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Fachliche News

Murray Devine Valuation Advisors Publishes Q3 Private Equity Valuations Report

Murray Devine Valuation Advisors Publishes Q3 Private Equity Valuations Report

Publiziert in Fachliche News Mittwoch 12.12.2018

The Q3 report, “This Train Keeps Rolling,” breaks down private equity activity in 2018 between deal size and sector. While valuations remain near historic highs, multiples have come down slightly in all but the small-market. Still, debt markets and considerable sums of dry powder available to private equity investors have allowed sponsors to pay a considerable premium over strategic acquirers as of the end of Q3.

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Company Valuation Specialists’ Interactions with Management and Auditors: A Field Study

Company Valuation Specialists’ Interactions with Management and Auditors: A Field Study

Publiziert in Fachliche News Mittwoch 28.11.2018

by Kyrre Kjellevold, Norwegian School of Economics (NHH), Department of Accounting, Auditing and Law

Management often relies on specialists for valuing complex fair value measurements (FVMs), auditors frequently rely on those FVMs as audit evidence, and the PCAOB has documented persistent problems in the audit of FVMs. Based on in-depth interviews of Norwegian audit partners and company valuation specialists, I provide evidence on how audit teams interact with company specialists, how company specialists view the work of auditors and auditor specialists, and the extent of pressure company specialists’ experience to conform to management measurement bias.

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Fact, Fiction, and the Size Effect

Fact, Fiction, and the Size Effect

Publiziert in Fachliche News Dienstag 27.11.2018

by Ron Alquist, AQR Capital Management LLC / Ronen Israel, AQR Capital Management, LLC / Tobias J. Moskowitz, Yale University, Yale SOM, AQR Capital, National Bureau of Economic Research (NBER)

In the earliest days of empirical work in academic finance, the size effect was the first market anomaly to challenge the standard asset pricing model and prompt debates about market efficiency. The notion that small stocks have higher average returns than large stocks, even after risk-adjustment, was a pathbreaking discovery, one that for decades has been taken as an unwavering fact of financial markets.

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New Business Valuation Journal launched by OIV (Organismo Italiano di Valutazione)

New Business Valuation Journal launched by OIV (Organismo Italiano di Valutazione)

Publiziert in Fachliche News Dienstag 13.11.2018

The Journal has been created by OIV - Organismo Italiano di Valutazione, the Italian Valuation Standard Setter - to provide a forum for discussion and to foster progress in the field of business valuation. 

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Value Trust: DACH Kapitalmarktstudie und Europa Kapitalmarktstudie

Value Trust: DACH Kapitalmarktstudie und Europa Kapitalmarktstudie

Publiziert in Fachliche News Dienstag 06.11.2018

ValueTrust, finexpert und das Institut für Unternehmensrechnung und Wirtschaftsprüfung der Johannes Kepler Universität Linz veröffentlichen die dritte Ausgabe der DACH Kapitalmarktstudie und erstmals die ValueTrust Europa Kapitalmarktstudie, welche die relevanten Parameter für den europäischen Kapitalmarkt analysiert.

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Der Verschuldungsgrad in der Unternehmensbewertung

Der Verschuldungsgrad in der Unternehmensbewertung

Publiziert in Fachliche News Montag 08.10.2018

IDW Aktuell:

Das IDW veröffentlicht in Heft 10/2018 der IDW Life den Praxishinweis 2/2018 Berücksichtigung des Verschuldungsgrads bei der Bewertung von Unternehmen.

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Facing Up to Uncertainty: Using Probabilistic Approaches in Valuation

Facing Up to Uncertainty: Using Probabilistic Approaches in Valuation

Publiziert in Fachliche News Freitag 14.09.2018

by Aswath Damodaran.

In valuation practice, it is common to use point estimates for input variables to arrive at a point estimate of value. This practice has its roots in the twentieth century, where data was difficult or expensive to access, and practitioners had weak tools. As data becomes more accessible and models more powerful, it is worth examining whether we can make our valuations of projects and businesses richer and more informative, by drawing on established statistical tools and we introduce three in this paper.

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The Reaction of Firm Ex Ante Cost of Equity Capital to Initiation and Resolution of Shareholder Lawsuits

The Reaction of Firm Ex Ante Cost of Equity Capital to Initiation and Resolution of Shareholder Lawsuits

Publiziert in Fachliche News Freitag 14.09.2018

by William J. Moser.

In this manuscript, I examine the firm’s ex ante cost of equity capital in the quarter before and the quarter after the filing of a shareholder securities lawsuit as well as in the quarter before and the quarter after the final resolution of the shareholder lawsuit.

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