메뉴 건너뛰기




Volumn 45, Issue 4, 2010, Pages 387-412

An analysis of private versus public firm valuations and the contribution of financial experts

Author keywords

Financial experts; Firm valuation; Private company discount; Valuation multiples; Value relevance

Indexed keywords


EID: 78649686849     PISSN: 00207063     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.intacc.2010.09.001     Document Type: Article
Times cited : (16)

References (67)
  • 1
    • 0002318356 scopus 로고
    • Initial public offerings, accounting choices and earnings management
    • Aharony J., Lin C., Loeb M. Initial public offerings, accounting choices and earnings management. Contemporary Accounting Research 1993, 10:61-81.
    • (1993) Contemporary Accounting Research , vol.10 , pp. 61-81
    • Aharony, J.1    Lin, C.2    Loeb, M.3
  • 2
    • 0002132140 scopus 로고
    • The effect of the set of comparable firms on the accuracy of the price-earnings valuation method
    • Alford A.W. The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research 1992, 30:94-108.
    • (1992) Journal of Accounting Research , vol.30 , pp. 94-108
    • Alford, A.W.1
  • 4
    • 0035186978 scopus 로고    scopus 로고
    • The take-over market for privately held companies: The US experience
    • Ang J., Kohers N. The take-over market for privately held companies: The US experience. Cambridge Journal of Economics 2001, 25:723-748.
    • (2001) Cambridge Journal of Economics , vol.25 , pp. 723-748
    • Ang, J.1    Kohers, N.2
  • 5
    • 33645564951 scopus 로고    scopus 로고
    • Venture-backed private equity valuation and financial statement information
    • Armstrong C., Davila A., Foster G. Venture-backed private equity valuation and financial statement information. Review of Accounting Studies 2006, 11:119-154.
    • (2006) Review of Accounting Studies , vol.11 , pp. 119-154
    • Armstrong, C.1    Davila, A.2    Foster, G.3
  • 6
    • 13844254179 scopus 로고    scopus 로고
    • Earnings quality in UK private firms: Comparative loss recognition timeliness
    • Ball R., Shivakumar L. Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics 2005, 39:83-128.
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 83-128
    • Ball, R.1    Shivakumar, L.2
  • 7
    • 78649692514 scopus 로고    scopus 로고
    • Earnings quality at initial public offerings. Working paper, University of Chicago.
    • Ball, R., & Shivakumar, L. (2006). Earnings quality at initial public offerings. Working paper, University of Chicago.
    • (2006)
    • Ball, R.1    Shivakumar, L.2
  • 8
    • 0011296349 scopus 로고    scopus 로고
    • The method of comparables and tax court valuations of private firms: An empirical investigation
    • Beatty R.P., Riffe S.M., Thompson R. The method of comparables and tax court valuations of private firms: An empirical investigation. Accounting Horizons 1999, 13:177-199.
    • (1999) Accounting Horizons , vol.13 , pp. 177-199
    • Beatty, R.P.1    Riffe, S.M.2    Thompson, R.3
  • 9
    • 78649708909 scopus 로고    scopus 로고
    • The log-linear form of stock value models based on accounting information. Working paper, Southern Methodist University.
    • 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.
    • (2001)
    • Beatty, R.P.1    Riffe, S.M.2    Thompson, R.3
  • 10
    • 84977721861 scopus 로고
    • Bond covenants and delegated monitoring
    • Berlin M., Loeys J. Bond covenants and delegated monitoring. The Journal of Finance 1988, 43:397-412.
    • (1988) The Journal of Finance , vol.43 , pp. 397-412
    • Berlin, M.1    Loeys, J.2
  • 11
    • 0036591216 scopus 로고    scopus 로고
    • Who is my peer? A valuation-based approach to the selection of comparable firms
    • Bhojraj S., Lee C.M.C. Who is my peer? A valuation-based approach to the selection of comparable firms. Journal of Accounting Research 2002, 40:407-439.
    • (2002) Journal of Accounting Research , vol.40 , pp. 407-439
    • Bhojraj, S.1    Lee, C.M.C.2
  • 12
    • 0001837476 scopus 로고    scopus 로고
    • 2 in accounting research: Measuring changes in value relevance over the last four decades
    • 2 in accounting research: Measuring changes in value relevance over the last four decades. Journal of Accounting and Economics 1999, 28:83-115.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 83-115
    • Brown, S.1    Lo, K.2    Lys, T.3
  • 13
    • 33745588709 scopus 로고    scopus 로고
    • The importance of reporting incentives: Earnings management in European private and public firms
    • Burgstahler D.C., Hail L., Leuz C. The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review 2006, 81:983-1016.
    • (2006) The Accounting Review , vol.81 , pp. 983-1016
    • Burgstahler, D.C.1    Hail, L.2    Leuz, C.3
  • 14
