Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by di...Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems （as the abrupt crisis provides a natural experiment） and hold up against endogeneity and several other challenges in robustness tests. The findings offer important implications for researchers, business owners, policy makers and future research.展开更多
This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)...This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)—are being explained.These two models are further developed under the Greek accounting standards(especially the first model,being a more fundamental approach),in order to be applied afterwards more correctly to Greek firms’data,leading to adjusted forms.The application of these two models comes right next upon privately held food&drinks firms’financial statements,collected for each year(2013 up to 2015).The final step consists of the analysis and discussion of the results with the help of descriptive statistics(frequencies),as well as the pearson statistic,as a simple correlation tool.展开更多
The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they...The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they try to retrieve intrinsic values of SMEs, make use of the Free Cash Flows to the Firm （FCFF） model. We focus on adjusting the firms＇ statements＇ items in order to produce a nominator that is consistent with the FCFF theory, taking in response---among others--the Greek tax legislation and the Greek General Chart of Accounts. Finally, we produce a rather normative formula, which can be positively used upon this very model （FCFF valuation） in order to assess the value of a private firm in Greece. The formula is explained thoroughly enough via a practical example of a real Greek private firm.展开更多
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.展开更多
文摘Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems （as the abrupt crisis provides a natural experiment） and hold up against endogeneity and several other challenges in robustness tests. The findings offer important implications for researchers, business owners, policy makers and future research.
文摘This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)—are being explained.These two models are further developed under the Greek accounting standards(especially the first model,being a more fundamental approach),in order to be applied afterwards more correctly to Greek firms’data,leading to adjusted forms.The application of these two models comes right next upon privately held food&drinks firms’financial statements,collected for each year(2013 up to 2015).The final step consists of the analysis and discussion of the results with the help of descriptive statistics(frequencies),as well as the pearson statistic,as a simple correlation tool.
文摘The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they try to retrieve intrinsic values of SMEs, make use of the Free Cash Flows to the Firm （FCFF） model. We focus on adjusting the firms＇ statements＇ items in order to produce a nominator that is consistent with the FCFF theory, taking in response---among others--the Greek tax legislation and the Greek General Chart of Accounts. Finally, we produce a rather normative formula, which can be positively used upon this very model （FCFF valuation） in order to assess the value of a private firm in Greece. The formula is explained thoroughly enough via a practical example of a real Greek private firm.
文摘Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.
