An Improved Method for Valuing Mature Companies and Estimating Terminal Value

AuthorDavid A. Holland
DOIhttp://doi.org/10.1111/jacf.12279
Published date01 March 2018
Date01 March 2018
In This Issue: Corporate Finance Addresses Uncertainty
Eclipse of the Public Corporation or Eclipse of the Public Markets? 8Craig Doidge, University of Toronto, Kathleen Kahle,
University of Arizona, Andrew Karolyi, Cornell University, and
René Stulz, Ohio State University
Fiduciary Duties of Corporate Directors in Uncertain Times 17 Ira M. Millstein, Ellen J. Odoner, and Aabha Sharma,
Weil, Gotshal & Manges
Financial Flexibility and Opportunity Capture:
Bridging the Gap Between Finance and Strategy
23 Stephen Arbogast, University of North Carolina at Chapel Hill,
and Praveen Kumar, University of Houston
Say on Pay: Is It Needed? Does It Work? 30 Stephen O’Byrne, Shareholder Value Advisors
Internal Governance Does Matter to Equity Returns
but Much More So During “Flights to Quality”
39 Peter Brooke, Platypus Asset Management, Paul Docherty,
Monash University, Jim Psaros, The University of Newcastle
and Michael Seamer, The University of Newcastle
Clawbacks, Holdbacks, and CEO Contracting 53 Stuart Gillan, University of Georgia, and Nga Nguyen,
Marquette University
Fundamental Investors Reduce the Distraction on Management from
Random Market “Noise”: Evidence from France
62 Alexandre Garel, Auckland University of Technology, and
Jean-Florent Rérolle, Morrow Sodali
An Improved Method for Valuing Mature Companies
and Estimating Terminal Value
70 David Holland, University of Cape Town Graduate School
of Business
Biomarker of Quality? Venture-Backed Biotech IPOs and Insider Participation 78 Hans Jeppsson, University of Gothenburg
How to Evaluate Risk Management Units in Financial Institutions? 89 Michael Gelman, Ben-Gurion University of the Negev, Doron
Greenberg, Ariel University, and Mosi Rosenboim, Ben-Gurion
University of the Negev
Global Trade – Hostage to the Volatile US Dollar 98 Brian Kantor, Investec
Corporate Finance and Sustainability: The Case of the Electric Utility Industry 106 Steven Kihm, Seventhwave and University of Wisconsin-
Whitewater, Peter Cappers, Lawrence Berkeley National
Laboratory, Andrew Satchwell, Lawrence Berkeley National
Laboratory, and Elisabeth Graffy, Arizona State University
VOLUME 30 | NUMBER 1 | WINTER 2018
APPLIED CORPORATE FINANCE
Journal of

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