analyst. The second paper deals with aftermarket valuation of IPOs, focusing on the relation between the fees paid to underwriters and the services they provide to the issuer, such as price stabilization. We study whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees, and find that asking underwriters to support aftermarket valuation (i.e., stabilize stock price) is costly to the issuer, while to support liquidity is not. Underwriters stabilize IPOs that really need it, whereas the drivers of the provision of liquidity support are less clear. The third paper examines how the possibility to go public and be subsequently acquired at a higher valuation alters a private firm’s initial exit trade-off between IPO and acquisition. Firms suffering from greater information asymmetry and more severe financial constraints are more likely to go public before being acquired, rather than be directly acquired as private. These firms receive a higher valuation than that obtained by similar private targets. On the other hand, there are risks associated with two-stage exits. Less successful firms face a higher probability of delisting, with a valuation similar to what they would have obtained by selling out as private.
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Raoli, Elisa. "Market misvaluation and earnings management. Evidence from Italian financial market." Doctoral thesis, Luiss Guido Carli, 2012. http://hdl.handle.net/11385/200809.

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Classical and behavioural finance theory overview. Classical finance theory. Market Inefficiencies. Behavioural Finance Theory. Investors’ Sentiment. Stock market overvaluation and undervaluation. Earnings management. Earnings management definition. The relationship between earnings and stock market. The relation between earnings management and stock market incentives. Detecting Earnings Management. The agency theory of overvalued equity and earnings management. Empirical evidences supporting the Jensen’s agency cost of overvalued equity and earnings management. Hypothesis Development. The Italian Insider System. The Italian institutional contest. Earnings management in Italy. Sample, Data and Variables’ Description. Sample description and data gathering. Variables’ description. Dependent variable: Change in Current Accruals and Change in Discretionary Accruals. Independent variable: Change in Market to Book Ratio. Control Variables. Model Specification and Descriptive Statistics. Model Specification. Descriptive statistics. Primary test – Changes in Total Accruals as a Dependent Variable. Robustness checks. Alternative sample composition. Alternative model specification.
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Brimble, Mark Andrew, and m. brimble@griffith edu au. "The Relevance of Accounting Information for Valuation and Risk." Griffith University. School of Accounting, Banking and Finance, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20030829.120234.

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A key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.
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Brimble, Mark Andrew. "The Relevance of Accounting Information for Valuation and Risk." Thesis, Griffith University, 2003. http://hdl.handle.net/10072/365276.

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A key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Accounting, Banking and Finance
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Mbokodo, Oupa. "Customer equity as a firm’s valuation technique." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24699.

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Return on marketing investment has received attention for a long period of time. On the other hand, customers and the value that they bring to a company have enjoyed increased attention lately. Concepts like customer obsession, customer life time value, customer delight, customer equity and other topics have been researched by a number of scholars. Customer equity as a marketing concept is the latest in marketing research. The concepts purport that management of a company should be able to calculate the value added to the company by its current and future customers. Such value is then discounted using the appropriate discount rate i.e. weighted average cost of capital (WACC). This research focused on the possibility of using Customer Equity to calculate enterprise value. The purpose was to determine whether any variance between results of the two methods is statistically significant and whether or not a relationship between CE based enterprise value and discounted cash flow (DCF) based enterprise value exist. From the analysis conducted it was concluded that no statistically significant variance existed between Customer Equity based enterprise value and DCF enterprise value. It was also noted that a relationship exist between customer equity and an enterprise value calculated using the DCF model. Copyright
Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
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Ronnie, Lo Hok-Leung. "Voluntary corporate governance disclosure, firm valuation and dividend payout : evidence from Hong Kong listed firms." Thesis, University of Glasgow, 2009. http://theses.gla.ac.uk/1357/.

