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The expected returns and valuations of private and public firms

Cooper, Ilan; Priestley, Richard
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/2390061
Date
2016
Metadata
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  • Scientific articles [1334]
Original version
Journal of Financial Economics, 120(2016)1: 41-57   http://dx.doi.org/10.1016/j.jfineco.2016.01.023
Abstract
Characteristics play a similar role in describing returns in private rms as in public

rms. This evidence suggests a causal e¤ect of optimal investment underlying the role

of characteristics, as private rms do not have stock prices to over- or under-react on.

Common factor models largely describe the cross section of investment returns of both

types of rms, suggesting that the common factors are likely aggregate risk factors.

Finally, the cost of capital and rm valuations are similar across private and public

rms
Description
This is the accepted and refereed manuscript to the article
Publisher
Elsevier
Journal
Journal of Financial Economics

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