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Dividend Smoothing and Firm Valuation

Journal of Financial and Quantitative Analysis, 2021
AbstractWe examine the relationship between dividend smoothing and firm valuation across 21 countries using several empirical methods and smoothing measures. Our main results show that dividends are capitalized at significantly larger values for high-smoothing firms than for low-smoothing firms.
Brockman, Paul, Hanousek, Jan, Tresl, Jiri, Unlu, Emre   +3 more
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The valuation of a firm advertising optimally [PDF]

The Quarterly Review of Economics and Finance, 1998
Abstract In this paper we model the value of a firm based on its current earnings and cash balance. The value is modelled on the assumption that earnings follow a mean-reverting process. The effect of advertising on earnings is modelled, and the condition for optimal advertising derived.
D. Epstein, N.Mayor, P.Schonbucher, A.E. Whalley, P. Wilmott   +4 more
openaire   +1 more source

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Corporate governance and firm valuation

Journal of Accounting and Public Policy, 2005
Gompers et al. [Gompers, P., Ishii, J., Metrick, A., 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-155] created G-Index, a summary measure of corporate governance based on 24 firm-specific provisions, and showed that more democratic firms are more valuable. Bebchuk et al.
Lawrence D. Brown, Marcus L. Caylor
openaire   +1 more source

The valuation of IPO and SEO firms

Journal of Empirical Finance, 2001
We examine the pricing of initial public offering (IPO) and seasoned equity offering (SEO) firms using a stochastic frontier methodology. The stochastic frontier framework models the difference between the maximum possible value of the firm and its actual market capitalization at the time of the offering as a function of observable firm characteristics.
Koop, G.M., Li, K.
openaire   +3 more sources

A Dynamic Model of Firm Valuation

Financial Review, 2018
AbstractWe propose a dynamic version of the dividend discount model, solve it in closed form, and assess its empirical validity. The valuation method is tractable and can be easily implemented. We find that our model produces equity value forecasts that are very close to market prices, and explains a large proportion of the observed variation in share ...
Lazzati, Natalia, Menichini, Amilcar A.
openaire   +3 more sources

Firm Relationships and Valuation

SSRN Electronic Journal, 2019
We propose a model to study firm relationships that endogenously determine the correlation structure of asset cash flows. Forming a relationship makes firms face the following trade-off in their valuations: On the one hand, collaboration generates an additional payoff component with a positive mean.
Jordi Mondria, Liyan Yang
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Valuation of Bankrupt Firms

Review of Financial Studies, 1998
This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management's published cash flow projections. We estimate firm values using models that have been shown in other contexts to generate relatively precise estimates of value.
Stuart C. Gilson, Edith S. Hotchkiss, Richard S. Ruback   +2 more
openaire   +1 more source

Valuation of a Firm with a Tax Loss Carryover

Journal of the American Taxation Association, 2003
This paper examines the effects of a tax loss carryover on the market and book values of a firm's assets. The loss carryover has a direct effect on market value by sheltering future income from tax, and a direct effect on book value due to the recognition of a deferred tax asset.
de Waegenaere, A., Sansing, R.C., Wielhouwer, J.L.   +2 more
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Firm (Re)valuation and Payouts

SSRN Electronic Journal
Abstract We document an inverted‐U pattern in the frequency and magnitude of share repurchases across firms arranged into deciles (value to price), and a symmetric opposite pattern in equity issuances. These patterns cannot be explained by the market timing theory, which predicts monotonically increasing share repurchases or ...
Chintal A. Desai, Anand M. Vijh
openaire   +1 more source