This essay considers the relationship between two methods of valuing public companies in appraisal proceedings: the unaffected market price, the reliability of which depends on the applicability of the efficient capital markets hypothesis, and the deal price (less synergies, as applicable), the...

This paper provides the first systematic analysis of persistent urban vibrancy in human capital supply in explaining firm valuation dispersion in China. We find persistent, significant city-to-city differences in Tobin’s q, especially among large or mature firms. To explain such geographic...

The merger and acquisition boom has created considerable ferment in the development of corporate law. A major acquisition rarely passes without major litigation. The active market for corporate control is, in part, fueled through a burst of creativity in acquisition techniques of investment...

In this paper, I show that “investable premia” are greatest for transparent, well-governed firms. I find that single-class share investable firms and better-governed firms reap the largest valuation gains from becoming investable. Dual-class share firms do gain from becoming investable, but...

In South-East Asian corporations where ownership is typically highly concentrated, ownership structure plays an important role to align the interests between managers and shareholders. Consequently, blockholders may have personal incentives other than maximizing shareholders' wealth by...

This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control...