Gli “entity-level discount” nella valutazione delle aziende
Abstract
The article analyzes the subject of the entity-level discount which results from dependence on a key manager, the small size of the company, the excessive diversification of the business without synergistic advantages, the cash absorption of the business turning point, of the life cycle in which the company is located or of one lack of marketability due to situations that have a systemic impact on the company for the existence of particular clauses or specific circumstances capable of affect the entire company value.
References
- ABBOTT A., (2009), Discount for Lack of Liquidity: Understanding and Interpreting Option Models, Business Valuation Review, 28(3), 144-148.
- ABRAMS J.B., (1994), Discounts for Lack of Marketability: A Theoretical Model, Business Valuation Review.
- A.S.A., (2008), Business Valuation Standards, Business Valuation Committee American Society of Appraisers.
- ASNESS C,S., ISRAEL R., MOSKOWITZ T.J., (2018), Fact, Fiction, and the Size Effect, The Journal of Portfolio Management, 45(1), 3-30.
- ASNESS C.S., FRAZZINI A., ISRAEL R., MOSKOWITZ T.J., PEDERSEN L.H., (2018), Size Matters. If You Control Your Junk, Journal of Financial Economics, 129(3), 479-509.
- BEBCHUK L.A., (1989), Takeover Bids Below the Expected Value of Minority Shares, The Journal of Financial and Quantitative Analysis, 24(2), 171-184.
- CILIBERTI S., SÉRIÉ E., SIMON G., LEMPERIERE Y., (2017), The ‘Size Premium’ in Equity Markets: Where Is the Risk?, Available at SSRN.
- CIRILLO A., (2017), Lack of control. Problematiche valutative ed evidenze empiriche, Cedam, Padova.
- COMMENT R., (2012), Revisiting the Illiquidity Discount for Private Companies: A New (and “Skeptical”) Restricted‐Stock Study, Journal of Applied Corporate Finance, 24(1), 80-91.
- DAMODARAN A., (2006), The Cost of Distress: Survival, Truncation Risk and Valuation, Stern School of Business, New York.
- DAMODARAN A., (2011), The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials. SSRN Electronic Journal, June, 1-60.
- DINC S., EREL I., LIAO R., (2017), Fire sale discount: evidence from the sale of minority equity stakes, Journal of Financial Economics, 125, 475-490.
- ECKBO B.E., THORBURN K.S., (2008), Automatic bankruptcy auctions and fire-sales, Journal of Financial Economics, 89, 404-422
- EMORY SR J.D., (1985), The Value of Marketability as Illustrated in Initial Public Offerings(IPO) of Common Stock - January 1980 through June 1981, Business Valuation Review, 16(3), 114-116.
- EMORY SR J.D., (2002), Discounts for Lack of Marketability, Emory Pre-IPO Discount Studies 1980-2000, Business Valuation Review, 21(4), 190-191.
- GONNELLA E., TALARICO L., (2021), Lo “sconto per vendita forzata” nella cessione di aziende in ambito fallimentare: prime riflessioni, in ROMANO M. (a cura di), (2021), Premi e sconti nella valutazione delle aziende, Giuffrè, Milano.
- GUATRI L. BINI M., (2009), Nuovo trattato sulla valutazione delle aziende, Egea.
- HADLOCK C.J., RYNGAERT M., THOMAS S., (2001), Corporate structure and equity offerings: are there benefits to diversification?, The Journal of Business, 74(4), 613-635.
- LAMONT O. A., POLK C., (2001), The diversification discount: Cash flows versus returns, The Journal of Finance, 56(5):1693-1721.
- LARSON J.A., WRIGHT J.P. (2001), Key Person Discount in Small Firms: Evidence from the 1990s, Business Valuation Review, 8-14.
- LEWIS C.M., (2009), Firm-Specific Estimates of the Ex Ante Bankruptcy Discount, April, available at SSRN.
