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Avoiding Hanging Chads in Corporate Voting in 2024

Harvard Corporate Governance

Related research from the Program on Corporate Governance includes Universal Proxies (discussed on the Forum here ) by Scott Hirst; Does Shareholder Proxy Access Improve Firm Value? This post is based on his Broadridge memorandum. In most contests, the outcome is known at the close of the polls.

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A Follow up on Inflation: The Disparate Effects on Company Values!

Musings on Markets

Inflation and Value When in doubt about how any action or information plays out in value, I find it useful to go back to value basics, and trace out the effects of that action/information on value drivers. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.

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Poison Pills in the Shadow of the Law

Reynolds Holding

Though the pill’s deterrence of hostile takeovers may seem beneficial at first glance, a hostile takeover may in some cases benefit shareholders by allowing the acquirer to run the firm more efficiently, thereby increasing shareholder value. Therefore, the impact of poison pills on firm value requires empirical study.

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Data Update 1 for 2025: The Draw (and Danger) of Data

Musings on Markets

Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Historical Growth in Revenues & Earnings 1. Profit Margins 1. Costs of equity & capital 1. Earnings Multiples 2. Fundamental Growth in Equity Earnings 2. Return on Equity 2. Fundamenal Growth in Operating Earnings 3. Revenue Multiples 4.

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Does the Market Misprice Companies’ “Strategic Alternatives” Announcements?

Reynolds Holding

Returns are adjusted for firm size and book-to-market of equity. This is direct evidence that the announcement causes expectations of firm value to be biased upward. Returns are adjusted for firm size and book-to-market of equity. We find no evidence for this possibility.

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Appraiser Newsroom - Untitled Article

Appraiser Newsroom

Pratt & ASA Educational Foundation Valuing Fraction Interests in Real Estate 2.0 , by Dennis A. Significant contributions include needs-based grants for appraisal courses, and to develop appraisal texts including ASA POV courses (BV, 6 th Ed) and (PP, 1 st Ed), and Lawyers Book (1 st Ed). Fishman & William J.

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Data Update 1 for 2024: The data speaks, but what does it say?

Musings on Markets

Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Working capital needs Thus, I compute pricing multiples based on revenues (EV to Sales, Price to Sales), earnings (PE, PEG), book value (PBV, EV to Invested Capital) or cash flow proxies (EV to EBITDA). Revenue Multiples 4.

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