Valuation of Mergers and Acquisitions and Intangibles
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Write an outline of 1-2 pages for a Literature Review on vital new step in understanding alternatives to conventional asset valuation models. Although you do not have to actually design a study to the point of specifying research measures of valuation of assets, entities, and opportunities or specify samples, try to evolve your thinking to the point of framing a relevant research topic, problem, and question(s) on which your proposed research would be focused.
Relevant articles
Bahadir, S. C., Bharadwaj, S. G., & Srivastava, R. K. (2008). Financial value of brands in mergers and acquisitions: Is value in the eye of the beholder? Journal of Marketing, 72(6), 49-64.
Bloch, C. (2008). The market valuation of knowledge assets. Economics of Innovation & New Technology, 17(3), 269-284.
Bouwman, C. S. H., Fuller, K., & Nain, A. S. (2009). Market valuation and acquisition quality: Empirical evidence. The Review of Financial Studies, 22, 633-679.
Guest, P. M., Bild, M., & Runsten, M. (2010). The effect of takeovers on the fundamental value of acquirers. Accounting and Business Research, 40(4), 333-352.
Hoberg, G., & Phillips, G. (2010). Product market synergies and competition in mergers and acquisitions: A text-based analysis. The Review of Financial Studies, 23, 3773-3811.
Lin, G., & Tang, J. (2009). Appraising intangible assets from the viewpoint of value drivers. Journal of Business Ethics, 88, 679-689.
DiGabriele, G. A. (2008). The moderating effects of acquisition premiums in private corporations: An empirical investigation of relative S corporation and C corporation valuations. Accounting Horizons, 22, 415-424.
Gao, H. (2010). Market misvaluation, managerial horizon, and acquisitions. Financial Management, 39, 833-850.
Ivanov, V. I., & Xie, F. (2010). Do corporate venture capitalists add value to start-up firms? Evidence from IPOs and acquisitions of VC-backed companies. Financial Management, 39(1), 129-152.
Kallunki, J.-P., Pyykko, E., & Laamanen, T. (2009). Stock market valuation, profitability and R&D spending of the firm: The effect of technology mergers and acquisitions. Journal of Business Finance & Accounting, 36, 838-862.
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Solution Summary
An analysis of conventional valuation models is provided. Relevant articles are provided to aid in the research for the question.
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Conventional Valuation Models
Valuation is a complex process which has two extreme views. One view is that valuation is a hard science and there is little room for error while other view is that valuation is art where analysts can manipulate results. Usually when analysts begin with the process of valuation they already have some views on the assets to be valued. As a result biases manifest in valuation. This is especially true in case of larger companies for which it is easier to get information on what other analysts think about their stocks. Activities such as mergers and acquisition also lead to misevaluation of company's assets. Takeovers, as perceived by investors give ...
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