Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
7 M.K. Dey and B. Radhakrishna,“Institutional Trading, Trading Volume and Spread,” working paper, 2001. They provideevidenceofth ...
thatcollusionamongdealersstillleadstohigherspreadson the NASDAQ. 14 L.Y.Dann,D.Mayers,andR.J.Rabb,“TradingRules, LargeBlocksandt ...
20 D. Vayanos, “Transactions Costs and Asset Prices: A Dynamic Equilibrium Model,” Journal of Financial Economics11 (1998): 1–58 ...
27 V. R. Eleswarapu, “Cost of Transacting and Expected Returns in theNasdaq Market,”Journal ofFinance 52 (5) (1997):2113–2127.Th ...
33 F.A.Longstaff,“How MuchCan Marketability Affect Security Values?”Journal of Finance50 (1995): 1767–1774. 34 Y.Amihud andH.Men ...
premiums.Thepremiumsduringthe1990saveragedabout 3 percent,whereastheyweremorethan 5 percentpriorto1960. C. M. Jones, “A Century ...
49 B. A.Johnson, “QuantitativeSupport forDiscounts for Lack of Marketability,” Business Valuation Review 16 (1999): 152–155. 50 ...
56 Z. Chen and P. Xiong, “Discounts on Illiquid Stocks: Evidence from China,” working paper, Yale University, 2001. 57 S.S.Wanga ...
LandValues,”workingpaper,FederalReserveBankofSan Francisco, 2004. 64 Inrecentyears,someappraisershaveshiftedtousingthe discounts ...
price of $50 will have substantial value, eventhough the underlyingstockiscompletelyliquid.Thevaluehasnothing todowithliquidityb ...
76 Ifthecashisheldbackinthefirm(ratherthanwasted),it willaddtotheterminalvalueandthevalueofthefirmshould not be affected. 77 The ...
explained by the failure to consider the greater cost of illiquidity in these periods. 82 A.W.Butler,G.Grullon,andJ.P.Weston,“St ...
CHAPTER 15 The Value of Synergy WhenCarlyFiorinaarguedforHewlett-Packard’sacquisition ofCompaq,sheofferedanumberofreasonsthedeal ...
isthemostwidelyusedandmisusedrationaleinmergersand acquisitions.Inthissection,weconsiderthepotentialsources ofsynergyand categor ...
firmsisfar morelikely tocreateanoligopolywith pricing power. 1 3.Combinationofdifferentfunctionalstrengths,aswouldbe thecasewhen ...
otherwise would not have been undertaken. This synergyislikelytoshowupmostoftenwhenlarge firmsacquiresmallerfirms,orwhenpublicly ...
The key question about synergy is not whether itcan be valuedbuthowitshouldbevalued.Afterall,firmsthatare willingtopaylargeamoun ...
thelengthofthegrowthperiod?Synergy,tohaveaneffecton value, has to influence one of the four inputs into the valuationprocess—ith ...
Itisimportantatthisstagethatwekeepthevalueofsynergy apart fromthe valueof control,which isthe otherwidely cited reason for acqui ...
ComponentValuation Guidelines Control premium Value the company as if optimally managed. This will usually mean that premium inv ...
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