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The disclosure of Corporate Governance (CG) information by firms has been found in prior studies to have an impact on the market value of firms. This thesis extends the research by studying the impact of voluntary CG disclosure by firms in Hong Kong, a market which provides a strong legal investor protection but characterized by a high insider ownership, on company valuation, as proxied by Tobin’s q. This thesis also examines the role of dividend payout on the CG of Hong Kong firms. Based on hand-collected data for a sample of 258 firm-years over the 2003-2005 period, the empirical results show that, firstly, voluntary CG disclosure is positively and significantly related to market valuation for small firms, but the relationship is not significant for large or medium firms. Combining large firms and small firms in a pooled sample, as done in most previous studies, thus misses the differential value relevance of voluntary CG disclosure for small versus large firms. Secondly, firms with higher CG disclosure are associated with lower dividend payout ratios, ceteris paribus. The evidence appears to suggest that CG disclosure can substitute for dividend payout. Thirdly, those small firms with medium levels of insider ownership are found to pay lower dividends than small firms with either low or very high levels of insider ownership, suggesting that investors would expect higher dividends from small firms that are prone to, or have either agency problems or entrenchment problems. Furthermore, controlling for the level of insider ownership, a small firm with high CG disclosure is always associated with a higher market valuation. The empirical evidence suggests that voluntary CG disclosure has a much stronger impact on the reduction of information asymmetry between investors (i.e., the outsiders) and managers (i.e., the insiders) for small firms than for large firms. Hence, by voluntarily disclosing more CG information, a small firm can be expected to enjoy the double benefits of receiving a higher market valuation and a lower demand for dividend payout from investors. This study contributes to the research of value relevance of CG disclosure in several ways. It provides clear evidence that voluntary CG disclosure enhances the valuation of small firms, which previous research may have overlooked. It also shows that voluntary CG disclosure and the level of insider ownership jointly affect a firm’s valuation and dividend payout. Voluntary disclosure of corporate governance information, even under a strong legal regime for investor protection, seems to be a company attribute very much appreciated by outside investors.
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Chan, Kelly Australian Graduate School of Management Australian School of Business UNSW. "Accounting-based composite market multiples and equity valuation." Awarded By:University of New South Wales. Australian Graduate School of Management, 2010. http://handle.unsw.edu.au/1959.4/44596.

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In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.
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McCallig, Michael John. "The valuation of loss making firms and accounting conservatism." Thesis, Lancaster University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.418858.

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Mangwengwende, Tadiwanashe Mukudzeyi. "International joint ventures and firm value: an empirical study of South African partner firms." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1004174.

