The research target is to explore the relation between the fundamental performance and the market pricing for SME which have floated in the Italian stock market in the period 1994 2000. The fundamental performance is defined as the degree of consistency between the financial results obtained in the years immediately after the listing process and the enterprise’s objectives declared at the listi...

This paper analyses market valuations of UK companies using a new data set of their R&D and IP activities (1989-1999). In contrast to previous studies, the analysis is conducted at the sectoral level, where the sectors are based on the technological classification in Pavitt (1984). The first main result is that the valuation of R&D and IP varies substantially across these sectors. To explore th...

This study investigates the impact of China’s stock market on firm-level investment by using a panel data set constructed by the author of all Chinese listed firms for the period of 1992 to 1999 and by applying both fixed effects and generalized method of moments (GMM) techniques. The results show that stock market valuation has a highly significant and positive influence on listed firms’ inves...

In recent years, authors have focused on modeling and forecasting volatility in financial series it is crucial for the characterization of markets, portfolio optimization and asset valuation. One of the most used methods to forecast market volatility is the linear regression. Nonetheless, the errors in prediction using this approach are often quite high. Hence, continued research is conducted t...

I classify CEOs as overoptimistic based on their option exercise behavior, and find that overoptimistic CEOs are more likely to pay with cash when market-wide valuations are (moderately) above their long-term trend, but not when market valuations are low. In contrast to rational CEOs, overoptimistic CEOs view their stock as overly costly and prefer cash payment, even during times of high market...

All nationwide return indices for direct owned property are based on valuations, which give a discussion of how well market value estimates reflect transaction prices and market movements. Two valuation experiments in relation to the Swedish Property Index give indications about the magnitude of the variation in estimated market values as well as variation in individual discounted cash flow par...