| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4724 |
| 来源ID | Working 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. |
| URL | https://www.nber.org/papers/w4724 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 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. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4724.pdf（571KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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