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Author : Michel Dubois
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (753 download)
Download or read book Valuation Effects of Listing on a Forward Stock Market written by Michel Dubois and published by . This book was released on 1997 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicola Cetorelli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)
Download or read book Firm Value and Cross-listings written by Nicola Cetorelli and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the valuation impact of a firm's decision to cross-list on a more (or less) prestigious stock exchange relative to its own domestic market. We use network analysis to derive broad market-based measures of prestige for forty-five country or regional stock exchange destinations between 1990 and 2006. We find that firms crosslisting in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. We also document a reverse effect for firms cross-listing in less prestigious markets: These firms experience a significant decline in valuation over the five years following the listing. The reputation of the cross-border listing destinations is therefore a useful signal of a firm's value going forward. Our findings are consistent with the view that cross-listing in a prestigious market enhances a firm's visibility, strengthens corporate governance, and lowers informational frictions and capital costs. -- Cross-listings ; network analysis
Author : Emmanuel O. Kumah
Publisher : International Monetary Fund
ISBN 13 : 1451873891
Total Pages : 75 pages
Book Rating : 4.4/5 (518 download)
Download or read book Valuation of Unlisted Direct Investment Equity written by Emmanuel O. Kumah and published by International Monetary Fund. This book was released on 2009-11-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Author : Arturo Bris
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book A Breakdown of the Valuation Effects of International Cross-Listing written by Arturo Bris and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing on prices and we are able to separate the different sources of the benefits of cross-listing. Our results show that even though the market segmentation and bonding effects are both statistically significant, the economic significance of segmentation is more than double that of bonding. Furthermore, we document an economically and statistically significant increasse in the liquidity of both share classes after the listing. Overall, our results explain why less and less firms are willing to list in the U.S.: Sarbanes Oxley has increased the cost of adopting better governance while its benefits are not substantial; and market segmentation has decreased significantly in the last years.
Author : Brian Kettell
Publisher : Butterworth-Heinemann
ISBN 13 : 9780750653831
Total Pages : 240 pages
Book Rating : 4.6/5 (538 download)
Download or read book Valuation of Internet and Technology Stocks written by Brian Kettell and published by Butterworth-Heinemann. This book was released on 2002-04-09 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: New ways of looking, researching and valuing these companies need to be addressed. Valuation of Internet and Technology Stocks offers practical information to enable institutional investors to value internet.coms and high tech companies more accurately. The author highlights the deficiencies in existing stock market techniques and shows how they need to be modified or, in most cases, replaced with techniques more suited for the revolution in economies which had taken place since 1991. The economic rules in the financial market place have changed to the extent that strategies successfully applied in the post war era have now been relegated to the deleted items box. 'Valuation on Internet and Technology Stocks' reviews existing stock market techniques highlighting their deficiencies and show how the New Economics necessitates new forms of investment analysis. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques
Author : Lei Wang (M.B.S.)
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (154 download)
Download or read book Valuation Effects of Foreign Companies Listing on U.S. Stock Exchanges written by Lei Wang (M.B.S.) and published by . This book was released on 1998 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sie Ting Lau
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (61 download)
Download or read book Valuation Effects of International Stock Exchange Listings written by Sie Ting Lau and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ana Paula Serra
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Valuation Impact of Dual-Listing on International Exchanges written by Ana Paula Serra and published by . This book was released on 1998 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects on stock returns of dual-listing on an international exchange. My sample consists of 70 firms from 10 emerging markets that dual-listed on the NYSE, NASDAQ and SEAQ-I over the period 1991-1995. The theoretical motivation for this paper lies in the context of the segmentation of international capital markets. When a firm dual-lists, it makes its shares available to a broader investor base resulting in better risk sharing. In the particular case of emerging markets, where barriers to investment are more severe in the sense that international investment is, in the limit, precluded by regulatory and ownership barriers, we expect those effects to be more pronounced. Previous literature has looked at the effects of foreign listings and has found support for investor?s awareness and liquidity arguments but is inconclusive regarding the capital markets segmentation explanation. In this paper, I re-examine that issue: I evaluate whether an international dual-listing has any significant effect on returns and I proceed to investigate whether there is evidence to support an International Asset Pricing based explanation. In addition I compare the impact of US and London SEAQ-I listings. My results show that firms experience significant positive abnormal returns before listing and a significant decline in returns following listing and this effect is more pronounced for emerging markets? firms. Moreover, for these firms, the valuation impact is similar across exchanges.