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This study investigates international equity joint ventures (IJVs) and South African partner firm value creation at formation. In addition, it tests whether four contentious formation characteristics, namely, the geographical location of the IJV partner, the level of economic development in the IJV partner’s home country, the level of equity held by the South African firm and the industry of the South African firm, can explain when South African IJVs are value enhancing and when they are value diminishing. IJVs are a popular business mode and an important channel for infrastructure and skills investment in developing countries. However, despite their popularity and potential social benefits, these IJVs are predominantly created by the decisions of private firms to collaborate with foreign firms and governments. Consequently the preservation and development of the IJV investment channel is dependent on the encouragement of private firm IJV participation. It is at uncovering potential tools to encourage IJV participation by South African firms that IJV firm value creation becomes important because it stands as a motivator for South African firms’ involvement in IJVs. Existing literature on IJVs and partner firm value has presented conflicting evidence with support for the views that they are value enhancing, value diminishing or of no immediate consequence to their partners’ firm value. Consequently, previous research offers limited firm value support for IJVs. For South African firms considering joint ventures and national policy makers determined to promote IJVs there is a need for an investigation of South African partner IJV firm value effects. Moreover, it is also necessary to test potential explanatory variables that may help to explain when the IJVs are value enhancing and when they are not as this will inform IJV contract negotiations and how limited national government resources are used to promote IJVs. In order to assess firm value creation for South African firms this study performed event studies on IJV formation announcements from 1998 to 2011 using daily share returns from the Johannesburg Securities Exchange taking care to incorporate recent developments in the event study methodology. The study found that while the market responds to IJV announcements, its responses do not, on average, reflect that IJVs are firm value enhancing for their South African partners at formation. This stands in contrast to considerable empirical literature and IJV firm value creation theory. In addition, factoring in formation characteristics, argued to potentially help explain cases of value creation and destruction from IJVs, provided limited explanation for positive and negative wealth effectsfor South African firms entering IJVs. This result has important value for IJV participants, national economic policy makers and IJV researchers. For IJV participants and national policy makers, the results caution unfettered entry/support for IJVs and challenge the role of equity distribution in determining the value of the IJV to its partner firms. For IJV researchers, the results present new evidence questioning IJV firm value creation at formation and provide a potential explanation for the conflict in previous IJV research. The study makes four key contributions to the existing knowledge of IJV firm value creation. Firstly, it assesses IJV wealth effects for the hitherto untested South African IJVs. Secondly, in doing so it adds a new data set (South African IJVs) to the current IJV literature. Thirdly, in reviewing the literature on IJV firm value creation the study presents a disaggregated model of IJV firm value creation from which to develop IJV research and potentially solve the persistent conflict in empirical results on IJV partner wealth effects. Finally, it informs future South African IJV agreements by uncovering factors that influence and do not influence partner wealth effects for South African firms.
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Books on the topic "Firm's valuation"

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Holly, Sean. Market valuation, uncertainty and firm's market power. Sheffield: Sheffield University, School of Management, 1993.

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Virkkunen, Virpi. Imperfect competition and firm's evaluation models. Helsinki: Helsinki School of Economics and Business Administration, 1991.

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Moreschi, Robert W. Tort liability standards and the firm's response to regulation. New York: Garland Pub., 1990.

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The valuation of firms. Cambridge, Mass., USA: Blackwell, 1994.

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Andreas, Löffler, ed. Discounted cash flow: A theory of the valuation of firms. Hoboken, NJ: John Wiley, 2005.

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Keane, Simon M. A survey of the valuation practices of professional accounting firms. Edinburgh: Institute of Chartered Accountants of Scotland, 1992.

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Rezaee, Zabihollah. Financial services firms: Governance, regulations, valuations, mergers, and acquisitions. 3rd ed. Hoboken, N.J: Wiley, 2011.

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Mastracchio, Nicholas J. Mergers and acquisitions of CPA firms: A guide to practice valuation. New York: American Institute of Certified Public Accountants, 1998.

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Denk, Christoph. Die Bilanzierung eines negativen Geschäfts(Firmen)wertes im Einzelabschluss. Wien: Linde, 1998.

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Meyer, Richard F. The valuation of Carefirst: Preliminary report. Washington, DC]: DC Appleseed Center, 2003.

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Book chapters on the topic "Firm's valuation"

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Corelli, Angelo. "The Valuation of Private Firms." In Inside Company Valuation, 41–58. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-53783-2_4.

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De Luca, Pasquale. "Firm Valuation Models." In Springer Texts in Business and Economics, 483–505. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-18300-3_24.

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De Luca, Pasquale. "Firm Valuation Approach." In Springer Texts in Business and Economics, 453–61. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-18300-3_22.

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Moro-Visconti, Roberto. "Decarbonizing the Global Economy: The Valuation of Climate-Tech Firms." In Augmented Corporate Valuation, 479–510. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-97117-5_14.

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Irawati, Nisrul, and Lisa Marlina. "Control Mechanism Analysis in Mediating Market Valuation on Firm Performance in Indonesia." In Proceedings of the 19th International Symposium on Management (INSYMA 2022), 134–40. Dordrecht: Atlantis Press International BV, 2022. http://dx.doi.org/10.2991/978-94-6463-008-4_18.

