Pub Date : 2023-06-21DOI: 10.1007/s11142-023-09768-7
Matthew Shaffer
Abstract This paper provides an overview of valuation multiples in mergers and acquisitions advisory. I review the literature and legal controversies and the theoretical basis for their role. I then standardize all the advisor multiples available in SDC Platinum along four dimensions and report rich descriptive statistics on each dimension over time and across industries. I highlight eight findings that are notable in light of current knowledge and debates. This paper answers the call from Gow et al. (Journal of Accounting Research 54(2):477–523, 2016) for thorough descriptive research, to provide a foundation and prompts for future hypothesis development. It includes an explicit guide for using this data, an overview of the key institutional details, and a discussion of tractable and open research questions.
摘要本文对并购咨询中的估值倍数进行了概述。我回顾了文献和法律争议及其作用的理论基础。然后，我将SDC Platinum中可用的所有顾问倍数沿着四个维度进行标准化，并报告每个维度随时间和跨行业的丰富描述性统计数据。根据目前的知识和辩论，我强调了八个值得注意的发现。本文响应Gow等人(Journal of Accounting Research 54(2): 477-523, 2016)的呼吁，进行深入的描述性研究，为未来的假设发展提供基础和提示。它包括使用这些数据的明确指南，对关键机构细节的概述，以及对可处理和开放的研究问题的讨论。
{"title":"Which multiples matter in M &A? An overview","authors":"Matthew Shaffer","doi":"10.1007/s11142-023-09768-7","DOIUrl":"https://doi.org/10.1007/s11142-023-09768-7","url":null,"abstract":"Abstract This paper provides an overview of valuation multiples in mergers and acquisitions advisory. I review the literature and legal controversies and the theoretical basis for their role. I then standardize all the advisor multiples available in SDC Platinum along four dimensions and report rich descriptive statistics on each dimension over time and across industries. I highlight eight findings that are notable in light of current knowledge and debates. This paper answers the call from Gow et al. (Journal of Accounting Research 54(2):477–523, 2016) for thorough descriptive research, to provide a foundation and prompts for future hypothesis development. It includes an explicit guide for using this data, an overview of the key institutional details, and a discussion of tractable and open research questions.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136296005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-21DOI: 10.1007/s11142-023-09780-x
Matthew Cedergren, Valerie Li
Abstract We find irregular patterns in the distribution of firms’ reported quarterly gross margin percentages. Specifically, there is significant bunching around percentage integers that are highly round (e.g., multiples of 10, such as 30%, 40%, etc.) or are neatly divisible (e.g., 25%, 75%), compared to what is predicted by counterfactual distributions. Further investigation reveals that highly round gross margin firms are smaller, exert higher effort, achieve higher productivity, have more difficult goals, and pay their CEOs with a higher portion of fixed income. We also find that highly round gross margins are associated with superior performance. Additionally, we do not find consistent evidence that highly round gross margin reference points are linked to external rewards. Collectively, our evidence is consistent with reference-dependent preferences for highly round gross margins likely being driven by intrinsic (rather than extrinsic) motivations.
{"title":"Round number reference points and irregular patterns in reported gross margins","authors":"Matthew Cedergren, Valerie Li","doi":"10.1007/s11142-023-09780-x","DOIUrl":"https://doi.org/10.1007/s11142-023-09780-x","url":null,"abstract":"Abstract We find irregular patterns in the distribution of firms’ reported quarterly gross margin percentages. Specifically, there is significant bunching around percentage integers that are highly round (e.g., multiples of 10, such as 30%, 40%, etc.) or are neatly divisible (e.g., 25%, 75%), compared to what is predicted by counterfactual distributions. Further investigation reveals that highly round gross margin firms are smaller, exert higher effort, achieve higher productivity, have more difficult goals, and pay their CEOs with a higher portion of fixed income. We also find that highly round gross margins are associated with superior performance. Additionally, we do not find consistent evidence that highly round gross margin reference points are linked to external rewards. Collectively, our evidence is consistent with reference-dependent preferences for highly round gross margins likely being driven by intrinsic (rather than extrinsic) motivations.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136355829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-19DOI: 10.1007/s11142-023-09786-5
John Xuefeng Jiang, Jing Kong
{"title":"Green dies in darkness? environmental externalities of newspaper closures","authors":"John Xuefeng Jiang, Jing Kong","doi":"10.1007/s11142-023-09786-5","DOIUrl":"https://doi.org/10.1007/s11142-023-09786-5","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135288063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-10DOI: 10.1007/s11142-023-09774-9
Seil Kim, Seungjoon Oh
{"title":"Outside directors’ insider trading around board meetings","authors":"Seil Kim, Seungjoon Oh","doi":"10.1007/s11142-023-09774-9","DOIUrl":"https://doi.org/10.1007/s11142-023-09774-9","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135006647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-09DOI: 10.1007/s11142-023-09770-z
Ahmed M. Abdalla, C. Clubb
{"title":"Classification shifting using income-decreasing special items: measurement and valuation issues","authors":"Ahmed M. Abdalla, C. Clubb","doi":"10.1007/s11142-023-09770-z","DOIUrl":"https://doi.org/10.1007/s11142-023-09770-z","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"1 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41396665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-06DOI: 10.1007/s11142-023-09777-6
Martina Andreani, Diogo Palhares, Scott Richardson
{"title":"Computing corporate bond returns: a word (or two) of caution","authors":"Martina Andreani, Diogo Palhares, Scott Richardson","doi":"10.1007/s11142-023-09777-6","DOIUrl":"https://doi.org/10.1007/s11142-023-09777-6","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":" ","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42825868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-02DOI: 10.1007/s11142-023-09769-6
Alexandra Lilge, Abhishek Ramchandani
{"title":"To tell or not to tell: the incentive effects of disclosing employer assessments","authors":"Alexandra Lilge, Abhishek Ramchandani","doi":"10.1007/s11142-023-09769-6","DOIUrl":"https://doi.org/10.1007/s11142-023-09769-6","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136000373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.1007/s11142-023-09773-w
Le Luo, Mark Shuai Ma, Thomas C. Omer, Hong Xie
{"title":"Tax avoidance and firm value: does qualitative disclosure in the tax footnote matter?","authors":"Le Luo, Mark Shuai Ma, Thomas C. Omer, Hong Xie","doi":"10.1007/s11142-023-09773-w","DOIUrl":"https://doi.org/10.1007/s11142-023-09773-w","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135728165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-27DOI: 10.1007/s11142-022-09737-6
Zhengqi Liu, Ning Zhang
{"title":"The productivity effect of digital financial reporting","authors":"Zhengqi Liu, Ning Zhang","doi":"10.1007/s11142-022-09737-6","DOIUrl":"https://doi.org/10.1007/s11142-022-09737-6","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":" ","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48455203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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