Harvard Corporate Governance

JUNE 24, 2025

. · Stock returns increase (decrease) as firms’ realized profit (expense) margins grow relative to the IPO targets, suggesting that the targets were used to form expectations of firm value and investors adjust their estimates when realizations deviate from these expectations. · Firms that present targets during their IPO roadshow are (..)

Firm Value 124

Firm Value Marketability 124

Peak Business Valuation

JUNE 13, 2025

Financial advisory firms provide essential services, helping business owners manage money, plan for retirement, and invest wisely. If you are looking to purchase a financial advisory firm, it is beneficial to obtain a business valuation first.

Business Valuation 52

Business Valuation Fair Market Value Appraisal Compliance 52

ThomsonReuters

DECEMBER 27, 2024

By understanding these regulations thoroughly, your firm can foster deeper relationships and move from transactional compliance work to a proactive advisory role. For example, advising a client on how to strategically sell a tokenized asset to minimize taxes could save them thousands, cementing your firms value beyond tax preparation.

Compliance 52

Compliance Fair Market Value Firm Value Marketability 52

Peak Business Valuation

FEBRUARY 27, 2025

Summary Whether you are buying , growing , or selling a wealth management firm , obtaining a professional business valuation is essential. As part of the valuation process , a business appraiser determines the firms value using valuation multiples for a wealth management firm.

Business Valuation 52

Business Valuation EBITDA Fair Market Value Appraisal 52

Peak Business Valuation

FEBRUARY 27, 2025

Identifying Risks of Buying a Consulting Firm In addition to key value drivers, a consulting firm valuation identifies risks of buying a consulting firm. As a business owner, preparing for risk is an important part of maximizing a firms value.

Business Valuation 52

Business Valuation Fair Market Value Appraisal Firm Value 52

Reynolds Holding

JANUARY 9, 2025

The weakened CEO incentives may discourage CEOs from exerting more effort to increase a firms value. To explore the real consequence of these value-based practices, we examine their impact on corporate R&D investment decisions, as innovation has been shown to both require tremendous effort and enhance firm value and growth.

Equity 45

Equity Firm Value Finance 45

Auto Dealer Valuation Insights

JUNE 6, 2025

Hamner, CFA, ASA guide you through the critical steps of succession planning, ensuring your firm’s legacy thrives while maximizing its value.

Firm Value 52

Firm Value 52

Musings on Markets

JANUARY 10, 2025

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.

Risk Premium 121

Risk Premium Dividends Start-ups Corporate Finance 121

Musings on Markets

JULY 18, 2025

That is the reason that cyclical and commodity firms have often offered for holding large cash balances (as a percent of their overall firm value), since a recession or a commodity price downturn can quickly turn profits to losses.

Start-ups 76

Start-ups Book Value Equity Marketability 76

Harvard Corporate Governance

OCTOBER 1, 2022

Efficient laws should enhance firm value. If so, under the generally accepted measure of quality (efficiency and firm value), corporate law would be irrelevant. Is Delaware corporate law relevant? Relevance is a relational concept. Relevant to what? Rules of corporate law are considered in efficiency’s light.

Firm Value 358

Firm Value 358

Harvard Corporate Governance

MAY 18, 2023

Portfolio welfarism starts from the observation that shareholders’ economic interest lies in maximizing portfolio value not firm value. Shareholder welfarism resembles portfolio welfarism in that both, while accepting the primacy of shareholder interests, give weight to shareholder interests other than firm value.

Firm Value 247

Firm Value 247

Harvard Corporate Governance

APRIL 20, 2022

The literature provides mixed evidence on the impact of female board representation on firm value. The skillset view holds that female directors have unique skills and risk appetites that complement the skillsets of male directors, resulting in a diversity premium and higher firm value.

Firm Value 213

Firm Value Finance 213

Reynolds Holding

JANUARY 16, 2024

In a new article, we offer novel insights into the conundrum of ESG emphasis and present a conceptual framework for exploring the impacts on firm value of emphasizing both nonmaterial and material ESG factors. This unexpected negative impact on firm value surpasses the positive impact of material ESG emphasis by a factor of 2.12.

