This paper investigates the valuation and M&A dynamics of the population of 254 biotech firms that went public in Europe over the last two decades. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization. After controlling...

In this paper, we compare the efficiency of the Italian and German university system in the process of translating public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies...

In this paper, we compare the efficiency of the Italian and German universities in the process of transforming public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies...

In this paper, we compare the efficiency of the Italian and German university system in the process of translating public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies...

The most common method for valuing companies going public is the use of comparable firm multiples. We compare the selection of peer firms made by investment banks as underwriters at the IPO with that done shortly thereafter as analysts. We find that 3 out of 7 comparable firms, on average, are...

This paper studies the valuation of companies going public and defines a methodology to infer the growth expectations implicit in their IPO prices. The proposed reverse-engineered DCF model is operable by individual investors, as it does not require access to private information or sell-side...

We question whether an evolution in the national legal system leads to higher valuations for companies going public. We investigate this issue with reference to the population of firms going public on the main and second stock markets in the three largest economies of Continental Europe over the...

The purpose of this study is to shed light on the valuation of firms belonging to European pyramidal groups at the time of their IPO. We question if the particularity in their ownership structure, and the identity of the ultimate shareholder, affect the valuation of the firms going public. With...

The purpose of this study is to shed light on the valuation of firms at the time of their IPO. We question if the particularity in the corporate governance and ownership of European companies affect the valuation of the firms going public. With reference to the 3.052 firms that went public in...