שם הכותב: תאריך: 10 מרץ 2013
dan_elnatan_web
מאמר בנושא 'הבדלים בהערכות מומחים של חברות פרטיות מול ציבוריות'

שם חבר הסגל: Elnathan, Dan.

מחברים נוספים: Ilanit Gavious and Shmuel Hauser.

שנת פרסום: 2010.

פריט ביבליוגרפי:

 Elnathan, D., Gavius, I. and Hauser, S. (2010). An Analysis of Private vs. Public Firm Valuations and the Contribution of Financial Experts. The International Journal of Accounting, 45(4), 387–412.

לצפייה במאמר לחץ כאן

תקציר:

 This study investigates differences in expert valuations of private versus public firms conducted for transactions outside the exchange. First, we provide evidence for extreme reliance of the experts on private firms' reported earnings, despite a possible manipulation of these earnings. In contrast, experts valuing public firms seem to rely on other, non-financial statement information sources, even if the quality of pre-acquisition earnings is higher in these firms. Second, we present evidence that the contribution of experts to investors in private firms is questionable at best. Our findings indicate that a private firm valuation performed by a potential investor based on available information provides results similar to those of the expert. Third, we show that inconclusive results regarding the existence of a discount in private firm valuations may be explained by experts' compliance with the interests of the commissioner of the valuation. This finding provides at least a partial explanation for the private company discount, one that adds to prior standard explanations (e.g., liquidity) offered in the finance literature.

שייך לנושאים: מחקרים