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AbstractThe market valuation offers the opportunity to examine the firm performance, especially as the firm goes public. However, management often puts their interests above the interests of investors; therefore, management movement needs to be limited by a control mechanism that will reduce agency conflict. This paper develops an approach based on Tobin’s Q using the firm’s market value. The financial performance is proxied by Return On Asset (ROA). Based on the monitoring hypothesis that debt can be the control mechanism, the research results show that Tobin’s Q has a significant positive effect on ROA, but debt has the opposite effect on ROA. Tobin’s Q has a negative but not significant effect on the control mechanism. Finally, the control mechanism debt is shown to be unable to mediate between market valuation and the firm performance of the sample firm included in the SRI-KEHATI Stock Index over 2015–2019.
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Corelli, Angelo. "The Value of the Firm." In Inside Company Valuation, 1–13. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-53783-2_1.

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Henschke, Stefan. "Multiples: Controlling for differences between firms." In Towards a more accurate equity valuation, 63–101. Wiesbaden: Gabler, 2009. http://dx.doi.org/10.1007/978-3-8349-8342-8_4.

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Viebig, Jan, and Thorsten Poddig. "Monte Carlo Free Cash Flow to the Firm (MC-FCFF) Models (Deutsche Bank/DWS)." In Equity Valuation, 53. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119208754.part2.

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Zhang, Guochang. "Valuing Multiple-Segment Firms: How Segment-Level Data Are Incrementally Relevant." In Accounting Information and Equity Valuation, 115–33. New York, NY: Springer New York, 2013. http://dx.doi.org/10.1007/978-1-4614-8160-7_7.

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Witt, Peter. "The Valuation of Intangibles in New Economy Firms." In Modern Concepts of the Theory of the Firm, 615–32. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-662-08799-2_37.

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Conference papers on the topic "Firm's valuation"

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Georgiopoulos, Panayotis, Ryan Fellini, Michael Sasena, and Panos Y. Papalambros. "Optimal Design Decisions in Product Portfolio Valuation." In ASME 2002 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2002. http://dx.doi.org/10.1115/detc2002/dac-34097.

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Product portfolio valuation is a core business milestone in a firm’s product development process: Determine what will be the final value to the firm derived from allocating assets into an appropriate product mix. Optimal engineering design typically deals with determining the best product based on technological (and, occasionally, cost) requirements. Linking technological with business decisions allows the firm to follow a product valuation process that directly considers not only what assets to invest but also what are the appropriate physical properties of these assets. Thus, optimal designs are determined within a business context that maximizes the firm’s value. The article demonstrates how this integration can be accomplished analytically using a simple example in automotive product development.
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Otegbulu, Austin, Abayomi Odekaya, Olusola Johnson, and Adesegun Awosanya. "Structure of Property Valuation firms and Property Valuation Reporting Quality in Nigeria." In 13th African Real Estate Society Conference. African Real Estate Society, 2013. http://dx.doi.org/10.15396/afres2013_125.

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"Relative Valuation of Firms - A Markov Chain-Based Method." In 2020 International Conference on Social and Human Sciences. Scholar Publishing Group, 2020. http://dx.doi.org/10.38007/proceedings.0000057.

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McCumber, William R., Huan Qiu, and Md Shariful Islam. "The international effect of CEO social capital on the value relevance of accounting metrics." In Corporate governance: Theory and practice. Virtus Interpress, 2022. http://dx.doi.org/10.22495/cgtapp6.

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We investigate the effect of chief executive officer (CEO) social capital, proxied by the CEO network centrality, on the value relevance of accounting metrics for non-US firms, and the roles country-level governance attributes play during the valuation process. We find a strong positive relation between CEO social capital and the value relevance of book equity but a strong negative relation between CEO social capital and the value relevance of earning metrics. Further analysis shows that the results are robust with the use of different regression models, and that strong country-level governance quality cannot significantly alter the significant negative relation between CEO social capital and value relevance of earning metrics. Interestingly, we find that the positive relation between CEO social capital and the value relevance of book equity is weakened while the negative relation between CEO social capital and value relevance of earnings metrics is strengthened for firms in developed countries where country-level governance is stronger and institutional investors play a more important role in the market. Overall, our evidence supports the theory that CEO social capital has both “positive” and “detrimental” effects on firm and market outcomes
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Suhendra, Euphrasia Susy. "The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01192.

