G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w4724
来源IDWorking Paper 4724
The Valuation of Cash Flow Forecasts: An Empirical Analysis
Steven N. Kaplan; Richard S. Ruback
发表日期1994-04-01
出版年1994
语种英语
摘要This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. These forecasts are provided by management to investors and shareholders in 51 HLTs completed between 1983 and 1989. Our estimates of discounted cash flows are within 10%, on average, of the market values of the completed transactions. Our estimates perform at least as well as valuation methods using comparable companies and transactions. We also invert our analysis and estimate the risk premium implied by transaction values and forecast cash flows, and the relation of the implied risk premium to firm-level betas, industry-level betas, firm size, and firm book-to-market ratios.
URLhttps://www.nber.org/papers/w4724
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/562118
推荐引用方式
GB/T 7714
Steven N. Kaplan,Richard S. Ruback. The Valuation of Cash Flow Forecasts: An Empirical Analysis. 1994.
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