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Cited by 116Financial Reporting and Valuation ResearchCorporate Finance and GovernanceAuditing, Earnings Management, Governance

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

Equity Valuation and Corporate Control.

DeAngelo, Linda Elizabeth·1990·The Accounting Review
DOI 10.2308/tar-9603274030
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Abstract

The proliferation of control contests for large public corporations at 50% + premiums above market Illustrates the wide divergence between open-market stock prices and equity exchange values. This paper considers equity valuation in corporate control transactions-e.g., management buyouts and hostile takeovers-that engender potentially severe manager-stockholder conflicts. These conflicts generate a demand for independent assessments of equity values by investment bankers who specialize in these appraisals. The paper provides evidence from (1) a large sample of fairness opinions on management buyouts, and (2) a small sample of investment bankers' working papers which indicates that investment bankers' valuation techniques make extensive use of accounting data. This demand for accounting information in equity valuation is distinct from that previously recognized in the capital markets or contracting literatures.

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Crossref · 10.2308/tar-9603274030

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Metadata

Authors
DeAngelo, L. E.
Affiliations
University of Michigan (US)
Corresponding author
DeAngelo, Linda Elizabeth
Venue
The Accounting Review
Publisher
American Accounting Association
Published
1990-01-01
Volume
65
Issue
1
Pages
93-112
ISSN
  • 0001-4826 (ISSN-L)
  • 1558-7967
DOI
10.2308/tar-9603274030
OpenAlex
W35803484
Cited by
116
References
0
Citations by year
2026: 3 · 2025: 4 · 2024: 2 · 2023: 7 · 2022: 2 · 2021: 8 · 2020: 3 · 2019: 10 · 2018: 7 · 2017: 5 · 2016: 3 · 2015: 5 · 2014: 6 · 2013: 8 · 2012: 3
FWCI
5.79
Type
journal article
Language
en
Open access
closed
Locations
The Accounting Review (publishedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Financial Reporting and Valuation Research
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
Keywords
stock valuation, corporate control, management buyout, hostile takeovers, fairness opinions, investment bankers

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