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The aim of this study is to analyse the influence of intellectual capital on firm value through firm performance (profitability, productivity, market valuation and growth). Intellectual capital is measured by using a Value Added Intellectual Coefficient (VAIC™). Firm value is measured by Tobin's Q. The financial performance consists of Return on assets (ROA), Asset turn over (ATO), Market to Book Value (MB) and Earnings per Share (EPS). Data from this study was obtained from financial statements and annual reports of manufacturing companies that are taken from the Indonesia Stock Exchange. The sample of this study is manufacturing companies listed on the Indonesia Stock Exchange during the year of 2011-2013 for 37 companies. The types of data used are secondary data in the form of annual reports by the manufacturing companies. Empirical analysis is conducted by using Structural Equation Modelling (SEM). The results of this study indicate that Intellectual capital has a significant effect on profitability, market valuation and growth. Intellectual capital does not significantly affect productivity and firm value. Market valuation significantly affects the firm value. Profitability, productivity and growth do not significantly affect firm value. Furthermore, Intellectual capital which is intervened by the firm performance has a positive effect on firm value.
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Hasan, Marfani, and Riko Hendrawan. "Metal and Mineral Mining Firm’s Equity Valuation in Indonesia Stock Exchange." In The 2nd International Conference on Inclusive Business in the Changing World. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0008435106620673.

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Xiao, Hao, and Xinping Xia. "The Type of Private Listed Firms, Political Connections and Market Valuation." In 2010 International Conference on Management and Service Science (MASS 2010). IEEE, 2010. http://dx.doi.org/10.1109/icmss.2010.5577523.

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McLaughlin, Patrick A. "First for Repairs, Then for Damages: Environmental Liability and Environmental Stewardship in Railroad Stock Prices." In 2010 Joint Rail Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/jrc2010-36212.

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Using event study techniques, I test capital market reactions to environmental damages caused by hazardous materials (hazmat) spills in train accidents. Controlling for property damages, human injuries and lives lost, and other relevant factors, I find that the average hazmat spill is correlated with a small but statistically significant decrease in the daily stock return of the railroad involved in the spill. Further, by exploiting an exogenous change in maximum legal environmental damages liability, I test whether this market reaction to hazmat spills reflects incorporation of damages to ecosystem services into firm liability or, alternatively, reflects the importance of environmental stewardship in the valuation of firm goodwill, or both. The results, while not conclusive, indicate that at least some, but not all, of the negative reaction to hazmat spills stems from investor valuation of environmental stewardship, as opposed to investor concern for liability for environmental damages.
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"Intrinsic Value for Firm Valuation: A Case Study." In 2020 International Conference on Social and Human Sciences. Scholar Publishing Group, 2020. http://dx.doi.org/10.38007/proceedings.0000140.

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Cheng, Lin, Huaiqing Wang, and Huaping Chen. "Conceptual model of valuation effects based on inter-firm relationship." In 2010 International Conference on Electronics and Information Engineering (ICEIE 2010). IEEE, 2010. http://dx.doi.org/10.1109/iceie.2010.5559856.

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Reports on the topic "Firm's valuation"

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Kraft, Holger, Eduardo Schwartz, and Farina Weiss. Growth Options and Firm Valuation. Cambridge, MA: National Bureau of Economic Research, February 2013. http://dx.doi.org/10.3386/w18836.

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Blyde, Juan S., and Mayra A. Ramírez. Exporting and environmental performance: where you export matters. Inter-American Development Bank, January 2022. http://dx.doi.org/10.18235/0003922.