Firm Value 45

Firm Value 45

Harvard Corporate Governance

MAY 5, 2023

The release points out that share repurchases could be “conducted to increase management compensation or to affect various accounting metrics,” rather than to increase firm value. [1] 1] Some people would argue that issuers should use excess cash to increase employee wages or fund research and development.

Dividends 263

Dividends Firm Value Equity 263

Reynolds Holding

OCTOBER 17, 2022

Research shows that socially responsible activities enhance firm value while irresponsible social activities destroy value and that firms with more women directors tend to do better on social and environmental issues.

Firm Value 45

Firm Value Marketability 45

Harvard Corporate Governance

MAY 24, 2024

We employ our novel catalog of 83 board gender diversity interventions to examine the effect of BGD on a first-order firm outcome: investment efficiency. The effect of BGD on investment efficiency is an open question. more…)

Firm Value 221

Firm Value Technology 221

Reynolds Holding

JUNE 13, 2022

As a social-policy instrument, forced board-gender balancing is in principle unrelated to firms’ economic performance. Nonetheless, imposing such a policy may have unintended consequences (positive or negative) for firm value, which is important for all of a firm’s constituencies – not only shareholders – to understand properly.

Firm Value 45

Firm Value EBIT Marketability Compliance 45

Harvard Corporate Governance

OCTOBER 5, 2023

For instance, some investors may adjust their required rate of return because they derive utility from holding high ESG firms in their portfolios. Another possibility is that ESG activities affect firm value because they lead to higher cash flows. more…)

Firm Value 214

Firm Value Finance 214

Harvard Corporate Governance

MARCH 13, 2024

For instance, drawing on survey data from 1,348 North American executives who represent many of the largest firms in the economy, we found a consensus among executives on the significant contribution of culture to long-term firm value.

Intangible Assets 211

Intangible Assets Corporate Finance Finance Firm Value 211

Harvard Corporate Governance

APRIL 19, 2022

A substantial body of CG research studies the extent to which firm-level CG choices, often captured in CG indices, predict firm value, profitability and other outcomes. We also provide suggestive evidence that the likely root cause is poor construction of the ratings, rather than CG’s inability to predict Tobin’s q.

Marketability 223

Marketability Corporate Finance Finance Firm Value 223

Harvard Corporate Governance

AUGUST 9, 2022

Or the performance-based grants might be poorly designed to be informative, such as the performance hurdles are set at unreasonably high (low) level or the performance measures used are unrelated to firm value. Hence, whether the disclosure of unearned shares is informative is an empirical question. more…).

Finance 213

Finance Firm Value Marketability Equity 213

Financial Times M&A

MAY 8, 2024

Investment by private equity firm values Danish group Hempel at more than $3.6bn

Private Equity Firm 94

Private Equity Firm Firm Value Equity 94

IVSC

JUNE 28, 2023

In this paper we will: Define technology as it pertains to valuation; Examine the lifecycle of technology and the difficulty of realising certain benefits as commercial profits; List the salient features of technology that are critical in a valuation; Use Apple’s launch of the iPhone to contrast firm value and value of technology; Gauge investor reactions (..)

Technology 147

Technology Intangible Assets Firm Value Business Valuation 147

The Guardian M&A

SEPTEMBER 14, 2023

British tech firm valued at $52.3bn before highly anticipated flotation on Nasdaq by private owner SoftBank The British chip designer Arm has secured a $52.3bn (£41.9bn) valuation in its initial public offering (IPO), before its highly anticipated return to the stock market in New York on Thursday.

Firm Value 100

Firm Value Marketability Technology 100

Harvard Corporate Governance

SEPTEMBER 14, 2022

CEO incentives embedded in equity compensation encourage risk taking that might or might not enhance firm value (Bolton, Mehran, and Shapiro 2015; Stulz 2015). In essence, equity compensation is an out-of-the-money call option whose value increases with risk, and may not provide incentives to constrain extreme risk taking.

