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| Author: | Kaplan, S. Ruback, R. |
| Title: | The valuation of cash flow forecasts: an empirical analysis |
| Journal: | Journal of Finance
1995 : SEP, VOL. 50:4, p. 1059-1094 |
| Index terms: | VALUATION CASH FLOW FORECASTING |
| Language: | eng |
| Abstract: | This article compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. For the authors' sample of 51 HLTs completed between 1983 and 1989, the valuations of discounted cash flow forecasts are within 10 percent, on average, of the market values of the completed transactions. The authors' valuations perform at least as well as valuation methods using comparable companies and transactions. |
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