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Empirical analyses that rely on micro-level panel data have found that exporters are generally less pollutant than non-exporters. While alternative explanations have been proposed, firm level data has not been used to examine the role of destination markets behind the relationship between exports and pollution. In this paper we argue that because consumers in high-income countries have higher valuations for clean environments than consumers in developing countries, exporters targeting high-income countries are more likely to improve their environmental outcomes than exporters targeting destinations where valuations for the environment are not high. Using a panel of firm-level data from Chile we find support to this hypothesis. A 10 percentage point increase in the share of exports to high-income countries is associated with a reduction in CO2 pollution intensity of about 16%. The results have important implications for firms in developing countries aiming to target high-income markets.
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Auerbach, Alan, and Kevin Hassett. Dividend Taxes and Firm Valuation: New Evidence. Cambridge, MA: National Bureau of Economic Research, January 2006. http://dx.doi.org/10.3386/w11959.

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Heresi, Rodrigo, and Andrew Powell. Corporate Debt and Investment in the Post-Covid World. Inter-American Development Bank, September 2022. http://dx.doi.org/10.18235/0004464.

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We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying distance to default. Firms with higher market valuations and lower volatility do not suffer a debt overhang at all, while the effect is exacerbated for riskier firms. Debt overhang effects worsen significantly in economic crises, and the effects may persist for two to three years after the shock. Given the rise in corporate leverage observed during the last decade and as a result of the Covid-19 pandemic, physical investment is expected to remain at low levels for some years to come, with impacts varying considerably depending on the economic sector and other risk determinants.
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Kane, Edward, and Haluk Unal. Modeling Structural and Temporal Variation in the Market's Valuation of Banking Firms. Cambridge, MA: National Bureau of Economic Research, August 1988. http://dx.doi.org/10.3386/w2693.

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Hassan, Tarek A., Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun. Country Risk. Institute for New Economic Thinking Working Paper Series, March 2021. http://dx.doi.org/10.36687/inetwp157.

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We construct new measures of country risk and sentiment as perceived by global investors and executives using textual analysis of the quarterly earnings calls of publicly listed firms around the world. Our quarterly measures cover 45 countries from 2002-2020. We use our measures to provide a novel characterization of country risk and to provide a harmonized definition of crises. We demonstrate that elevated perceptions of a country's riskiness are associated with significant falls in local asset prices and capital outflows, even after global financial conditions are controlled for. Increases in country risk are associated with reductions in firm-level investment and employment. We also show direct evidence of a novel type of contagion, where foreign risk is transmitted across borders through firm-level exposures. Exposed firms suffer falling market valuations and significantly retrench their hiring and investment in response to crises abroad. Finally, we provide direct evidence that heterogeneous currency loadings on global risk help explain the cross-country pattern of interest rates and currency risk premia.
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Bodnar, Gordon, and Joseph Weintrop. The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective. Cambridge, MA: National Bureau of Economic Research, January 1997. http://dx.doi.org/10.3386/w5904.

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Conti, Rena, Haiden Huskamp, and Ernst Berndt. The Effect of FDA Advisories on Branded Pharmaceutical Firms' Valuations and Promotion Efforts. Cambridge, MA: National Bureau of Economic Research, October 2011. http://dx.doi.org/10.3386/w17528.

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Bahar, Dany, Prithwiraj Choudhury, and Britta Glennon. An Executive Order Worth $100 Billion: The Impact of an Immigration Ban’s Announcement on Fortune 500 Firms’ Valuation. Cambridge, MA: National Bureau of Economic Research, October 2020. http://dx.doi.org/10.3386/w27997.

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Corporate Governance, Firm Profitability, and Share Valuation in the Philippines:. Manila, Philippines: Asian Development Bank, July 2019. http://dx.doi.org/10.22617/tcs190211.

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