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Fachliche News

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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Deja Vu In Turkey: Currency Crisis and Corporate Insanity!

Deja Vu In Turkey: Currency Crisis and Corporate Insanity!

Publiziert in Fachliche News Freitag 24.08.2018

by Aswath Damodaran.

This has been a year of rolling crises, some originating in developed markets and some in emerging markets, and the market has been remarkably resilient through all of them. It is now Turkey's turn to be in the limelight, though not in a way it hoped to be, as the Turkish Lira enters what seems like a death spiral, that threatens to spill over into other emerging markets.

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The Unimpeachable Standard — One Voice Cannot Harmonize with Itself

The Unimpeachable Standard — One Voice Cannot Harmonize with Itself

Publiziert in Fachliche News Montag 13.08.2018

Business Valuation Comparison Charts

A quartet of present and former Standards Board chairs for the National Association of Certified Valuators and Analysts (NACVA) were on hand to harmonize about valuation standards during the 2018 NACVA and the CTI’s Annual Consultants’ Conference at Caesars Palace in Las Vegas, Nevada.

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