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Articles 1 - 3 of 3
Full-Text Articles in Business
The Impact Of Target Audit Quality On The Likelihood Of Future Goodwill Impairment, Elizabeth Boyle
The Impact Of Target Audit Quality On The Likelihood Of Future Goodwill Impairment, Elizabeth Boyle
Dissertations
US Generally Accepted Accounting Principles (GAAP) require that in an acquisition, the purchaser must record a premium when the purchase price exceeds the fair value of the target’s identifiable net assets (both tangible and intangible). This premium lives on the balance sheet as an intangible asset called goodwill. Goodwill has an indefinite life, but over time it may become impaired due to overpayment of the original acquisition, unrealized synergies, changes in the business, legal issues, etc., and as a result, require a write-down. This impairment not only impacts the acquirer’s balance sheet but can also impact the market value of …
How Does The Market View Share Repurchases: Five Possible Book Values In The Fama-French 3 Factor Model, Jaime Peters
How Does The Market View Share Repurchases: Five Possible Book Values In The Fama-French 3 Factor Model, Jaime Peters
Dissertations
Share repurchase activity has grown significantly over the past twenty years and has emerged as the most popular technique for returning cash to shareholders. Current U.S. generally accepted accounting principles treat share repurchases as a return of capital to shareholders, recording the repurchased shares at market prices and offsetting them against contributed capital accounts. This treatment reduces the recorded book value of the equity of companies. Of course, companies can reissue these shares to fulfill stock option contracts, as consideration in acquisitions, and/or in secondary offerings. These economically relevant uses of repurchased shares suggest that the market may treat share …
Value Creation By Private Equity Firms: A Resource-Based View, Kei Pang
Value Creation By Private Equity Firms: A Resource-Based View, Kei Pang
Dissertations
Despite the growing importance of the private equity (PE) industry in the United States, it is unclear how PE firms create value. This study contributes to the PE literature and strategic management research by examining PE firm resources and competencies that drive the success of equity-backed management buyout deals. Specifically, my work proposes a framework to describe the key value creation drivers and sub-drivers that position PE firms for success in all four stages of the PE value chain: Fund Raising, Deal Sourcing, Governing/Managing, and Exiting. I utilize Porter’s (1985) value chain analysis (VCA) and the resource-based view (RBV) to …