Banking 202

Banking Equity Firm Value Marketability 202

Harvard Corporate Governance

MARCH 18, 2024

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.

Accounting Firms 133

Accounting Firms Firm Value Banking 133

Reynolds Holding

MARCH 22, 2023

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.

Intangible Assets 77

Intangible Assets Firm Value Book Value Marketability 77

Reynolds Holding

MAY 18, 2022

In a recent paper , my coauthors and I examine voting on corporate policies when investors care about both maximizing firm value and achieving one or more social objectives. For example, under some technical conditions, corporate voting is effective when all investors share the same general goal (like maximizing firm value).

Firm Value 49

Firm Value Finance 49

Law 360 M&A

APRIL 14, 2025

Wilson Sonsini Goodrich & Rosati PC-steered Kodiak Robotics, a firm valued at $2.5 billion that specializes in driverless truck technology, said Monday it plans to go public later this year by merging with blank-check company Ares Acquisition Corp. II, which is being represented by Kirkland & Ellis LLP.

Firm Value 52

Firm Value Technology 52

Reynolds Holding

MAY 10, 2022

His incentives as controller of Meta are thus clear: Maximize firm value and private benefits of control, irrespective of the effect that might have on other firms. Its incentives are equally clear: Maximize the value of its portfolio, irrespective of what happens to any given firm therein.

Firm Value 94

Firm Value Marketability 94

Benzinga

JULY 23, 2024

Embecta’s share price has plummeted nearly 70% since its April 2022 spin-off, leaving the Nasdaq-listed firm valued at $2.1 The medical technology company, which supplies approximately 8 billion syringes and needle pens annually across more than 100 countries, has engaged advisers from Centerview Partners to explore a sale.

Firm Value 59

Firm Value Technology 59

Law 360 M&A

MARCH 26, 2024

I in a deal built by six firms, valuing the two businesses at a combined $340 million. Precision medicine company OmnigenicsAI Corp. on Tuesday announced it and artificial intelligence-enabled preventative medicine company MultiplAI Health Ltd.,

Firm Value 52

Firm Value 52

Benzinga

FEBRUARY 29, 2024

Fiserv, Inc (NYSE: FI ) and Amadeus IT Group are in the race to acquire Shift4 Payments Inc (NYSE: FOUR ), a payment processing firm valued at nearly $7 billion. These two leading contenders are preparing their final bids in the upcoming weeks, although the outcome of these negotiations remains uncertain, Reuters reports. million.

Firm Value 52

Firm Value 52

Startup Valuation Blog

MARCH 13, 2023

"The bankruptcy of banks can have a ripple effect on the value of companies that work with the bank, and it's an aspect of valuation that cannot be ignored." A firm's value and the risk of the financial crisis that banks must deal with can have complicated and diverse relationships. Says Tamir Levy, Ph.D.,

Banking 100

Banking Firm Value Finance Equity 100

Reynolds Holding

MARCH 19, 2024

If this were the only channel of influence, pursuing ESG might simply collapse into maximizing shareholder value, raising no new analytical issues. Second and more important, we identify a novel set of strong personal incentives for CEOs to promote ESG, separate from firm value. The net result of these pressures is ambiguous.

Firm Value 78

Firm Value Marketability 78

Auto Dealer Valuation Insights

MARCH 28, 2025

They discuss the key factors influencing RIA valuations, the latest industry trends, methodologies for valuing RIAs, and best practices to maximize firm value. Milam, CFA explore the critical elements shaping RIA valuations in today’s market.

Firm Value 40

Firm Value Marketability 40

Auto Dealer Valuation Insights

MARCH 28, 2025

They discuss the key factors influencing RIA valuations, the latest industry trends, methodologies for valuing RIAs, and best practices to maximize firm value. Milam, CFA explore the critical elements shaping RIA valuations in today’s market.

Firm Value 40

Firm Value Marketability 40