What question did this study set out to answer?

The aim is to explore the discrepancies between stock prices and equity values in corporate control settings.

Equity Valuation and Corporate Control.

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Analyzes equity valuation practices in management buyouts and takeovers, revealing significant conflicts.

The aim is to explore the discrepancies between stock prices and equity values in corporate control settings.
Analyzed a large sample of fairness opinions related to management buyouts.
Reviewed a small sample of investment bankers' working papers.
Investigated the use of accounting data in valuation techniques.
Found considerable premiums (50%+) in control contests above market prices.
Demonstrated that valuation techniques rely heavily on accounting information.
Highlighted a distinct demand for independent equity assessments in corporate control.

Linda DeAngelo (1990) studied this question.

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