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On the Valuation of a Growing Levered Firm
SSRN Electronic Journal, 2003This paper analyzes the relationships between leverage and value in presence of growth. In the first part we develop a valuation model for the growing firm, adopting the Adjusted Present Value approach (from the equity side), under the assumption of certainty. In the second part, we consider an assets side analysis, equivalent to the APV approach.
Margherita Cigola +4 more
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The Market Valuation of Firm Reputation
SSRN Electronic Journal, 1999We show that the intangible asset, firm reputation, has value-relevance as measured by its ability to explain part of the difference between BV and MV. Firm reputation is measured using the Fortune survey of "America's most admired companies." We allow the Fortune rankings to serve as a proxy for nonfinancial information, such as customer service and ...
Ervin L. Black +2 more
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The Purpose of the Firm, Valuation, and the Management of Intangibles
Journal of Applied Corporate Finance, 2017This article provides a different way of thinking about, and responding to, four important issues that confront most public companies. First, in articulating the overarching corporate purpose, the author suggests a middle ground between shareholder value maximization and stakeholder theory that aims to achieve the end result of value maximization while
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The Valuation of Private Firms
2017The absence of time series and other public data about a private company forces the analyst to estimate some of the parameters required to carry on the valuation. In particular the beta, cost of debt and growth rate are needed for the purpose. When the information about comparable firms is acquired, it is then possible to estimate the beta as an ...
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Firm Valuation, Corporate Taxes, and Default Risk
The Journal of Finance, 1975SINCE MODIGLIANI AND MILLER [10] demonstrated that the values of firms in the same risk class are equal and are independent of the capital structure of the firm if the probability of default is zero and there are no taxes, a number of extensions of these results to the case of default risk have been given by Stiglitz [16], Smith [15], Baron [2, 3], and
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THE COST OF CAPITAL AND VALUATION OF A TWO‐COUNTRY FIRM
The Journal of Finance, 1974THIS SEQUENCE OF COMMENT and reply are the end-product of a lengthy series of exchanges between Professors Goldberg and Lee and me in the course of which their comment has been revised twice. The trouble they have gone to enables me to define more clearly the issues between us, an opportunity for which I am grateful.
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The Role of Revenue in Firm Valuation
Accounting Horizons, 2008SYNOPSIS: This study examines the role of revenue in valuing firms beyond earnings and investigates whether this (1) is pervasive or limited to certain situations in which earnings may be less informative, (2) is sensitive to nonlinearity in the relation between returns and earnings, and (3) has changed over time. Our analysis indicates that revenue is
Uday Chandra, Byung T. Ro
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Abstract: A Theory of the Valuation of the Firm
The Journal of Financial and Quantitative Analysis, 1972Many people from various professions have long been interested in determining what factors influence common stock prices and the rate of return (or cost of equity capital) which investors expect to obtain from an investment in common stock. The response to this interest has been numerous articles, both theoretical and empirical.
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The Valuation Effects of Multinational Firms
SSRN Electronic Journal, 2008Using a unique sample of 212 UK multinational firms and 4,676 subsidiaries, I show that multinational firms attract, on average, a global diversification premium of approximately 16% compared with a country-industry matched portfolio of local non-multinational firms.
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