    • 0039403205 scopus 로고    scopus 로고
    • Takeovers of privately held targets, methods of payments, and bidder returns
    • Chang S. Takeovers of privately held targets, methods of payments, and bidder returns. Journal of Finance 1998, 53:773-784.
    • (1998) Journal of Finance , vol.53 , pp. 773-784
    • Chang, S.1
  • 15
    • 37549020062 scopus 로고    scopus 로고
    • The valuation accuracy of the price-earnings and price-book benchmark valuation methods
    • Cheng C.S.A., McNamara R. The valuation accuracy of the price-earnings and price-book benchmark valuation methods. Review of Quantitative Finance and Accounting 2000, 15:349-370.
    • (2000) Review of Quantitative Finance and Accounting , vol.15 , pp. 349-370
    • Cheng, C.S.A.1    McNamara, R.2
  • 16
    • 21844503441 scopus 로고
    • Efficient and opportunistic choices of accounting procedures: Corporate control contests
    • Christie A.A., Zimmerman J.L. Efficient and opportunistic choices of accounting procedures: Corporate control contests. The Accounting Review 1994, 69:539-566.
    • (1994) The Accounting Review , vol.69 , pp. 539-566
    • Christie, A.A.1    Zimmerman, J.L.2
  • 18
    • 0031498152 scopus 로고    scopus 로고
    • Changes in the value-relevance of earnings and book values over the ast forty years
    • Collins D.W., Maydew E.L., Weiss I.S. Changes in the value-relevance of earnings and book values over the ast forty years. Journal of Accounting and Economics 1997, 24:39-67.
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 39-67
    • Collins, D.W.1    Maydew, E.L.2    Weiss, I.S.3
  • 19
  • 20
    • 0001499806 scopus 로고
    • Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders
    • DeAngelo L. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 1986, 61:400-420.
    • (1986) The Accounting Review , vol.61 , pp. 400-420
    • DeAngelo, L.1
  • 21
    • 0002507822 scopus 로고
    • Equity valuation and corporate control
    • J
    • DeAngelo L.E. Equity valuation and corporate control. The Accounting Review 1990, January, 93-112.
    • (1990) The Accounting Review , pp. 93-112
    • DeAngelo, L.E.1
  • 23
    • 0036997124 scopus 로고    scopus 로고
    • The quality of accruals and earnings: The role of accrual estimation errors
    • Dechow P.M., Dichev I. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 2002, 77:35-59.
    • (2002) The Accounting Review , vol.77 , pp. 35-59
    • Dechow, P.M.1    Dichev, I.2
  • 24
    • 78649703842 scopus 로고    scopus 로고
    • The private company discount and earnings quality. Working paper, University of Toronto.
    • De Franco, G., Gavious, I., Jin, J., & Richardson, G.D. (2008). The private company discount and earnings quality. Working paper, University of Toronto.
    • (2008)
    • De Franco, G.1    Gavious, I.2    Jin, J.3    Richardson, G.D.4
  • 25
    • 78649717774 scopus 로고    scopus 로고
    • (in press). Do private company targets that hire Big4 auditors receive higher proceeds? Contemporary Accounting Research.
    • 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.
    • De Franco, G.1    Gavious, I.2    Jin, J.3    Richardson, G.D.4
  • 26
    • 52549107187 scopus 로고    scopus 로고
    • A rude awakening: Internet shakeout in 2000
    • Demers E., Lev B. A rude awakening: Internet shakeout in 2000. Review of Accounting Studies 2001, 6:331-359.
    • (2001) Review of Accounting Studies , vol.6 , pp. 331-359
    • Demers, E.1    Lev, B.2
  • 28
    • 0012614813 scopus 로고    scopus 로고
    • Takeovers and incentives for earnings management: An empirical analysis
    • Easterwood C.M. Takeovers and incentives for earnings management: An empirical analysis. Journal of Applied Business Research 1998, 14:29-47.
    • (1998) Journal of Applied Business Research , vol.14 , pp. 29-47
    • Easterwood, C.M.1
  • 30
    • 0000718767 scopus 로고    scopus 로고
    • Earnings management by acquiring firms in stock for stock mergers
    • Erickson M., Wang S.W. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics 1999, 27:149-176.
    • (1999) Journal of Accounting and Economics , vol.27 , pp. 149-176
    • Erickson, M.1    Wang, S.W.2
  • 31
    • 46549102152 scopus 로고
    • What's different about banks?
    • Fama E. What's different about banks?. Journal of Monetary Economics 1985, 15:29-39.
    • (1985) Journal of Monetary Economics , vol.15 , pp. 29-39
    • Fama, E.1
  • 32
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama E.F., French K.R. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 1993, 33:3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 34
    • 21344493717 scopus 로고
    • Analysts' decisions as products of a multi-task environment
    • Francis J., Philbrick D. Analysts' decisions as products of a multi-task environment. Journal of Accounting Research 1993, 31:216-230.