Author : Roland Füss
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (13 download)
Download or read book Valuation Effects of Termination of Cross-Listings written by Roland Füss and published by . This book was released on 2017 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, segmentation of capital markets incentivized numerous companies to cross-list in more integrated markets by promising better investor recognition and thereby lowering cost of capital and increasing stock liquidity. In recent years, however, more and more companies have decided to terminate these dual listings. In contrast to previous studies, which mainly focus on the benefits and/or drawbacks of the initial cross-listings, this paper investigates share price effects linked to the termination of cross-listings. A special focus lies on the characteristics of companies' home markets to explain observed price effects. The empirical results show negative abnormal returns on the event date as well as negative cumulative abnormal returns in the weeks following the announcement of the termination of the secondary listing. The absolute value of the price reaction varies positively with foreign investors' difficulty to enter the companies' local market and the fraction of liquidity allocated to the foreign listing prior to the delisting event.
Author : Christopher Géczy
Publisher :
ISBN 13 :
Total Pages : 684 pages
Book Rating : 4.3/5 (243 download)
Download or read book The Effects of Market Segmentation and Illiquidity on Asset Prices written by Christopher Géczy and published by . This book was released on 1996 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Arthur Firth
Publisher :
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.:/5 (43 download)
Download or read book The Valuation of Shares and the Efficient-markets Theory written by Michael Arthur Firth and published by . This book was released on 1977 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : McKinsey & Company Inc.
Publisher : John Wiley & Sons
ISBN 13 : 0470889969
Total Pages : 866 pages
Book Rating : 4.4/5 (78 download)
Download or read book Valuation written by McKinsey & Company Inc. and published by John Wiley & Sons. This book was released on 2010-07-13 with total page 866 pages. Available in PDF, EPUB and Kindle. Book excerpt: McKinsey’s Trusted Guide to Teaching Corporate Valuation is Back and Better than Ever Designed for classroom use, Valuation, University Edition Fifth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to trust. Fully Revised and Updated, NEW FEATURES to the Fifth Edition include: ALL NEW CASE STUDIES that illustrate how valuation techniques and principles are applied in real-world situations NEW CONTENT on the strategic advantages of value-based management EXPANDED to include advanced valuation techniques UPDATED to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective Valuation, Fifth Edition remains true to its roots with a solid framework for valuation through key concepts such as: Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics Estimating the cost of capital with practical tips that aren't found in textbooks Interpreting the results of a valuation in light of a company's competitive situation Linking a company's valuation multiples to the core drivers of its performance. The University Edition contains the same key chapters as Valuation Fifth Edition but expands on them to enhance classroom application with End of Chapter Summaries and Review Questions to help students master key concepts from each chapter before moving on to the next. For professors, Wiley offers an Online Instructor’s Manual with a full suite of resources exclusive to adopting professors. Contact your rep for more information.
Author : International Accounting Standards Board
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.E/5 ( download)
Download or read book Fair Value Measurements written by International Accounting Standards Board and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mitch Zacks
Publisher : John Wiley & Sons
ISBN 13 : 1118192419
Total Pages : 224 pages
Book Rating : 4.1/5 (181 download)
Download or read book The Little Book of Stock Market Profits written by Mitch Zacks and published by John Wiley & Sons. This book was released on 2011-10-19 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timely guide to making the best investment strategies even better A wide variety of strategies have been identified over the years, which purportedly outperform the stock market. Some of these include buying undervalued stocks while others rely on technical analysis techniques. It's fair to say no one method is fool proof and most go through both up and down periods. The challenge for an investor is picking the right method at the right time. The Little Book of Stock Market Profits shows you how to achieve this elusive goal and make the most of your time in today's markets. Written by Mitch Zacks, Senior Portfolio Manager of Zacks Investment Management, this latest title in the Little Book series reveals stock market strategies that really work and then shows you how they can be made even better. It skillfully highlights earnings-based investing strategies, the hallmark of the Zacks process, but it also identifies strategies based on valuations, seasonal patterns and price momentum. Specifically, the book: Identifies stock market investment strategies that work, those that don't, and what it takes for an individual investor to truly succeed in today's dynamic market Discusses how the performance of each strategy examined can be improved by combining into them into a multifactor approach Gives investors a clear path to integrating the best investment strategies of all time into their own personal portfolio Investing can be difficult, but with the right strategies you can improve your overall performance. The Little book of Stock Market Profits will show you how.
Author : Elton George McGoun
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.:/5 (169 download)
Download or read book The Value Impact of American Stock Listings on Foreign Stock Exchanges written by Elton George McGoun and published by . This book was released on 1987 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Domenic Vitiello
Publisher : University of Pennsylvania Press
ISBN 13 : 0812242246
Total Pages : 272 pages
Book Rating : 4.8/5 (122 download)
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Author : Aswath Damodaran
Publisher : Now Publishers Inc
ISBN 13 : 1601980140
Total Pages : 102 pages
Book Rating : 4.6/5 (19 download)
Download or read book Valuation Approaches and Metrics written by Aswath Damodaran and published by Now Publishers Inc. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
