Do Publicly Traded Firms Price Differently from Private Firms?

2001 ◽  
Author(s):  
Ernesto Schargrodsky
Keyword(s):  
Private Firms ◽  
Publicly Traded ◽  
Publicly Traded Firms

scholarly journals Accruals, cash flows and earnings in european privately held firms

2013 ◽  
pp. 133
Author(s):  
Borja Amor Tapia ◽  
María Teresa Tascón Fernández
Keyword(s):  
Cash Flow ◽  
Cash Flows ◽  
Previous Literature ◽  
Private Firms ◽  
Publicly Traded ◽  
Private Companies ◽  
Public Firms ◽  
Publicly Traded Firms ◽  
Privately Held Firms ◽  
Privately Held

Este trabajo examina las propiedades de los ajustes al devengo, los flujos de caja y los resultados en las empresas europeas no cotizadas. A partir de varias hipótesis sobre la persistencia de losresultados y sus componentes, encontramos que las empresas no cotizadas parecen comportarse de forma diferente a la evidencia encontrada previamente sobre las empresas cotizadas. Lasdiferencias son significativas cuando los ajustes al devengo son extremos, dado que la persistencia del ROA y de los flujos de caja siguen patrones de comportamiento distintos a los encontrados en las empresas estadounidenses cotizadas. Pero contrariamente a nuestrashipótesis, las diferencias en la persistencia no son significativas cuando las empresas no cotizadas publican resultados positivos frente a resultados negativos.<br /><br />This paper examines the properties of accruals, cash flows and earnings in European privately held firms. We start from several hypotheses about the persistence of earnings and its components, finding that private companies seem to behave in a different manner than the publicly traded firms tested in previous literature. As hypothesized, differences are significant when accruals are extreme, though in European private firms, persistence of ROA relative to cash flow follows a different pattern than in US public firms. But contrary to our expectations, differences in persistence are not significant when companies report positive versus negative earnings.

scholarly journals Accruals, cash flows and earnings in european privately held firms

2013 ◽  
pp. 133
Author(s):  
Borja Amor Tapia ◽  
María Teresa Tascón Fernández
Keyword(s):  
Cash Flow ◽  
Cash Flows ◽  
Previous Literature ◽  
Private Firms ◽  
Publicly Traded ◽  
Private Companies ◽  
Public Firms ◽  
Publicly Traded Firms ◽  
Privately Held Firms ◽  
Privately Held

Este trabajo examina las propiedades de los ajustes al devengo, los flujos de caja y los resultados en las empresas europeas no cotizadas. A partir de varias hipótesis sobre la persistencia de losresultados y sus componentes, encontramos que las empresas no cotizadas parecen comportarse de forma diferente a la evidencia encontrada previamente sobre las empresas cotizadas. Lasdiferencias son significativas cuando los ajustes al devengo son extremos, dado que la persistencia del ROA y de los flujos de caja siguen patrones de comportamiento distintos a los encontrados en las empresas estadounidenses cotizadas. Pero contrariamente a nuestrashipótesis, las diferencias en la persistencia no son significativas cuando las empresas no cotizadas publican resultados positivos frente a resultados negativos.<br /><br />This paper examines the properties of accruals, cash flows and earnings in European privately held firms. We start from several hypotheses about the persistence of earnings and its components, finding that private companies seem to behave in a different manner than the publicly traded firms tested in previous literature. As hypothesized, differences are significant when accruals are extreme, though in European private firms, persistence of ROA relative to cash flow follows a different pattern than in US public firms. But contrary to our expectations, differences in persistence are not significant when companies report positive versus negative earnings.

Economic Network of Publicly-Traded Firms

2012 ◽  
Author(s):  
Gennaro Bernile ◽  
George M. Korniotis ◽  
Alok Kumar
Keyword(s):  
Publicly Traded ◽  
Publicly Traded Firms

scholarly journals The Composition Of Corporate Boards Of Directors: Does Industry Matter?

2012 ◽  
Vol 10 (3) ◽  
pp. 157 ◽  
Author(s):  
Dan Marlin ◽  
Scott W. Geiger
Keyword(s):  
Boards Of Directors ◽  
Retail Trade ◽  
Future Research ◽  
Corporate Boards ◽  
Font Size ◽  
Corporate Board ◽  
Publicly Traded ◽  
Trade Finance ◽  
Board Characteristics ◽  
Publicly Traded Firms

<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none; mso-add-space: auto;" class="MsoNormalCxSpFirst"><span style="color: black; font-size: 10pt;"><span style="font-family: Times New Roman;">The purpose of this study is to identify and examine differences in corporate board characteristics across four industries.<span style="mso-spacerun: yes;"> </span>Using a sample of 2592 US publicly traded firms, eleven board characteristics were identified and then examined across manufacturing, retail trade, finance/insurance, and services industries.<span style="mso-spacerun: yes;"> </span>Our analyses revealed significant differences in each of the eleven board characteristics examined.<span style="mso-spacerun: yes;"> </span>Implications and areas for future research are discussed.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>

scholarly journals On the estimation of the value of voting rights: Evidence from Taiwan

2006 ◽  
Vol 3 (2) ◽  
pp. 15-22 ◽  
Author(s):  
I-Hsiang Huang
Keyword(s):  
Stock Market ◽  
Abnormal Return ◽  
Market Value ◽  
Voting Rights ◽  
Publicly Traded ◽  
Private Benefit ◽  
Expected Return ◽  
Equity Ownership ◽  
Publicly Traded Firms

This paper proposes that the value of voting rights can be measured as the abnormal return of the date after the ex-voting rights date. The merit of this method is that it is applicable to all publicly traded firms. Whatever the expected return model is adopted, the vote value hypothesis of Manne (1962) is hold by using a sample of firms listed on Taiwan Stock Market whose annual shareholder meetings have a board election. Moreover, the result shows that the value of voting rights is negatively related to prior year’s market value of equity, managerial equity ownership, and return on asset. It is consistent with the hypothesis that the source of vote value comes from private benefit of control and improved management

Family Control, Socioemotional Wealth and Earnings Management in Publicly Traded Firms

2014 ◽  
Vol 133 (3) ◽  
pp. 453-469 ◽  
Author(s):  
Geoffrey Martin ◽  
Joanna Tochman Campbell ◽  
Luis Gomez-Mejia
Keyword(s):  
Earnings Management ◽  
Publicly Traded ◽  
Socioemotional Wealth ◽  
Family Control ◽  
Publicly Traded Firms

Sectoral Effects of Monetary Policy: The Evidence from Publicly Traded Firms

2013 ◽  
Vol 79 (4) ◽  
pp. 946-970 ◽  
Author(s):  
Dennis W. Jansen ◽  
Ruby P. Kishan ◽  
Diego E. Vacaflores
Keyword(s):  
Monetary Policy ◽  
Publicly Traded ◽  
Publicly Traded Firms
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