    • (1993) Journal of Accounting Research , vol.31 , pp. 216-230
    • Francis, J.1    Philbrick, D.2
  • 35
    • 84984230398 scopus 로고
    • Accounting choices by issuers of initial public offerings
    • Friedlan J. Accounting choices by issuers of initial public offerings. Contemporary Accounting Research 1994, 11:1-31.
    • (1994) Contemporary Accounting Research , vol.11 , pp. 1-31
    • Friedlan, J.1
  • 36
    • 0042671261 scopus 로고    scopus 로고
    • What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions
    • Fuller K., Netter J., Stegemoller M. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. Journal of Finance 2002, 57:1763-1793.
    • (2002) Journal of Finance , vol.57 , pp. 1763-1793
    • Fuller, K.1    Netter, J.2    Stegemoller, M.3
  • 37
    • 18944369743 scopus 로고    scopus 로고
    • The value relevance of financial statements in the venture capital market
    • Hand J.R.M. The value relevance of financial statements in the venture capital market. The Accounting Review 2005, 80:613-648.
    • (2005) The Accounting Review , vol.80 , pp. 613-648
    • Hand, J.R.M.1
  • 38
    • 7044286233 scopus 로고    scopus 로고
    • The value of voting rights to majority shareholders: Evidence from dual class stock unifications
    • Hauser S., Lauterbach B. The value of voting rights to majority shareholders: Evidence from dual class stock unifications. Review of Financial Studies 2004, 17:1167-1184.
    • (2004) Review of Financial Studies , vol.17 , pp. 1167-1184
    • Hauser, S.1    Lauterbach, B.2
  • 39
    • 84993891096 scopus 로고
    • The valuation of cash flow forecasts: An empirical analysis
    • Kaplan S.N., Ruback R.S. The valuation of cash flow forecasts: An empirical analysis. The Journal of Finance 1995, 50:1059-1093.
    • (1995) The Journal of Finance , vol.50 , pp. 1059-1093
    • Kaplan, S.N.1    Ruback, R.S.2
  • 40
    • 78649699492 scopus 로고    scopus 로고
    • Earnings management and conservatism in the transition between private and public ownership: The role of private equity sponsors. Working paper, Columbia University.
    • 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.
    • (2006)
    • Katz, S.P.1
  • 42
    • 0348002828 scopus 로고    scopus 로고
    • Multiples used to estimate corporate value
    • Lie E., Lie H.J. Multiples used to estimate corporate value. Financial Analyst Journal 2002, 58:44-54.
    • (2002) Financial Analyst Journal , vol.58 , pp. 44-54
    • Lie, E.1    Lie, H.J.2
  • 43
    • 0038845431 scopus 로고    scopus 로고
    • Rationality and analysts' forecast bias
    • Lim T. Rationality and analysts' forecast bias. Journal of Finance 2001, 56:369-385.
    • (2001) Journal of Finance , vol.56 , pp. 369-385
    • Lim, T.1
  • 44
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships, analysts' earnings forecasts and investment recommendations
    • Lin H.W., McNichols M.F. Underwriting relationships, analysts' earnings forecasts and investment recommendations. Journal of Accounting and Economics 1998, 25:101-127.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.W.1    McNichols, M.F.2
  • 46
    • 78649693225 scopus 로고    scopus 로고
    • The effects of scale differences on inferences in accounting research: Coefficient estimates, tests of incremental association, and relative value relevance. Working paper, MIT.
    • 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.
    • (2004)
    • Lo, K.1
  • 47
    • 9944238726 scopus 로고    scopus 로고
    • Earnings management and the market performance of acquiring firms
    • Louis H. Earnings management and the market performance of acquiring firms. Journal of Financial Economics 2004, 74:121-148.
    • (2004) Journal of Financial Economics , vol.74 , pp. 121-148
    • Louis, H.1
  • 48
    • 17544372026 scopus 로고    scopus 로고
    • Do managers credibly use accruals to signal private information? Evidence from the underpricing of discretionary accruals around stock splits
    • Louis H., Robinson D. Do managers credibly use accruals to signal private information? Evidence from the underpricing of discretionary accruals around stock splits. Journal of Accounting and Economics 2005, 39:361-380.
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 361-380
    • Louis, H.1    Robinson, D.2
  • 49
    • 3042677644 scopus 로고    scopus 로고
    • How are earnings managed? An examination of specific accruals
    • Marquardt C.A., Wiedman C.I. How are earnings managed? An examination of specific accruals. Contemporary Accounting Research 2004, 21:461-491.
    • (2004) Contemporary Accounting Research , vol.21 , pp. 461-491
    • Marquardt, C.A.1    Wiedman, C.I.2
  • 50
    • 43549095305 scopus 로고    scopus 로고