- LINCIANO N., (2002), Azioni di risparmio e valore del controllo: gli effetti della regolamentazione, Quaderni di Finanza - Consob, 53.
- LODERER C., ROTH L., (2005), The pricing discount for limited liquidity: evidence from SWXSwiss Exchange and the Nasdaq, Journal of Empirical Finance, 12(2), 239-268.
- LONGSTAFF F.A., (1995), How much can marketability affect security values?, The Journal of Finance, 50(5), 1767-1774.
- MASSARI M., (1991), La formazione dei prezzi dei capitali aziendali nel mercato del controllo, Finanza, Marketing e Produzione, (2).
- MASSARI M., ZANETTI L., (2008), Valutazione. Fondamenti teorici e best practice nel settore industriale e finanziario, McGraw-Hill, Milano.
- MERCER C.Z., (1994), Should Marketability Discount be Applied to Controlling Interests of Private Companies?, Business Valuation Review.
- MERCER C.Z., (1997), Quantifying marketability discounts: Developing and supporting marketability discounts in the appraisal of closely held business interests, Peabody, Chicago.
- MERCER Z.C., (2001), Quantifying marketability discounts: Developing and supporting marketability discounts in the appraisal of closely held business interests, Peabody, Chicago.
- NENOVA T., (2003), The Value of Corporate Votes and Control Benefits: a Cross-Country Analysis, Journal of Financial Economics, 68(3), 325-351.
- O.I.V., (2015), Principi Italiani di Valutazione, Egea.
- ONESTI T., (2002), Sconti di minoranza e sconti di liquidità. Ridotti poteri e mancanza di mercato nella valutazione delle partecipazioni, Cedam.
- PRATT S.P., (2009), Business Valuation Discounts and Premiums, John Wiley and Sons.
- PRATT S.P., REILLY R.F., SCHWEIHS R.P., (1997), Valuing Business: the Analysis and Appraisal of Closely Held Companies, Irwing Professional, New York
- SILBER W.L., (1991), Discounts on restricted stock: The impact of illiquidity on stock prices, Financial Analysts Journal, 47(4), 60-64.
- ROMANO M., (2008), Dinamica del valore e aspetti di corporate governance negli squeezeout delle minoranze azionarie, Giappichelli, Torino.
- ROMANO M., CIRILLO A., (2015), Lo sconto per ridotti poteri: framework teorico e profili applicativi, Rivista Italiana di Ragioneria e di Economia Aziendale, 7/9.
- ROMANO M. (a cura di), (2021), Premi e sconti nella valutazione delle aziende, Giuffrè, Milano.
- STIROH K. J., RUMBLE A., (2006), The dark side of diversification: The case of US financial holding companies, Journal of Banking and Finance, 30(8):2131-2161.
- TALIENTO M., CORVINO A., NETTI A., (2021), Gli sconti in ottica entity, in ROMANO M. (a cura di), (2021), Premi e sconti nella valutazione delle aziende, Giuffrè, Milano.
- ZANDA G., LACCHINI M., ONESTI T., (2005), La valutazione delle aziende, Giappichelli, Torino.
- ZINGALES L., (1994), The Value of the Voting Right: A Study of the Milan Stock Exchange Experience, Review of Financial Studies, 7(1), 125-148.
- ZINGALES L., (1995), What Determines the Value of Corporate Votes?, Quarterly Journal of Economics, 110(4), 1047-1073.
- EMORY SR J.D., (1985), The Value of Marketability as Illustrated in Initial Public Offerings(IPO) of Common Stock - January 1980 through June 1981, Business Valuation Review, 16(3), 114-116
Close [X]
Buy the article
Cibo assum quidam at est, iusto tibique dissentiet eum ad. Te partem persius mentitum pri. Duo no commodo senserit. Ferri rebum debitis ea pri, timeam blandit rationibus te nam. Velit phaedrum interpretaris his id, mutat vidisse facilis eu pri.
