122 records from EconBiz based on author Name

1. The Valuation of Cash Flow Forecasts : An Empirical Analysis

abstract

This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. These forecasts are provided by management to investors and shareholders in 51 HLTs completed between 1983 and 1989. Our estimates of discounted cash flows are within 10%, on average, of the market values of the completed transactions. Our estimates perform at least as well as valuation methods using comparable companies and transactions. We also invert our analysis and estimate the risk premium implied by transaction values and forecast cash flows, and the relation of the implied risk premium to firm-level betas, industry-level betas, firm size, and firm book-to-market ratios

Kaplan, Steven N.; Ruback, Richard S.;
2021
Availability: Link

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2. HBR guide to buying a small business

abstract

"Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards--as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success. But finding the right business to buy and closing the deal isn't always easy. In the 'HBR Guide to Buying a Small Business,' Harvard Business School professors Richard Ruback and Royce Yudkoff help you: Determine if this path is right for you; Raise capital for your acquisition; Find and evaluate the right prospects; Avoid the pitfalls that could derail your search; Understand why a 'dull' business might be the best investment; Negotiate a potential deal with the seller; Avoid deals that fall through at the last minute" -- Provided by publisher

Ruback, Richard S.; Yudkoff, Royce;
2017
Type: Ratgeber; Guidebook;

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3. Buying your way into entrepreneurship

Ruback, Richard S.; Yudkoff, Royce;
2017
Type: Aufsatz in Zeitschrift; Article in journal;

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4. Vom Manager zum Unternehmer

Ruback, Richard S.; Yudkoff, Royce;
2017
Type: Aufsatz in Zeitschrift; Article in journal;

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5. Valuation when cash flow forecasts are biased

Ruback, Richard S.;
2010
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:

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6. Behavioral corporate finance : a survey

Baker, Malcolm; Ruback, Richard S.; Wurgler, Jeffrey;
2004
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature; Übersichtsarbeit; Systematic review;
Availability:

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7. Behavioral Corporate Finance : A Survey

abstract

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach emphasizes that managers are less than fully rational. It studies the effect of nonstandard preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges, and current evidence pertaining to each approach. Overall, the behavioral approaches help to explain a number of important financing and investment patterns. The survey closes with a list of open questions

Baker, Malcolm; Wurgler, Jeffrey; Ruback, Richard S.;
2004
Availability: Link Link
Citations: 92 (based on OpenCitations) Cited By

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8. Downsides and DCF : valuing biased cash flow forecasts

Ruback, Richard S.;
2011
Type: Aufsatz in Zeitschrift; Article in journal;

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9. Valuation When Cash Flow Forecasts are Biased

abstract

This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside. When the omitted downside is temporary, the adjustment is to deflate the forecasts and to set the discount rate equal to the cost of capital. However, when the downside is permanent, the adjustment is to deflate the cash flows and to increase the discount rate so that it includes the cost of capital plus the probability of a downside

Ruback, Richard S.;
2010
Availability: Link Link
Citations: 5 (based on OpenCitations) Cited By

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10. Behavioral Corporate Finance : A Survey

abstract

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach emphasizes that managers are less than fully rational. It studies the effect of nonstandard preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges, and current evidence pertaining to each approach. Overall, the behavioral approaches help to explain a number of important financing and investment patterns. The survey closes with a list of open questions

Baker, Malcolm; Ruback, Richard S.; Wurgler, Jeffrey;
2010
Availability: Link

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