    • Merger motives and target valuation: A survey of evidence from CFOs
    • Mukherjee T.K., Kiymaz H., Baker H.K. Merger motives and target valuation: A survey of evidence from CFOs. Journal of Applied Finance 2004, 14:7-24.
    • (2004) Journal of Applied Finance , vol.14 , pp. 7-24
    • Mukherjee, T.K.1    Kiymaz, H.2    Baker, H.K.3
  • 51
  • 52
    • 33847226233 scopus 로고    scopus 로고
    • The price of corporate liquidity: Acquisition discounts for unlisted targets
    • Officer M.S. The price of corporate liquidity: Acquisition discounts for unlisted targets. Journal of Financial Economics 2007, 83:571-598.
    • (2007) Journal of Financial Economics , vol.83 , pp. 571-598
    • Officer, M.S.1
  • 53
    • 34547839166 scopus 로고    scopus 로고
    • Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst
    • Orens R., Lybaert N. 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 2007, 42:237-271.
    • (2007) The International Journal of Accounting , vol.42 , pp. 237-271
    • Orens, R.1    Lybaert, N.2
  • 55
    • 0030241930 scopus 로고    scopus 로고
    • The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth
    • Penman S.H. The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth. Journal of Accounting Research 1996, XX:235-259.
    • (1996) Journal of Accounting Research , vol.20 , pp. 235-259
    • Penman, S.H.1
  • 56
    • 43949157366 scopus 로고
    • Earnings management preceding management buyout offers
    • Perry S., Williams T. Earnings management preceding management buyout offers. Journal of Accounting and Economics 1994, 19:157-179.
    • (1994) Journal of Accounting and Economics , vol.19 , pp. 157-179
    • Perry, S.1    Williams, T.2
  • 57
    • 77957252722 scopus 로고
    • Do privately-held controlling interests sell for less?
    • Phillips J.R., Freeman N.W. Do privately-held controlling interests sell for less?. Business Valuation Review 1995, 14:102-113.
    • (1995) Business Valuation Review , vol.14 , pp. 102-113
    • Phillips, J.R.1    Freeman, N.W.2
  • 58
    • 12344265854 scopus 로고    scopus 로고
    • Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks
    • Powell R., Stark A.W. Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance 2005, 11:293-317.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 293-317
    • Powell, R.1    Stark, A.W.2
  • 60
    • 0000545798 scopus 로고    scopus 로고
    • Earnings management and the performance of seasoned equity offerings
    • Rangan S. Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics 1998, 50:101-122.
    • (1998) Journal of Financial Economics , vol.50 , pp. 101-122
    • Rangan, S.1
  • 61
    • 0008697531 scopus 로고    scopus 로고
    • Do firms mislead investors by overstating earnings prior to seasoned equity offerings?
    • Shivakumar L. Do firms mislead investors by overstating earnings prior to seasoned equity offerings?. Journal of Accounting and Economics 2000, 29:339-371.
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 339-371
    • Shivakumar, L.1
  • 62
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • Teoh S.H., Welch I., Wong T.J. Earnings management and the long-run market performance of initial public offerings. Journal of Finance 1998, 53:1935-1974.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 63
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • Teoh S.H., Welch I., Wong T.J. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics 1998, 50:63-99.
    • (1998) Journal of Financial Economics , vol.50 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 64
    • 0036287202 scopus 로고    scopus 로고
    • Why new issues and high-accrual firms underperform: The role of analysts' credulity
    • Teoh S.H., Wong T.J. Why new issues and high-accrual firms underperform: The role of analysts' credulity. Review of Financial Studies 2002, 15:869-900.
    • (2002) Review of Financial Studies , vol.15 , pp. 869-900
    • Teoh, S.H.1    Wong, T.J.2
  • 65
    • 20144374460 scopus 로고    scopus 로고
    • The eyeballs have it: Searching for the value in internet stocks
    • Trueman B., Wong F., Zhang X. The eyeballs have it: Searching for the value in internet stocks. Journal of Accounting Research 2000, 38:137-162.
    • (2000) Journal of Accounting Research , vol.38 , pp. 137-162
    • Trueman, B.1    Wong, F.2    Zhang, X.3
  • 66
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 1980, 48:817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 67
    • 78649708232 scopus 로고    scopus 로고
    • Nonlinear accounting-based equity valuation models. Working paper, Baruch College.
    • Ye, J., & Finn, M. (2000). Nonlinear accounting-based equity valuation models. Working paper, Baruch College.
    • (2000)
    • Ye, J.1    Finn, M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.