Browsing HBS Scholarly Articles by Keyword "valuation"

Now showing items 1-7 of 7

    • Agency Costs, Mispricing, and Ownership Structure 

      Chernenko, Sergey; Foley, C. Fritz; Greenwood, Robin Marc (Wiley Online, 2012)
      Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with ...

    • Can Analysts Assess Fundamental Risk and Valuation Uncertainty? An Empirical Analysis of Scenario-Based Value Estimates 

      Joos, Peter R.; Piotroski, Joseph D.; Srinivasan, Suraj (Elsevier, 2016)
      We use a dataset of sell-side analysts' scenario-based valuation estimates to examine whether analysts reliably assess the risk surrounding a firm's fundamental value. We find that the spread in analysts' state-side ...

    • The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach 

      Lyle, Matthew R.; Wang, Changyi Chang-Yi (Elsevier, 2015)
      We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find ...

    • The Effect of Reference Point Prices on Mergers and Acquisitions 

      Baker, Malcolm P.; Pan, Xin; Wurgler, Jeffrey (Elsevier, 2012)
      Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance ...

    • Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs 

      Khan, Mozaffar; Kogan, Leonid; Serafeim, Georgios (Wiley-Blackwell, 2012)
      In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants ...

    • What Factors Drive Analyst Forecasts? 

      Groysberg, Boris; Healy, Paul Murray; Nohria, Nitin; Serafeim, Georgios (2011)
      A firm's competitive environment, its strategic choices, and its internal capabilities are considered important determinants of its future performance. Yet there is little evidence on whether analysts' forecasts of firm ...

    • What Is Privacy Worth? 

      Acquisti, Alessandro; John, Leslie; Loewenstein, George (University of Chicago Press, 2013)
      Understanding the value that individuals assign to the protection of their personal data is of great importance for business, law, and public policy. We use a field experiment informed by behavioral economics and decision ...